Oil prices suffered again today, with WTI trading down 70% (at the time of writing) before tomorrow’s expiry. Brent trades at $26.61/bl at the time of writing. The S&P 500 has pared some of its earlier losses. The U.S. Congress is expected to be close to a fresh stimulus package and this may buoy sentiment, however, earnings this week may soften market sentiment.
Metals prices were mixed today, this morning saw prices on the front foot. However, optimism faded this afternoon with copper trading back through $5,200 to $5,182/t. Nickel was well bid today as the stainless steel market looks to be showing signs of recovery, nickel trades through $12,500 to close at $12,510/t.The cash-3 month spread still remains in contango at $66/t. Lead prices edged higher to $1,682/t but zinc and Ali softened slightly to $1,944/t and $1,503/t respectively. Cash to 3-month spreads remain wide across the board, with all of them in contango except tin which settled at $13/t back.
Gold was bid this afternoon and we expect this trend to continue.