x
It has been another indecisive session for gold and silver overnight as they trade within their ranges. The yellow metal trades 0.04% higher at $1781/oz and silver is back above the psychological $26/oz handle but flat. It is once again copper stealing the show as the red metal trades 1.35% in the black and the base metal is very close to hitting $4.50/lb.
Risk sentiment was mixed overnight. The Nikkei 225 (-0.42%) and ASX (-0.17%) fell while the Shanghai Composite bucked the trend to trade just above flat.
There was no real movement in FX markets as the dollar index moved 0.07% higher and the biggest moving FX pair was USD/CHF which pushed 0.17% higher.
Looking at some of the headlines overnight, Brazillian Iron ore producer Vale said they expect supply to increase with demand moving in the other direction.
Chinese Industrial Profits hit +92.3% y/yvs prior +20.1% y/y March.
US Senator Manchin wants Biden's infrastructure bill split in 2 to increase the chance of passing
UK to propose COVID-19 vaccination 'passports' for international travel at the G7 meeting
The BoJ kept rates unchanged at -0.10% and QQE and YCC maintained to target a 0.00% rate for the 10-year JGB. The BoJ also lowered its core CPI forecast to 0.10% from 0.50% for the current year. It also raised next years forecast to 0.80% from 0.70%
As Tesla had an earnings call yesterday boss Elon Musk said he is still holding all of his Bitcoin. BTC/USD has moved 1.23% higher overnight to trade at $54,702.
The FT have reported that Chilean miners are worried they will not be able to keep up with the current copper demand.
Looking ahead to the rest of the session highlights include the Riksbank rate decision, U.S. CB consumer confidence, weekly API's and comments from BoC Gov Macklem.
By Rajan Dhall
For Kitco News
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