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Daily Base Metals Report

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US stock fluctuated on the back of Biden’s plans to inject $2.25tr into infrastructure. From the virus front, as the US vaccine rollout is surpassing targets, Biden unveiled the new strategy that plans to have 90% of adults will be eligible to receive the jab by April 19th. The US private employers added the most jobs in six months in March, another encouraging sign in the labour market recovery. The US 10yr treasury yield rose for the fourth consecutive day, while the dollar dropped, still closing one of the best quarters in a year.

LME metal prices were on the front foot today, apart from zinc and aluminium, which closed lower on the day. Copper prices were well supported and tested resistance at $8,850/t and closed lower at $8,785.50/t; the cash to 3-month spread tightened up to $2.5/t. Nickel was well bid in the second half of the day, testing the resistance level of $16,170/t, before closing below at $16,068/t. Lead prices remained supported above $1,965/t before closing at $1,974.50/t. Aluminium and zinc were range-bound but closed lower on the day at $2,212/t and $2,818.50/t respectively.

Oil futures slipped on the back of the strong dollar, ahead of the OPEC+ meeting discussing production levels for May. WTI picked up higher to $60.87/bl, whereas Brent fell down to $63.89/bl. Precious metals rose, with gold and silver increasing up to $1,707.50/oz and $24.32/oz respectively.

All price data is from 31.03.2021 as of 17:30


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