Stocks finished the week with the strongest performance since April as investors risk-on sentiment increased. US personal spending stagnated in May, while the personal consumption expenditures price gauge rose to 0.4%. Meanwhile, US consumer sentiment rose, but by less than forecast, in June and long-term inflation expectations slowed month-on-month. The dollar and the 10yr US Treasury yield retreated.
Metal prices on the LME were all stronger today, apart from zinc that was marginally weaker. Aluminium was firmer and took out resistance at $2,480/t to close at $2,486/t. Lead remained range-bound, closing at $2,220/t. Copper continued to be well bid, however, failed above $9,500/t and closed at $9,413.50/t. Nickel prices were stronger and managed to close higher at $18,523/t. The cash to 3-month nickel spread widened out to $50.00/t, the highest since October 2019, before falling to $0.50/t. Zinc prices failed above the key resistance level at $2,920/t and closed lower on the day at $2,907.50/t.
Oil futures climbed higher as the markets tightened before the OPEC+ meeting. WTI and Brent trade at $74.14/bl and $76.13/bl. Precious metals were mostly higher, with gold and silver trading up to $1,778.04/oz and $26.04/oz.
All data from 25.06.2021 as of 17:30