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Global stocks were choppy, as a rising number of coronavirus cases threatened global economic recovery. US stocks were higher despite new virus cases topping 60,500/day for the first time, with Texas, California and Florida reporting record deaths. European shares edged higher on the back of Chinese stock rally coming to a halt. The dollar weakened. In the UK, yields of 2- and 5-year notes hovered near record lows amid speculation on further monetary policy easing by the BoE. Italian industrial output surged 40% m/m as easing of lockdown measures allowed activity to pick up.

LME metal prices were well bid today, only with tin lower on the day. Aluminium prices were firmer, however lack of appetite for prices above $1,690/t, triggered a close at $1,688.5/t. Copper prices broke through the resistance of $6,400/t and closed at $6,412/t. Copper cash to 3m spreads tightened to $2.00 backwardation. Nickel prices were also firmer and closed at $13,515/t. Zinc prices opened on the front foot today, breaking through the $2,190/t resistance level, closing just above at $2,193.5/t. Tin fluctuated during the day, closing at $17,310/t; has been trading higher since the close.

Oil futures gained ground in the second half of the day on dollar weakness, with WTI and Brent trading up to $40.23/bl and $42.99/bl respectively. Gold and silver are up on the day, at $1,798.09/oz and $18.70/oz respectively at the time of writing.


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