US stocks were on the back foot today as investor sentiment continued to sour. Regardless, November marks to be the best-performing month since April on the back of hopes for vaccine distribution early next year. Moderna, which was proven to be 94.1% effective, has asked the FDA to authorise its vaccine for emergency use for distribution which would take place on December 17th. The dollar edged higher to 91.882 the 10yr yield on Us Treasuries strengthened up to 0.8455%. The EU and the UK said that a post-Brexit trade deal could be struck this week, even as they are yet to make the final concessions.
Activity on the LME was mixed today with copper and aluminium closing higher. Nickel was subject to selling pressure in the second half of the day, falling below the support level of $16,100/t and closing at $16,033/t. Tin prices were softer, closing at $18,621/t. Lead gave back its recent gains, closing on the back foot at $2,070/t; cash to 3-month spread tightened in to -$8.50/t. Copper edged higher today to test $7,708/t, the level last seen on March 2013, before closing lower at $7,580/t. Aluminium prices were higher on the day, closing at $2,045/t. Iron ore has gained ground today, closing at a record-high of CNY900/mt.
Oil futures fell today, as the OPEC+ talks began to discuss the potential supply cuts for next year. At the time of writing, WTI and Brent trade at $45.03/bl and $47.55/bl. Precious metals were mixed today, with gold and silver edging down to $1,780.47/oz and $22.50/oz respectively.