US stocks edged higher today as investors weighed in on Pfizer results that show to be 95% effective and passing all safety checks. With many vaccine results now released and producers asking for expedited approval, markets expect a nationwide use of a vaccine in early 2021. The dollar weakened out to 92.256 and the 10yr yield on US Treasuries strengthened up to 0.8717%. The pound gained today on the back of UK inflation raising by 0.7% y/y, above expectations. Additionally, Boris Johnson unveiled a new green plan to zero out Britain’s greenhouse gas pollution by 2050.
LME metals have been mixed, with nickel and tin lower on the day. Copper prices edged higher today, testing $7,140/t level to close below at $7,088.50/t, the cash to 3-month spread has tightened once again to -$18.00/t. Aluminium was well-bid above $1,980/t and closed just off the day’s high at $1,998/t. Lead was mostly range-bound and tested the resistance level at $1,960/t before closing at $1,948.50/t. Zinc was stronger today, closing at $2,747/t. Nickel traded lower to the $15,750/t support level and closed on the front foot at $15,809/t.
Oil futures trended higher on coronavirus vaccine promises, with WTI and Brent trading at $42.13/bl and $44.69/bl. Precious metals were mostly higher, and gold and silver trade at $1,881.72/oz and $24.55/oz respectively at the time of writing.