US stocks pushed higher after a positive labour report bolstering confidence in economic recovery. US employers added 559,000 in May, just below the forecast; a strong rise in hourly wages added to inflation worries. The dollar softened and the 10yr US Treasury yield fell to 1.5568%. Stocks in Europe traded modestly higher, and Asian performance was mixed as President Biden amended a ban on US investment in Chinese companies. The ECB stated that it will extend its phase of faster bond-buying through the summer before tapering. Elsewhere, the Bank of Russia is considering raising its key rate by 25 or 50 bps.
Metals on the LME have traded higher today, apart from lead, as some risk appetite returned to the markets. Tin gained the most ground, testing the level at $31,000/t but closing below at $30,865/t. Next in line was aluminium, which gained 2.04% on the day, closing just above the key resistance level of $2,450/t at $2,455/t. Cash to 3-month spread strengthened into -$10.25/t. Copper briefly topped $9,950/t, triggering a close at $9,955/t. Aluminium tested the resistance at $2,460/t, however closed below at $2,455/t. Zinc prices remained unchanged on the day, closing at $3,010.50/t. Lead was under pressure, closing below $2,160/t at $2,136/t.
Oil futures edged up, closing the week higher once again; WTI and Brent edged up higher to $69.33/bl and $71.63/bl. Precious metals gained ground, with gold and silver gaining ground to $1,891.03/oz and $27.78/oz respectively.
All price data is from 04.06.2021 as of 17:30
