Metals News July 29, 2024
29 thg 7, 2024
Friday's PCE deflator report was close to expectations and supported the case for a FOMC rate cut in September. On a month-on-month basis, the June PCE deflator report of +0.1% m/m (headline) and +0.2% (core) was exactly in line with market expectations. On a year-on-year basis, the June PCE deflator of +2.5% y/y was in line with market expectations, fell from +2.6% in May, and matched the 3-1/4 year low of +2.5% posted earlier this year. The June core PCE deflator of +2.6% y/y was slightly stronger than expectations of +2.5% and was unchanged from May's 3-1/4 year low of +2.6%.
Friday's final-July University of Michigan US consumer sentiment index was revised upward by +0.4 points to 66.4 from the preliminary-July level of 66.0, which was slightly weaker than expectations for a +0.5 point upward revision to 66.5. The July level of 66.4 was an 8-month low and was down by -1.8 points from June's 68.2.
Silver September contract experienced a slight recovery in the last trading session of the previous week. The settlement price on July 26 was $28.02 per troy ounce, up 0.16% compared to the previous session.
Platinum October contract closed last week with a decline. The settlement price on July 26 was $944.4 per troy ounce, down slightly by 0.14% compared to the previous session.
Copper September contract edged down in the last trading session of the week. The settlement price on July 26 was $4.12 per pound, down 0.04% compared to the previous session.
Source: Barchart
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