COPPER TECHS: (U5) Northbound
- RES 4: $560.00 - Round number resistance
- RES 3: $546.15 - High Mar 26 and a key resistance
- RES 2: $524.30 - High Mar 28
- RES 1: $519.25 - High Jul 1
- PRICE: $515.40 @ 14:38 BST Jul 2
- SUP 1: $476.40 - Low Jun 13 and a key short-term support
- SUP 2: $453.05 - Low May 9
- SUP 3: $440.90/411.75 - Low Apr 10 / 7 and the bear trigger
- SUP 4: $400.00 - Psychological round number
Copper futures remain in a bull cycle and last week’s gains strengthen a bullish condition. Last Thursday’s climb delivered a print above $511.00, the Jun 5 high. Price has also pierced $514.43, the 76.4% retracement of the Mar 26 - Apr 7 bear leg. A clear break of both levels would pave the way for a climb towards $546.15, the Mar 26 high and a key resistance. Support to watch lies at $476.40.
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MNI: US MAY FINAL MANUFACTURING PMI 52.0 (52.3 FLASH; 50.2 APRIL)
- US MAY FINAL MANUFACTURING PMI 52.0 (52.3 FLASH; 50.2 APRIL)
SOFR OPTIONS: Large outright Call buyer
SFRM5 96.62c bought for 0.25 in 30k.
US TSYS/OVERNIGHT REPO: SOFR Ticks Up, Month-End Pressures To Spill Over Monday
Secured rates picked up again Friday, with SOFR up 2bp to 4.35%. That's the highest since the start of the month, with the rise at both ends of May reflecting month-end dynamics. Upside pressure is expected to persist Monday before subsiding over the rest of the week.
- Fed funds were unchanged as usual.
REPO REFERENCE RATES (rate, change from prev. day, volume):
* Secured Overnight Financing Rate (SOFR): 4.35%, 0.02%, $2641B
* Broad General Collateral Rate (BGCR): 4.34%, 0.02%, $1049B
* Tri-Party General Collateral Rate (TGCR): 4.34%, 0.02%, $1013Bd
New York Fed EFFR for prior session (rate, chg from prev day):
* Daily Effective Fed Funds Rate: 4.33%, no change, volume: $105B
* Daily Overnight Bank Funding Rate: 4.33%, no change, volume: $228B
