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Daily Base Metals Report

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Major equity indices, oil and metals all re-bounded today on hopes that the US administration and other governments will add stimulus measures to combat the effects of the COVID19 virus on the global economy. At one point the Dow futures was +1000 points, but through the afternoon session, this recovery was trimmed. On the LME, copper made early gains above 5600 to 5650 area but faded back with equities as the day progressed. Crude oil rallied $3, but likewise, these gains were trimmed in the later sessions. Airlines continue to slash routes as demand declines, and with the virus raging in Italy, neighbouring countries have moved to close borders. Markets remained whippy through to the close, President Trump promised support for the travel industry, although the announcement was short on detail.

LME 5 pm closes were mostly up on the day but well off the early highs and at time of writing, Dow futures +170.

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This is a marketing communication. The information in this report is provided solely for informational purposes and should not be regarded as a recommendation to buy, sell or otherwise deal in any particular investment. Please be aware that, where any views have been expressed in this report, the author of this report may have had many, varied views over the past 12 months, including contrary views.

A large number of views are being generated at all times and these may change quickly. Any valuations or underlying assumptions made are solely based upon the author’s market knowledge and experience.

Please contact the author should you require a copy of any previous reports for comparative purposes. Furthermore, the information in this report has not been prepared in accordance with legal requirements designed to promote the independence of investment research. All information in this report is obtained from sources believed to be reliable and we make no representation as to its completeness or accuracy.

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