US stocks were range-bound on the back of economic data coming out today. The US nonfarm payrolls increased 467,000 in January, a 3-month high, despite the omicron spread across the country; unemployment ticked up to 4%. The dollar gained ground and the 10yr US Treasury yield rallied. Meanwhile, the inflation-adjusted 30yr yield turned positive for the first time since June after strong jobs data today.
The metals were range-bound today, as markets assessed the possible impact of better-than-expected jobs
data on the Fed’s monetary policy trajectory. Copper fluctuated around $9,850/t once again but managed to close 4.7% higher on the week at $9,841.50/t as inventory continues to diminish. Aluminium continued to gain ground, pushing higher past $3,060/t to close at $3,074/t; cash to 3-month spread was at $24.50/t. Nickel and zinc were stronger, with the former edging up to close at $22,991/t; cash to 3-month was at $399/t. Zinc closed at $3,612.50/t
US gasoline prices surged to the highest level in more than seven years, adding further pressures to pricing pressures. Oil futures surged higher as cold weather in the US could poses threats to supply. WTI and Brent traded at $92.67/bl and $93.44/bl. Gold and silver traded higher to $1,807.80/oz and $22.47/oz, respectively.
For more in-depth analysis of base and precious metals, please see our Quarterly Metals report.
All price data is from 04.02.2022 as of 17:30
