Financial markets were more risk on today after a drug trial for COVID-19 showed some positive results, however, trials are continuing and we expect further information. Economic data released today was weak, the U.S. Shrank 4.8% in Q1 with Germany contracting 6.3% in Q1. Equity indices across the major economies are all in positive territory. There is positivity in EU countries starting to ease lockdown policies.
LME prices were stronger today after the news from Gilead about the drug trial results. Copper prices broke resistance at $5,261/t, zinc was also stronger today but prices failed at $1,946.5/t. Ali, lead, and nickel were all marginally stronger today. Nickel prices broke above key resistance at $$12,300 to close at 12,315/t.
Gold continues to consolidate above key support at $1,700/oz. The oil market was well bid today, with WTI and Brent trading at 15.97/bl and $22.71/bl respectively.