US stocks fluctuated once again today, while still edging around all-time highs as investors await news around the spending bill. At the same time, vaccine rollout is making progress, with the US signing a deal for additional 100m doses with Pfizer and Moderna. Meanwhile, US consumer sentiment dropped to 76.2 in early February, the six-month low, as the outlook for personal income deteriorated amid rising inflation concerns. The dollar weakened, and 10yr US Treasury yield strengthened up to 1.1865%. Elsewhere, the UK grew at the record low in Q4 2020, the economy contracted by 9.9% in 2020. Russia ended its monetary easing cycle on the signs of a rebound while keeping the interest rates on hold.
LME metal prices were on the front foot today, apart from nickel, which closed lower on the day at $18,569/t; the cash to 3-month spread tightened out to -$40.00/t. Aluminium prices were well supported and tested resistance at $2,090/t and closed lower at $2,089.50/t. Copper was well bid in the second half of the day, testing the resistance level of $8,350/t, before closing below at $8,332/t. Zinc prices remained supported above $2,800/t before closing at $2,834/t. Lead was also stronger, closing at $2,118.50/t.
Oil futures rebounded on news of draining storage tanks across Americas. At the time of writing, WTI and Brent trade at $59.45/bl and $62.49. Precious metals set out for the first weekly gain on the back of dollar decline, with silver edging up to $27.34/oz; gold remained on the back foot at $1,824.15/oz.
