European stocks gained ground today as stimulus measures improve market sentiment. U.S. indices oscillate between positive and negative territory. There was little data released today but the dollar has weakened prompting riskier assets to rally. We have seen Euro-area bonds firm today, with Italy particularly well supported.
LME prices have gained ground today except for zinc which lost marginal ground. Zinc sold off to test support at $2,000/t, this level held firm and the market closed at $2,019.5/t. Ali continues to be well bid as traders look to benefit from the forward curve, prices closed at $1,547/t. Nickel prices found support below $12,550/t to close off the highs at $12,853/t. Copper has traded through $5,500/t and closed at $5,528.50/t, as the cash to 3month spread tightened into -$21.75/t. Tin closed back above $16,000/t at $16,009/t.
Energy prices were supported today as the prospect of OPEC+ extending a deal improved. The recent really may trigger a response from U.S. shale, complicating any deal between OPEC+; WTI and Brent trade at $36.44/bl and $39.23/bl respectively. Precious metals were well supported this morning but have sold off this afternoon, with gold and silver trading at $1,725.73/oz and $17.92/oz, respectively at the time of writing.