Equity markets in Europe were marginally firmer today, in the US, the DOW is up over 1% at the time of writing but the S&P 500 struggles for momentum. Pres. Trump signed executive orders to extend assistance for the unemployed, payroll tax deferral, eviction protection and student loan-relief. According, to Washington, there are still talks between Democrats and Republicans above another relief package. We are seeing more cases in Europe, and there is a risk that the UK will place more countries on the quarantine list.
LME trading saw mixed appetite today. Aluminium has continued to find support at $1,750/t and broke higher to close at $1,786/t. The cash to 3-month spread remained wide at -$35.44/t contango. Copper was stronger after recording a low for the day at $6,234/t, the market closed at $6,396.50/t. The cash to 3 months spread tightened into $2/t back but closed at $2.75 contango. Elsewhere, Nickel rejected $14,400/t and closed on the back foot at $14,286/t. Lead closed at $1,899/t, down on the day and just below key support as zinc consolidated after failing above $2,400/t, and closed at $2,397/t.
Energy prices were supported today after Saudi Aramco suggested demand will continue to improve. Brent and WTI trading at $45.07/bl and $42.08/bl respectively. Gold has struggled on the upside today and trades at $2,029/oz as silver was well bid trading at $28.88/oz at the time of writing.