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Daily Base Metals Report

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US stocks have gained ground, with tech leading the way, despite continued concerns surrounding the US economy. The probability of a new pandemic relief package is low at this time even though negotiations between the Republicans and Democrats have restarted. The dollar index has edged higher but the US 10 yr has consolidated. In Europe, sentiment was mixed due to the rise in COVID-19 cases and the EU asking the UK to commit to some of the EU’s trade deal requests.

LME activity was more positive today, with only lead and tin down on the day. Copper prices were well supported at $6,500/t before closing at $6,545/t as the cash to 3-month spread weakened to $1.45/t contango. Aluminium saw more withdrawals from LME warehouses, prices were bid and closed at $1,748.5/t. Zinc failed to gain a foothold above $2,400/t which prompted a close at $2,369/t. Nickel prices consolidated today after investors rejected $14,500/t, the market closed at $14,264/t. Lead closed just off the lows at $1,834.5/t with Tin falling victim to selling pressure again and closed at $17,185/t.

Oil prices edged lower today with Brent and WTI trade at $41.75/bl and $40.10/bl, respectively. Gold is marginally lower today and traded at $1,860/oz with silver struggling around $23/oz.


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