US stocks fluctuated today as investors weighed up mixed earnings results and the economic hit of rising coronavirus-related infections. Global cases top 13m, and countries across the world, including Japan, Hong Kong and the US, continue to implement tougher lockdown measures to prevent the spread. The US consumer prices climbed the most since 2009, up to 0.6% m/m, thanks to rising gasoline prices. The dollar was mostly higher, and 10Y on Treasuries fell to 0.6053%. US-Sino tensions are on the rise once again, as the US denounced China’s claims to the South Sea as unlawful.
Rising tensions between the US and China once again remain a threat for metals, with zinc feeling most of the pain, closing at $2,194.50/t. Copper prices struggling to gain a footing above $6,500/t, closing at $6,498.50/t. Aluminium prices were subject to strong selling pressure this morning, however, prices were bid in the second half of the day, closing near the day’s high at $1,688.50/t. Nickel prices declined to test the $13,400.00/t support level, before closing at $13,585.00/t. Lead was also weaker closing below key support of $1,850.00/t at 1,849.00/t.
Oil prices were higher on the day ahead of the OPEC+ meeting tomorrow, with WTI and Brent trading higher up to $40.45/bl and $43.09/bl respectively. Safe-haven assets were stronger today; gold and silver trade at $1,808.23/oz and $19.20/oz at the time of writing.