OIL: Russia Crude Shipments Rise on Kozmino and Primorsk Supply

• MNI: FRANCE FLASH MARCH MANUF PMI 48.9 (FEB 45.8)

Gilts open lower given the broader risk-off price action on the back of reports pointing to narrower U.S. tariff focus come April 2.

• Futures trade as low as 91.23 before a recovery to 91.45.
• Initially support at the Mar13 low (91.07), with the bearish technical theme intact.
• Yields little changed to 1bp higher, curve a touch steeper.
• 2s10s and 5s30s continue to respect psychological resistance levels at 50bp & 100bp, respectively.
• Flash PMIs are due this morning.
• BoE Governor Bailey will speak later today, we provided more colour on that in our BoE review.
• Weekend headline flow reaffirmed familiar domestic fiscal themes ahead of the Spring Statement, with cost cutting in Whitehall eyed and Chancellor Reeves continuing to stress adherence to the fiscal rules.
• The Spring statement will be published on Wednesday, as will the latest CPI data and updated forecasts from the OBR. Slightly further out, Friday will bring monthly retail sales and final Q4 GDP data.

• RES 4: $35.736 - 1.236 proj of the Feb 14 - Apr 12 - May 2 ‘24 swing 
• RES 3: $34.903 - High Oct 23 ‘24 and the bull trigger
• RES 2: $34.548 - High Oct 29 ‘24  
• RES 1: $34.233 - High Mar 18                                  
• PRICE: $33.126@ 08:03 GMT Mar 24   
• SUP 1: $32.665 - Low Mar 21           
• SUP 2: $32.189/30.815 - 50-day EMA / Low Feb 28 and key support
• SUP 3: $29.704 - Low Jan 27 
• SUP 4: $28.748 - Low Dec 19 and a bear trigger 

Silver has pulled back from its recent highs. Short-term weakness is considered corrective and a bull cycle remains in play. The metal has recently breached a key resistance at $33.397, the Feb 14 high, confirming a resumption of the bull cycle that started Dec 19. This signals scope for a climb towards $34.903, the Oct 23 ‘24 high and a medium-term bull trigger. Key trend support has been defined at $30.814, the Feb 28 low.