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Non-independent Research Daily Base Metals Report

Non-independent Research

Daily Base Metals Report

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Authors
Geordie Wilkes

Geordie Wilkes Head of Research

Contact research Contact Industrial Commodities

U.S. stocks firmed today as some earnings reports were above expectations. Investors are starting to believe that covid-19 curves are flattening. There wasn’t much data released today but we did see consumer confidence in Europe fall to -22.7 in April from -11.6 in March. Government debt to GDP for 2019 fell to 84.1% however we now expect that to be considerably higher in 2020.

Copper has rebounded along with equity markets, Antofagasta Plc suggested production will be closer to 725,000 ton in 2020. Production suspensions are supporting prices in the near term. Copper broke back above $5,100/t to close at $5,131.5/t. Ali was also well supported back above $1,500/t to $1,515/t, but cash-3s remain weak at -$38.70/t. Lead was fairly steady today gaining ground to close at $1,671/t. Nickel prices gave back some recent gains, closing at $12,015/t.

Gold prices were well bid today, breaking back above $1,700/oz to $1,713.70/oz. Silver also took back some of yesterday’s losses to $15.04/oz.

The oil market was well bid today as tensions between producers heightened after President Trump order U.S. navy ships to destroy “any and all Iranian gunboats if they harass our ships”. Brent and WTI trade at $20.39/bl and $13.71/bl respectively.

Disclaimer

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.

This report is not subject to any prohibition on dealing ahead of the dissemination of investment research. Accordingly, the information may have been acted upon by us for our own purposes and has not been procured for the exclusive benefit of customers. Sucden Financial believes that the information contained within this report is already in the public domain. Private customers should not invest in these products unless they are satisfied that the products are suitable for them and they have sought professional advice. Please read our full risk warnings and disclaimers.

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