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Daily Base Metals Report

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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.

Disclaimer

This is a marketing communication. The information in this report is provided solely for informational purposes and should not be regarded as a recommendation to buy, sell or otherwise deal in any particular investment. Please be aware that, where any views have been expressed in this report, the author of this report may have had many, varied views over the past 12 months, including contrary views.

A large number of views are being generated at all times and these may change quickly. Any valuations or underlying assumptions made are solely based upon the author’s market knowledge and experience.

Please contact the author should you require a copy of any previous reports for comparative purposes. Furthermore, the information in this report has not been prepared in accordance with legal requirements designed to promote the independence of investment research. All information in this report is obtained from sources believed to be reliable and we make no representation as to its completeness or accuracy.

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