Well, where to start…stocks have been relatively muted compared to commodity prices. The S&P 500 and DOW have gained 1.7% each at the time of writing, European indices were more moderated with gains less than 1%. The activity this afternoon was in the energy markets; reports circled that Saudi would be calling an OPEC+ meeting in response to low prices, this was superseded by a tweet from President Trump which suggested that the U.S., Russia, and Saudi Arabia would be cutting production by 10m barrels. Oil prices surged higher gain >30% at one point but trade at $30.55/bl and $25.25/bl for Brent and WTI respectively, marginally of the highs.
Metals prices were on the front foot today; copper prices firmed after one of China's primary smelter's issues a warning of low concentrate supply high sulfuric acid levels which could curtail refined production. Prices closed at $4,897/t with the spread weakening to $17.50 contango. Nickel and zinc prices were firmer, but gains were more moderate, closing at $11,261/t and $1,858/y respectively. Aluminium failed to close back above $1,500/t, closing at $1,491/t; cash to 3 remained under pressure, weakening to $33.40 contango.
Precious metals were bid today, but silver stole the show, gaining 3.53% to $14.45/oz. Gold gained 1.30% and trades at $1,612/oz at the time of writing and ETF demand is still strong.