US markets began the week on the front foot, with stocks trading near record highs once again. All eyes are set on the US jobs report this Friday which is forecast to show an acceleration in payroll growth. The dollar softened and the 10yr US Treasury yield fell down to 1.4765%. Elsewhere, Russia is considering hiking the interest rates once again, this time to up to 1pp, as the economy sees inflation risks to be persistent than elsewhere in the world. India’s economy showed more signs of softening in May, however, the growth of the decline is seen dissipating as the nation exits lockdown measures.
Most of the LME metal prices strengthened yesterday, apart from nickel and copper, which closed lower on the day at $18,299/t and $9,388/t respectively. Aluminium prices were well supported and tested resistance at $2,518/t and closed lower at $2,490/t. Tin was well bid in the second half of the day, testing the resistance level of $31,200/t, before closing below at $31,152/t. Zinc prices remained supported above $2,890/t before closing at $2,905/t; the cash to 3-month spread tightened up to -$14.75/t. Iron ore softened, closing at CNY1,372/mt.
Oil futures dropped ahead of the OPEC+ meeting. WTI and Brent traded at $73.10/bl and $75.00/bl. Precious metals were mixed, with gold and silver at $1,779.71/oz and $26.13/oz, respectively.
All price data is from 28.06.2021 as of 17:30
