US stocks rebounded from one of the worst performances since February as signs of recovering the labour market supported the optimism. US initial jobless claims fell by more than expected in the week ending May 8th, a fresh pandemic low. Meanwhile, US producer prices rose by 0.6% in April, more than forecasts, adding additional pressures to inflationary concerns. The 10yr US Treasury yield was calmer, at 1.6591%, while the dollar was marginally higher. In Europe, disappointing corporate result earnings sent the shares lower.
Metals on the LME came under heavy selling pressure today, with nickel the worst affected. Protracted selling pressure caused prices to find support at $17,200/t and close at $17,323/t. Lead was next in line as prices struggled above $2,180/t in the first half of the day to close $2,148.50/t. Aluminium managed to find support at $2,440/t and closed at $2,451.50/t, with the cash to 3-month spread tightened into -$16.00/t. Copper was marginally lower on the day but was supported above $10,250/t and closing at $10,342/t. Zinc was weaker as well today closing at $2,920/t.
Oil futures extended the slide as inflation concerns sparked once again, with WTI falling the most since the beginning of April to $63.93/bl. Brent edged down to $67.32/bl. Precious metals were mixed, with gold and silver trading at $1,823.95/oz and $27.01/oz respectively.
All price data is from 13.05.2021 as of 17:30