US stocks jumped to record highs once again, driven by positive corporate earnings results. Markit flash index pointed to a fall in the service industry, falling to a five-month low, meanwhile, the manufacturing gauge climbed to a fresh record. The dollar gained ground and the 10yr US Treasury yield strengthened to 1.2847%. UK retail sales surged in June as consumers spent more in shops during the Euros. In Europe, private sector activity jumped to the highest in two decades due to the relaxation of lockdown restrictions across the bloc.
Metals on the LME have traded higher today, apart from lead, as risk appetite prevailed. Nickel gained the most ground, breaking above the key resistance level at $19,300/t and closing higher at $19,372/t; the metal continued to trade higher after the close. Next in line was zinc, closing just above the key resistance level of $2,970/t at $2,963/t. Cash to 3-month spread strengthened into -$15.50/t. Aluminium briefly topped $2,510/t; however, resistance at that level triggered a close at $2,502.50/t. Copper prices were also seen higher on the day, closing at $9,516/t. Lead was under pressure, closing below $2,380/t at $2,375/t.
Oil futures steadied with demand outlook outweighing the worries surrounding the spread of the virus. WTI and Brent traded at $71.73/bl and $73.72/bl. Precious metals were all softer, with gold and silver falling down to $1,802.14/oz and $25.20/oz respectively.
All price data is from 23.07.2021 as of 17:30
