US stocks rebounded yesterday, with traders awaiting the statements from the Fed’s Powell; his written remarks mention that the prices are greater than expected, but will wane. US existing home sales fell for a fourth straight month in May as higher prices and diminished inventories deterred investors. The dollar was marginally higher and the 10yr US Treasury yield steadied at 1.4768%.
LME metal prices were well bid today as risk appetite re-emerged. Copper climbed above $9,250/t, and closed higher at $9,301/t. Aluminium prices were firmer, however lack of appetite for prices above $2,430/t, triggered a close at $2,425/t. Nickel prices broke through the resistance of $17,700/t in the first half of the day and closed higher at $17,744/t. Zinc prices were also firmer and closed at $2,861.50/t; cash to 3m spreads tightened up to -$12.75/t. Lead prices opened on the front foot today, testing the key resistance level of $2,870/t to close at $2,174.50/t.
Oil futures fell as investors assessed reports that OPEC+ are considering hiking supply; WTI and Brent trading at $73.14/bl and $74.76/bl. Precious metals were softer, with gold and silver down to $1,777.29/oz and $25.76/oz.
All price data is from 22.06.2021 as of 17:30