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US stocks rose on the back of softer hawkish rhetoric seen from the Fed officials today, with Cleveland Fed President Mester stating that she’d be open to slowing the pace of rate hikes. Richmond manufacturing survey came in slightly below expectations, with the recent data confirming the peak of input cost pressures. The dollar softened slightly, and the 10yr US Treasury yield softened into 3.76%. Meanwhile, euro area consumer confidence jumped to a 5-month high; still, the overall level remains at a historic low and is set to fall further as the bloc heads into an energy crisis.

Investors saw a rebound across the metals market today, with nickel shooting back above the $26,000/t level to close at $26,022/t. Tin gained momentum in the second half of the day, jumping higher to close at $22,194/t. The spreads have remained broadly unchanged on the day. The markets remain thin, with volumes at low levels, and, as a result, the moves are exaggerated on the day. Marginal dollar softness also helped support the prices. Aluminium and copper both settled higher at $2,429/t and $8,013/t, respectively. Lead and zinc, on the other hand, closed marginally lower on the day, struggling to gain momentum above current levels at $2,093.50/t and $2,914.50/t, respectively.

Oil futures rose after Saudi Arabia pushed against the reports of an OPEC+ production increase. WTI and Brent increased back to $81/bl and $89/bl. Gold and silver remained unchanged at $1,741/oz and $21.00/oz, respectively.

Lme Metals Price And Volume 22112022

All price data is from 22.11.2022 as of 17:30

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