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Reporting on key macro data at the time of release.
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- Lacklustre session for oil as the gains made over recent weeks have been consolidated. WTI crude futures holding onto marginal gains after rallying back above the $60 level overnight.
- Copper outperforms (+2.5%) amid renewed optimism for the bellwether metal. Southern Copper Corp. noted that prices are already well above the incentive level for new projects that would help ease the supply squeeze. However, it can take twice as long to build mines now than in the past, meaning the market wouldn't see that new supply for eight to ten years. These lags from decision to production will make the copper price cycle "a little bit longer than in the past."
- Precious metals made gains in line with the broad commodity index. Both spot gold and silver rose 0.6% aided by a weaker dollar throughout the US session. Goldman Sachs reiterated their US$2,000 target price for the gold, despite the recent liquidation of speculative positions from volatile adjustments in US yields. In a research note they commented that "due to focus on inflation risks, gold should be able to withstand the gradual pressure on rates."