US stocks gained today on optimism that an early trial of an experimental vaccine against COVID-19 could bolster economic prospects. US manufacturing PMI has climbed to 14-months high in June, 52.6, signalling quicker-than expected economic recovery. The Fed will release its minutes tonight where the topic will be the yield curve control. In Germany, unemployment has surged to June 2015 highs, and the UK saw their first y/y decline in house prices since 2013. Nevertheless, the euro gained today as a result of positive investor sentiment on government's pandemic response.
Sentiment on the LME was marginally positive today. Copper was well supported in the second half of the day, finding support at $6,000/t and closing at $6,061/t. Tin continued to test appetite at $16,850/t but closed below at $16,750/t. Nickel broke above resistance at $12,800/t and managed to hold above this level to close at $12,847/t. Zinc lacked conviction today, closing at $2,041.5/t. Zinc cash to 3s continued to tighten into -$11.50/t. Aluminium and lead remained mostly range-bound, closing marginally higher on the day at $1,621/t and $1,772/t.
Oil futures extended their gains as OPEC cut output to the lowest levels since 1991 in hopes of reviving global prices to pre-pandemic levels. WTI and Brent trade at $39.82/bl and $41.99/bl respectively. Gold is down on the day, losing almost $30/oz. At the time of writing, gold and silver trade at $1,767.37/oz and $17.95/oz respectively.
