US stocks fell today amid resurgence of COVID-19 infections in the country, posing as a threat to additional lockdown measures. Additionally, the White House is said to step back from stimulus aid negotiations and leaving it up to the Senate majority to continue the talks with House Speaker. US inflation fell to 0.2% m/m in September, the lowest level in five months, highlighting the repeated threat of rising number of infections on the market. US initial jobless claims, however, continued to fall in the week ending November 7th, as the labour market extended recovery. Elsewhere, the UK GDP growth figure came at 15.5% annualised rate in Q3, exiting technical recession that took place this year, however still remaining below pre-COVID levels.
LME base metals extended gains today, led by lead, which picked up to test the $1,900/t resistance level before closing at $1,899/t. Copper prices edged higher to the resistance level of $6,960/t before closing below at $6,934/t. SHFE copper, however, was down on the day, closing at CNY51,750/mt. Aluminium was well bid, edging up to the $1,935/t level, to close just below the day's highs at $1,930/t. Nickel lost ground today, testing the support at $15,900/t and closed at $15,936/t; the cash to 3-month spread widened out to -$42.00/t backwardation. Zinc and tin prices were both higher today, testing the $2,630/t and $18,400/t, and closing at $2,626/t and $18,300/t respectively.
Vaccine hopes fail to spark a recovery in oil demand, however the futures remain supportive, with WTI and Brent trading up to $42.03/bl and $44.31/bl respectively. Precious metals were all higher; gold and silver trade at $1,882.11/oz and $24.36/oz, at the time of writing.
