US stocks fluctuated as investors weighed on the latest release of the corporate earnings reports, while awaiting additional guidance from the Fed. The Fed is expected to maintain expansive monetary support even as the economy continues to recover. In the meantime, President Biden is set to unveil the $1.8tr family aid plan, funded in large by the richest. The dollar sold off to test 90.82 and the 10yr US Treasury yield picked up higher. US GDP figures are out today and are expected to grow by 6.7% q/q.
LME metal prices were all on the front foot yesterday. Aluminium prices were well supported in the second half of the day and tested resistance at $2,405/t and closed just off the highs at $2,399.50/t. Copper was well bid, testing the resistance level of $9,900/t, before closing below at $9,876/t. SHFE copper, however, was lower on the day, closing at CNY71,670/mt. Nickel closed higher on the day at $17,429/t; cash to 3m spread widened out to -$35.00/t. Zinc and tin consolidated, closing at $2,919.50/t and $28,539/t respectively. Lead prices strengthened to close at $2,102.50/t.
Oil futures rose after the OPEC+ expressed confidence regarding the demand outlook, accompanying it with plans to boost supply. WTI and Brent picked up higher to $64.23/bl and $67.63/bl. Precious metals edged lower down to $1,775.60/oz and $26.11/oz, respectively.
All price data is from 28.04.2021 as of 17:30
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