The United States Inflation numbers came out today and metal prices have rebounded as a result!!
CPI came out today down to 4% in May, for reference in April this number was at 4.9%, so this shows inflation is slowing down in America.
This has in turn made the metal market have a significant jump today along with the general economy as well with an expected jump in the S&P 500 as well.
For metals, The biggest movers for the day was Copper and nickel.
Copper is now sitting around $3.85 on the London Metal Exchange, which Is a 2.49% jump on the day.
And nickel is up almost 2.59% today and is creeping towards that $10 benchmark again.
So as you guys know this in turn would be good for stainless because nickel is a key element in stainless.
We are now waiting for Jerome and the FED to make their decision on if there will be another rate hike or not, but the expectation is there will be none right now, which should give another boost to the market this week.