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Silver Down 2% Amid Improving Equities

COMMODITIES
  • Silver consolidated towards the lower end of it's Monday trading range, amid improving equities and countering US dollar weakness approaching the NY close. Spot remains in a short-term technical bear leg and is currently down 2%, with the first key support of $25.391 – March 12 low, holding for now.
  • Spot gold price action remained more contained losing just 0.25% on Monday.
  • Copper price action remained supportive, now over 3% higher than Friday's lows, with futures trading back to 414.50. Analysts at RBC stated, "the copper market remains tight, which, combined with strong demand growth, should keep prices elevated for several years." They added that "rising yields and a stronger USD have taken the air out of the macro push higher, but underlying fundamentals remain strong".
  • Oil steadied on Monday and crude futures were broadly unchanged from Friday's closing levels. Oil prices had their worst week in 2021 last week amid growing demand concerns surrounding renewed European restrictions. Analysts also noted that physical markets have come under pressure as refiners around the world, including China and the United States, begin maintenance activities.
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