US stocks reached record highs today, after a day off yesterday as investors assessed the continued spread of the infections across the globe. On the political front, Trump stated that he will leave the office once the electoral college affirms Biden’s win, however, has said that he will never formally concede defeat. The dollar softened out to 91.827 and the 10yr yield on US Treasuries fell down to 0.84555%. UK and Europe are set to resume Brexit talks this weekend. Elsewhere, China’s industries’ profits surged at the fastest pace in more than nine years in October, a further sign that China continues to pick up pace.
Increasing risk appetite across LME metals prompted another day of gains. Aluminium prices were well-supported, testing the resistance level at $2,003/t and closed at $1,998.50/t, the cash to 3-month spread has tightened into -$11.50/t. Copper trended higher to test the resistance at $7,500/t before closing below at $7,499.50/t. Lead saw the largest rally to $2,110/t, the highest since November 2019, and closed $2,099/t. Nickel was stronger today, closing at $16,455/t. Zinc prices were on the front foot in the second half of the day, edging up to $2,810/t to closer lower at $2,795/t.
Oil futures traded higher today ahead of the OPEC+ meeting, with WTI and Brent edging up to $45.32/bl and $47.97/bl. Precious metals were mostly down today, and gold and silver trade at $1,785.25/oz and $22.62/oz at the time of writing.