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Daily Base Metals Report

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Global stocks rallied today on promising vaccine rollout numbers. The US is shut for the Presidents Day. The pound traded higher as the target of 15m vaccinations has been successfully achieved by mid-February, with over 60s now invited to receive the first dose. Now, the UK is drawing up plans to lift national restrictions, with schools being back first. Elsewhere, Japan’s economy recorded another quester of double-digit growth in Q4, at 12.7%, as the country finished the year on better-than-expected note.

LME metal prices were on the front foot today, apart from lead and aluminium, which closed lower on the day. Copper prices were well supported and tested resistance at $8,400/t and closed just off the highs at $8,393.50/t.; the cash to 3-month spread widened out to $25.00/t. Zinc was well bid in the second half of the day, testing the resistance level of $2,844/t, before closing below at $2,842.50/t. Nickel prices remained supported above $18,600/t before closing at $18,623/t. Aluminium and lead were range-bound but closed lower on the day at $2,083.50/t and $,2123.50/t respectively.

Oil futures rallied on freezing Temperatures in Texas driving the energy market today. WTI is trading at $60.21/bl, while Brent hit a 13-month high of $63.26/bl. Gold was down on the day, edging down to $1,820.25/oz, while silver was seen higher at $27.61/oz.


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