US shares fell today on rising coronavirus cases globally, with S&P struggling to rebound from yesterday’s decline. The US consumer confidence eased in October as outlook for employment and the economy deteriorated. The dollar fell down to 92.820 and the 10yr yield on US Treasuries weakened out to 0.7760%. China began to ramp up the import of American goods, as the levels reached a monthly record high of $9.9bn in September. In Russia, the production of the second COVID-19 vaccine has begun as number of cases break record highs of 16,000 per day.
Metals markets were mostly higher today with only aluminium and lead down on the day. Copper struggled to gain a footing above the $6,820/t, but closed higher on the day at $6,798/t. Nickel prices gained the most, with the market breaking above $15,900/t to close at $15,906/t; the spread continued to widen and settled at -$35.00/t. Aluminium was weaker today and failed above $1,835/t, causing a close at $1,822/t. Lead was range-bound and closed lower on the day at $1,777/t.
Oil futures climbed today as production in the US golf was shut down ahead of the storm. At the time of writing, WTI and Brent trade at $39.50/bl and $41.23/bl. Precious metals were mostly higher today, edging up to $1,910.05/oz and $24.46/oz respectively.