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Daily Base Metals Report

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Total US jobless claims reached 26m, the construction sector was impacted significantly. Christine Lagarde has indicated that the euro-area could shrink 15%, with their baseline estimate at 9% cut this year 2020. This comes as Angela Merkel has suggested that the EU should double the $580bn. EU manufacturing PMI declined to 33.6 in April, and Ursula von der Leyen suggested that the contraction may be bigger than WW II. U.S equities have firmed today as investors remain optimistic.

LME prices remained mixed today, supply-side suspensions continue to support prices. Copper was supported through resistance $5,150/t to close at $5,160/t. Aluminium prices were marginally softer, closing at $1,510/t despite Alcoa’s announcement that they will CAPEX by $100m and defer and $220m in pensions contributions. Nickel pared some of the recent losses to close at $12,165/t. Lead and Zinc were weaker today closing at $1,648/t and $1,874/t.

Gold prices continued to rise today as ETF inflows were strong amid apprehension about futures economic growth. Spot prices trade at $1,732.35/oz.

Energy prices were stronger once again which WTI back around $20/bl and trades at $17.74/bl with Brent at $22.36/t.


***There is no closing prices today due to technical issues.


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