Rohstoff- und Minenbranche: Der Wochenrückblick von Haywood

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The Weekly Dig

Mick Carew, PhD, mcarew@haywood.com

Haywood Mining Team

U.S. Jobs Data See Markets Regain Some Ground Following Brexit Shock

§  June’s non-farm payrolls data released on Friday helped equity markets stem some of the losses incurred following the shock Brexit vote; payrolls increased by 287,000 jobs last month, the largest gain since last October according to the Labor Department. The news will no doubt be welcomed by the Federal Reserve, which released the minutes from its June meeting this week. The minutes painted a starkly different picture compared to the more optimistic tone of April, with FOMC members voting 10 to 0 to hold rates steady. This was in contrast to the April meeting which predicted a rate rise in June. While these jobs data paint a more optimistic tone for the US economy, it remains to be seen as to whether a shift in policy will result given that the full ramifications of the Brexit vote remain unclear. The markets reacted positivelyas the S&P 500, Dow Jones Industrial Average and S&P/TSX Composite Index each rose well over 1% on Friday, while safe haven assets including gold remained relatively stable, finishing the week higher (1.8%) at $1,366 per ounce. Silver (↑2.34%) platinum (↑3.6%) and palladium (↑2%) each followed suit, finishing at $20.24, $1,099 and $618 per ounce respectively. In contrast, base metals were lower during the week, with copper in particular falling 4.3% this week to $2.13 per pound; nickel (↓1%), lead (↓2%) and zinc (↓0.6%) also suffered losses this week, finishing at $4.46, $0.82 and $0.97 per pound respectively. Despite API numbers that indicated a drawdown in US oil supplies, WTI crude prices fell heavily this week (↓8%), finishing at $45.00 per barrel. Finally, the UxC Weekly Spot Price of uranium remained unchanged for most of the week, closing at $26.50 per pound on Friday.

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