US jumped the most in five months due to as investor sentiment improved, with Americans heading for the polls on the last day of election voting. Markets are reflecting more confidence than in the last couple of weeks, as the Biden win seems the most likely outcome for this year’s US presidential election. The dollar weakened out to 93.412, the most in three weeks, and the 10yr yield for US Treasuries strengthened to 0.8874%. In the EU, the bloc is considering its next move over the UK’s lawbreaking Brexit bill.
Metals prices were all stronger today, with aluminium seeing the strongest gains, closing at $1,905.50/t. Nickel was firmer today, testing the resistance at $15,450/t before closing at $15,363/t. Copper was also well bid, closing at $6,816/t; the cash to 3-month spread softened out to $1.00/t backwardation. Lead and zinc strengthened today, closing below resistance levels of $1,825/t and $2,580/t at $1,810/t and $2,566.50/t respectively. Tin closed higher at $18,075/t. Iron ore retreated as surging stockpiles spur caution; the metal closed at CNY791.5/mt.
Oil futures surged on belief of OPEC+ supply cuts. At the time of writing, WTI and Brent stand at $37.58/bl and $39.62/bl. Precious metals were all higher on heightened volatility, with gold and silver edging up to $1,907.13oz and $24.22/oz respectively.
