Equity markets in Europe gave back some of yesterday’s gains today. US indices have lacked conviction and have oscillated between positive and negative territory. Jerome Powell reaffirmed during his senate hearing that the Fed would do use all its available tools to support the economy. The dollar index is marginally weaker today. The reescalation of tensions between the U.S. and China has prompted the Nasdaq to put together new IPO and accounting standards, making it tricky for Chinese companies to list on the exchange.
Most LME prices were higher today except Ali. Copper prices opened on the front foot day, gapping to $5,374/t, but the market weakened but closed above key support at $5,350/t at $5,355/t. Nickel prices maintained yesterday’s strength, breaking resistance at $12,400/t and closed at $12,453/t. Lead and zinc prices were firmer today and closed at $1,682.5/t and $2,033.5/t respectively. Spreads across the board were slightly weaker today, except lead which tightened to $16.75/t contango.
The energy market was slightly softer today with WTI and Brent at $31.76/bl and $34.35/bl, demand is recovering but high global inventories remain elevated. Precious metal prices have gained ground today with gold and silver at $1,742.32/oz and $17.44/oz, respectively.