Copper rose this morning topping below the $6,000 after finding some support last week at the 23.6% retracement around the $5,940 area. Next resistance could be at the $6,070 at the 38.2% Fibonacci retracement. Below, $5,800 remains as main support. Cash to 3 months carry closed steady at $6.25 contango. Aluminium is experiencing high volatility, topping last week around the $1,850 and seems to trade now in a short-term uptrend with support at $1,810 and target at $1,870. Cash to 3 months carry remains at $19.75 contango. Nickel topped at $13,600, with main support at the $13,000 level 23.6% retracement. Cash to 3months remains at $60.50 contango. Zinc is topping at $2,440 below the first area of price interest $2,470. Below, the $2,350 remains as main support. Cash to 3s closed at $10.25 backwardation. Lead topped at the $1,990, highest since April. Below the $1,950 remains as support and $,2050 next resistance. The spread closed at $2 contango, with extended force majeure till end of the month support prices. Tin remains around the $18,200 and $18,450 as main resistance. The spread closed at $36.5 contango.
Gold remains above the $1,400 level, just at the same levels as Friday, trading at $1,413, despite good Chinese figures early today and DJI climbing to all-time highs. Interest rate cut expectations are bringing support to the safe haven assets. Silver also remains steady above the $15, trading at $15.25.
Platinum remains around the $830 and palladium remains around at $1,560.
Brent remained steady after the spike last week, trading at $66.52 on Friday and WTI slightly retraced -0.20% trading at $60.33. Chinese oil output rose in June 7.7%, capping further gains.
USD remained steady against a basket of major currencies after dropping during the week due to dovish view of US Fed chairman Mr. Powell at the declaration in Washington. EUR is trading at 1.1275 and GBP at 1.2570 against the greenback.
DAX traded water finishing just at 12,323 and DJI rose 0.9% finishing at 27,332, a new historical record based on dovish view from US Fed and hopes of interest rate cut in 2 weeks which would mean cheaper financing costs for investment firms. Asian markets finished mainly up, with Nikkei closed as per Japanese bank holiday, HSI at +0.13% and SSEC at +0.1%.
Chinese Fixed Asset Investment, Industrial Production, NBS Press Conference, Retail Sales, Unemployment Rate already released at 3.00 am with a 1% better Industrial production and Retail Sales than expected. US Empire State Manufacturing Index at 13.30.
This report was written at 8:30. All times referenced are GMT.
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