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US stocks were little changed today as markets weighed mixed economic results against the deteriorating global backdrop. US home construction deteriorated faster than expected, as the figure fell to the slowest pace since early 2021; the number of cancelled deals continues to grow. Additionally, NY state manufacturing performance dropped sharply in July, yielding the longest streak of declines since 2007. The dollar and the 10yr US Treasury yield remained marginally unchanged. Elsewhere, UK job vacancies fell for the first time since August 2020 as real wages dropped at the sharpest pace on record, highlighting the impact of inflation on households and businesses.

Mixed performance across the metals today on the back of disappointing housing data from the US. Zinc surged by more than 7.00% in the first half of the day to test the $3,800/t level, the highs not seen since early June, as one of Europe’s largest smelters announced that it would halt production in September as rising energy prices further exacerbate input costs, and diminish profit margins. The metal closed slightly higher day-on-day at $3,672/t. Nickel continued to strengthen as it edged into $22,235/t. Aluminium and copper fluctuated during the day, struggling to gain momentum, closing at $2,392/t and $7,979/t. Lead closed at $2,163.50/t.

Oil futures continued to fall on the back of a possibility of an Iran deal, pushing the WTI and Brent into a 6-month low of $87/bl and $92/bl. Gold and silver softened marginally into $1,773/oz and $20.13/oz, respectively.

For more in-depth analysis of base and precious metals, our Q3 2022 Quarterly Metals report is out now!

All price data is from 16.08.2022 as of 17:30

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