US stocks gained today, trading just shy of a 5-month peak, on the back of positive earnings expectations. The dollar dipped, and 10Y on Treasuries fell. The increasing rate of new coronavirus infections in the US continued to be ignored in favour of rapid economic recovery as well as discovery and implementation of a vaccine. European stocks followed suit. This Friday-Saturday, an EU summit is planned to discuss the issues of the common budget as well as additional economic stimulus plans.
All metals on the LME were higher today as investor optimism drove the market. Copper prices traded up to $6,600.00/t, but resistance at this level triggered a close at $6,571.00/t; cash to 3s tightened today into $11.00/t backwardation. Nickel prices also strengthened, closing near the day’s high at $13,711.00/t. Lead was supported today, breaking through the resistance level at $1,880.00/t and closing at $1,881.50/t. Zinc gained the most, trading up to $2,270.00/t; however, closed just below at $2,261.50/t. Aluminium remained range-bound, closing higher on the day at $1,690.00/t.
Oil futures fluctuated today ahead of Wednesday’s OPEC+ meeting that might confirm the group’s intention to waiver cuts. WTI and Brent trade at $40.63/bl and $43.31/bl respectively. Gold and silver are up, at $1,806.18/oz and $19.22/oz.