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[MARKET ANALYSIS] Metals somewhat indecisive into US CPI and a key weekend

Metals are trading cautiously ahead of the upcoming US CPI data, indicative of market uncertainty regarding inflation and rate expectations.

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[MARKET ANALYSIS] Metals somewhat indecisive into US CPI and a key weekend

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[MARKET ANALYSIS] European bourses set for a third consecutive weekly gain, SW FP plummets following weak guidance; US equity futures muted ahead of US CPI

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  • Spot gold trades subdued on either side USD 4,750/oz (USD 4,747.46-4,777.42/oz), but on track for a third straight weekly gain, supported by central bank buying and diplomatic hopes. Critical Metals’ CEO cautioned that bullion could face pressure if oil prices rebound materially, stoking inflation concerns and rate expectations.
  • Copper is flat in indecisive trade with broader base metals mixed. 3M LME copper currently trades in a 12,641.00- 12,772.87/t range. In data, China’s factory deflation ended after more than three years, with PPI rising 0.5% Y/Y in March (exp. 0.4%), as surging energy costs snapped the deflationary streak.
  • Recent reports include Bloomberg outlining that the EU and US are approaching a deal on critical minerals, framed as a move to break the dependence on supplies from China.
Context

Gold remains supported by central bank purchases and geopolitical factors, but could be vulnerable to inflation pressures if oil prices rise. Copper is trading flat with mixed signals from broader base metals, reflecting a cautious sentiment as recent PPI data from China shows signs of rising costs, potentially impacting global demand dynamics.

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