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Daily Base Metals Report

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Oil prices continued to gain ground today as OPEC+ continued to suggest a cut in production in response to current prices and the coronavirus taking out up to 1/3rd of global demand according to Bloomberg. Brent and WTI prices are up 9% and 5.2% respectively at the time of writing. OPEC+ are set to meet on Monday.

Equities have weakened today as NFPs were negative for the first time since 2010. Nearly 10m people in the U.S. have become unemployed in the last two weeks, according to Bloomberg. The S&P 500 and DOW have lost almost 2% and 1.9% respectively. European indices also lost ground as deaths in the U.K. rose sharply.

LME prices buckled today as positive sentiment wore out, copper prices declined 1.17% towards $4,850/t, TCsRCs have improved to $65.7/t according to the Metal Bulletin. Cash to 3s firmed slightly into -$15.50/t but the week saw the spread widen. Aluminium prices were also lower as selling pressure caused a test of $1,481/t. Lead prices were declined 2.47% on the day closing at $1,656/t, and the spread weakened to $14.50/t. Nickel, zinc and tin prices were all weaker as well. Cash to 3s for tin closed at $66/t backwardation.

Gold prices have marginally higher today trading at $1,618/oz at the time of writing.

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