Base metals prices were up across the board at the 5pm close of trading on the London Metal Exchange on Thursday July 22, with the market appearing to calm down after a recent period of choppy trading.
"Two positive macro dynamics were at work this morning, and have provided the LME base metals with much-needed support," Fastmarkets analyst Andy Farida said on Thursday."The US Dollar Index has started to retreat after trading as high as 93.20, and was most recently down to 92.80. More importantly, the bond market looks a lot calmer because the US 10-year government yield recovered to 1.29% from 1.12% - implying that reflation trade is back on," Farida added.
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