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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.

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.

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COVID cases are rising across the globe as the delta variant spreads, this is causing some nervousness in financial markets, especially with the higher inflation rhetoric. Commodity prices have fallen since the Fed changed their tune inflation, the dollar has stabilised which has also been a headwind to prices. The summer months are traditionally quieter for metals demand which could prompt metals to consolidate. If the delta variant continues to spread, we may see higher levels of stimulus for longer. As things stand stimulus levels are set to be tapered and this could be brought forward if inflation remains high. We expect markets to remain volatile but on lower volume through the summer months.