US stocks continued the rally yesterday, with S&P 500 heading for its longest monthly advance since August 2020. US consumer confidence rose by than expected in June, to a new pandemic high, as Americans become more hopeful about the economic recovery. US housing prices jumped the most since 1988, while existing home sales fell for the fourth straight month in May. The dollar and the 10yr US Treasury yield both edged higher. Meanwhile, euro area confidence hit the 21-year high as the economy continued to lift the restrictions in June.
LME metal prices were on the front foot today, apart from copper, which closed lower on the day at $9,334.50/t. Aluminium prices were well supported and tested resistance at $2,555/t, prices closed lower at $2,551.50/t. Nickel was well bid in the second half of the day, testing the resistance level of $18,400/t, before closing below at $18,358/t; the cash to 3-month spread strengthened up to -$1.50/t. Lead prices rallied, before closing at $2,305/t. Zinc was seen marginally higher closing at $2,950.50/t.
Oil futures erased earlier losses as the markets are looking towards OPEC+ for the next supply move. WTI and Brent traded at $72.88/bl and $74.74/bl. Gold slipped to the lowest level of $1,147.30/oz in two months as the dollar strengthened amid concerns surrounding the new virus strain in Europe; silver softened into $25.79/oz.
All price data is from 29.06.2021 as of 17:30