US stocks wavered yesterday amid mixed economic data. US initial jobless claims fell to 547,000, a pandemic low, in the week ending April 17, as the labour market seems to gather pace. Meanwhile, US previously owned home sales fell to a 7-month low in March as the lack of available properties limited buyer choices. The dollar gained ground, and the 10yr US Treasury yield strengthened. The euro fell after the ECB President Lagarde said that the institution is planning on phasing out its emergency bond-buying, despite positive economic data. From the virus front, India recorded the world’s highest one-day surge of COVID-19 cases yesterday, taking the country to almost 16m cases.
Activity on the LME was mixed today, with lead closing higher at $2,049/t. Nickel was subject to strong selling pressure, falling below the key support level of $16,100/t and closing at $16,063/t. Nickel cash to 3-month spread tightened up to -$45.00/t. Copper and aluminium prices were softer, closing at $9,401/t and at $2,363/t, respectively. Zinc was mainly range-bound but closed lower on the day at $2,822.50/t. Tin was supported above $26,700/t and closed at $26,785/t.
Oil futures fluctuated on the back of the surge of virus cases in India. WTI and Brent edged up higher to $61.59/bl and $65.57/bl. Gold declined on the back of stronger-than-expected US jobs data, falling down to $1,782.38/oz; silver declined to $26.20/oz.
All price data is from 22.04.2021 as of 17:30