
Technical Analysis
Weekly Metals Report – January 20, 2025
Market Movements
The metals market experienced low trading activity and mixed performances among different metals last week. Platinum and silver prices declined, while copper prices saw a slight uptick compared to the previous week.
As of the weekly closing session on January 17, copper futures for March 2025 settled at $4.3685 per pound, up 1% from the previous week. Meanwhile, platinum futures for April 2025 dropped 3% to $965.5 per ounce, and silver futures for March 2025 fell 1% to $31.141 per ounce.
U.S. Economic Overview
The U.S. economy added 256,000 jobs in December 2024, significantly surpassing economists' forecasts, which had expected an increase of 155,000 jobs.
The unemployment rate declined to 4.1%, lower than the expected 4.2%.
The Producer Price Index (PPI) in the U.S. rose by 0.2% in December 2024, below economists' expectations of 0.4%. Meanwhile, core PPI, which excludes food and energy prices, remained unchanged.
The Consumer Price Index (CPI) for December 2024 showed core inflation rising 3.2% year-over-year, lower than both the previous month's increase and analysts' forecasts of 3.3%. Meanwhile, headline inflation rose 2.9% year-over-year, in line with expectations.
The U.S. 10-year Treasury yield climbed to its highest level since late 2023, while the U.S. dollar strengthened. Current projections indicate that the Federal Reserve (Fed) may only cut interest rates by 30 basis points in 2025, lower than the previous expectation of a 45 basis-point reduction before the release of the latest employment data.

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