US stocks fluctuated once again today, with technology earnings results dragging shares down. The final presidential debates in the US seem to have had little impact on market sentiment. The dollar weakened and the 10yr yield on US Treasuries edged down to 0.8429%, down from a 4-month high. In Europe, additional curfew and containment measures are taking place and cumulative cases in the US surged past 70,000. As Brexit negotiations continue to heat up, the UK signed a trade deal with Japan.
The prices on the LME were weaker today due to investor risk-off sentiment. Copper prices fell from a two-year high, but remained well supported above $6,860/t and closed at $6,867.50/t. Lead was particularly weak as protracted selling pressure triggered a close at $1,786/t. Zinc was well bid in the first half of the day; however, failed above $2,600/t and closed at $2,558.50/t; the cash to 3-month spread tightened up to -$9.50/t. Aluminium was range-bound, testing the support level of $1,838/t and closing at $1,842.50/t. SHFE aluminium, however, picked up higher, closing at CNY14,725/mt. Nickel was lower on the day, closing at $15,712/t.
Oil futures edged lower today, with WTI and Brent trading at $40.19/bl and $42.03/bl. Precious metals were also on the back foot today; gold and silver trade at $1,897.67/oz and $24.52/oz respectively.