Stocks fluctuated today after Jerome Powell stating that a weak recovery in the US is likely given insufficient government aid. US job openings fell to 6.49m in August, the first decline in four months, highlighting a moderation in hiring pace. The US trade deficit widened to the largest figure since 2006 in August as the nation imported a record amount of consumer goods. The dollar strengthened into 93.516, and the yield for 10yr US Treasuries was lower on the day. The pound weakened after a report that EU plans not to offer Boris Johnson concessions before the Brexit deadline. FDA now plans to review COVID-19 vaccine application for emergency use, adding time to the vaccine race.
Sentiment on the LME was mixed again today, with lead and nickel being the biggest movers. Lead prices were well supported above $1,760/t to close at $1,780.50/t. Zinc consolidated up to a resistance level $2,375/t before closing lower at $2,363/t. Nickel suffered the biggest losses, after coming down to test $14,500/t, and closed at $14,520/t. Ali closed at $1,765/t after selling off to test appetite at $1,760/t; cash to 3-month spread widened out to -$25.50/t. Copper was mostly range-bound but closed lower on the day at $6,530/t.
Oil futures rallied, with WTI and Brent up to $40.46/bl and $42.37/bl respectively. Precious metals were mixed today, and, at the time of writing, gold and silver are down to $1,904.68/oz and $23.85/oz respectively.