Stocks markets in the US gained ground today on the back risk-on sentiment. The 10yr US Treasury yield fell alongside the dollar. Meanwhile, Europe has stepped up its efforts for vaccinations, as countries such as Germany nearly doubled the pace after an increase in supplies. In the UK, inflation accelerated by 0.7% y/y in March after a 0.4% gain in February, buoyed by the cost of fuel and food. The ECB rate decision is out today and markets say that purchases could be stepped up further, particularly given the rise in Italian bond yields.
LME metal prices were on the front foot today, apart from zinc, which closed lower on the day at $2,815/t. Aluminium prices were well supported and tested resistance at $2,370/t, prices closed lower at $2,364.50/t. Copper was well bid in the second half of the day, testing the resistance level of $9,475/t, before closing below at $9,445/t; the cash to 3-month spread strengthened up to $14.50/t. Likewise, SHFE aluminium prices strengthened marginally, closing at CNY68,940/mt. Nickel prices remained marginally supported above $16,100/t before closing at $16,199/t. Lead was seen marginally higher closing at $2,023.50/t.
Oil futures declined after the first US crude supply rise in a month. WTI and Brent edged down to $61.91/bl and $65.91/bl. Precious metals were all higher, with gold and silver trading up to $1,793.00/oz and $26.51/oz respectively.
All price data is from 21.04.2021 as of 17:30
