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Daily Base Metals Report

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US stocks rose after positive economic data. US initial jobless claims fell slightly in the week ending June 19th, though by more than forecast. US durable goods orders rose at the fastest pace since January in May. Meanwhile, President Biden is close to finalising the agreement on a $559bn infrastructure plan. The dollar was marginally higher and the 10yr US Treasury yield picked up higher to 1.4885%. The pound dropped after the BoE kept the rates unchanged, pushing back against speculations that a surge in inflationary pressures is enough to raise the rates.

LME metal prices were on the front foot today, apart from copper, which closed lower on the day at $9,419/t. Zinc prices were well supported and tested resistance at $2,920/t and closed just off the highs at $2,916/t. Aluminium was range-bound, testing the resistance level of $2,442/t, before closing below at $2,440/t. Nickel prices remained supported above $18,100/t, climbing back to last week’s highs, before closing at $18,407/t; the cash to 3-month spread strengthened up to $20.00/t. Lead saw one of the biggest gains yesterday, closing at $2,220.50/t.

Oil futures were little changed, yet softer on the day, as investors awaited decisions from OPEC+ that may lead to a supply hike. WTI and Brent traded at $73.12/bl and $75.36/bl. Precious metals were mixed, with gold and silver at $1,778.01/oz and $26.02/oz respectively.

All price data is from 24.06.2021 as of 17:30


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