Metal markets calm ahead of PCE

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MG News | March 28, 2023 at 01:32 PM GMT+05:00

March 28, 2023 (MLN): Mixed trading was observed in the metal markets on Tuesday after a volatile period amid an interest rate hike and ahead of Personal Consumption Expenditures (PCE) data.

Three-month copper, a key industrial metal, fell 0.3% to $8,964.50 a metric ton, while nickel, used in stainless steel and batteries, rose 0.5% to $23,915 a ton. Gold, a traditional safe-haven asset, edged up 0.1% to $1,956.20 a troy ounce.

According to Dow Jones Newswires, Dave Whitcomb, head of research at Peak Trading Research said that investors were feeling more optimistic about the risks facing the banking sector, which had sparked a sell-off in stocks and commodities last week.

The recovery in crude oil prices was also supporting the commodity and currency markets, he added.

WTI crude oil climbed above $70 a barrel on Monday, after dropping to the $60 range last week amid concerns over demand and supply disruptions. Whitcomb said there were few major macroeconomic data points this week that could sway the markets, with the focus on Friday’s PCE inflation data from the U.S., which is the Fed’s preferred measure of price pressures.

The PCE data could provide clues on the outlook for monetary policy and inflation expectations, which have been key drivers of metal prices in recent months.

The fall in crude oil prices during Asian hours on Tuesday also affected the demand for other biofuels. Moreover, the recent decision of the Fed to raise interest rates also weighed on the global oil market.

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