Lack of market-moving cues
Nikhil Supekar
Manager on the path to become "Chief Meaning Officer". #Leadership #History #MeaningfulWork #Non-ferrousMetals #SCM #Geopolitics
The market continued to track Powell’s speech last week. Do you think 25 points rate hike in Nov possible??
Market participants cautiously await a slew of US economic reports, this week, which can decide the path of interest rate. The yield on the 10-year US Treasury note fell to the 4.2% level (15-year high of 4.34% on August 21). In the meantime, risks remain for longer-dated US bond prices due to concerns about higher debt issuance from the Treasury this month. The dollar index steadied around 104.
Brent crude prices are up flirting at $85 per barrel. Huricane racing towards the U.S. Gulf Coast raised the concerns of oil availability. Gold stabilized around $1,920 an ounce, 3M metals prices on the LME are mixed today. Dr. Copper lost a bit, 3M ali managed to hold on around $2,160s. LME zinc price climbs 2% following large cancelation of warrants but settled with more than 1% gain at $2,429 a ton at 5pm ring in London.
All in all, a boring day in which market struggled to get the clues.???