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Non-independent Research Daily Base Metals Report

Non-independent Research

Daily Base Metals Report

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Authors
Dariaefanova

Daria Efanova Research Analyst

Contact research Contact Industrial Commodities

US stocks fluctuated once more ahead of the Fed minutes discussing the latest policy meeting. The US trade deficit widened to a record $71.1bn in February as imports surged. The 10yr Treasury yield softened into 1.6367% and the dollar was marginally weaker. Meanwhile, on the vaccine front, the UK recommended not to use the AstraZeneca vaccine on those under the age of 30. The Fed Reserve Chairman Powell will speak about the global economy today.

Sentiment on the LME was mixed once again. Lead prices were well-supported above $1,970/t and closing at $1,993.50/t. Lead cash to 3-month spread has widened out to -$5.74/t. Zinc trended higher to test the resistance at $2,840/t before closing below at $2,832.50/t. Aluminium was softer, closing at $2,260/t. Copper lost the most ground, breaking below the key support level of $8,950/t to close at $8,915.50/t. Nickel was also weaker today, closing at $16,636/t.

Oil futures fell as US gasoline supplies rose most since February. WTI and Brent fell down to $58.28/bl and $61.79/bl. Precious metals were mixed with silver and gold trading at $25.19/oz and $1,741.45/oz respectively.

All price data is from 07.04.2021 as of 17:30.

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