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Daily Base Metals Report

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US stocks rose to break another record after the Fed minutes pointed out a further dovish outlook. US jobless claims rose unexpectedly in the week ending April 3rd, highlighting the volatile state of the nation’s labour market. The 10yr US Treasury yield continues to soften and the dollar weakened. Meanwhile, German factory orders rose in February, underscoring the resilience of the manufacturing industry despite strict lockdown restrictions. China’s consumer price data is out today and is expected to rebound from negative growth in the previous month.

Activity on the LME was mixed today, with lead and tin closing lower. Aluminium continues to be well bid, but failed above $2,285/t and closed at $2,282.50/t. Copper was slightly firmer and managed to break above the $9,000/t level to close at $9,008/t. Nickel edged higher to the resistance level at $16,850/t and closed lower at $16,828/t; cash to 3-month spread tightened back to -$40.00/t. Lead and tin prices were marginally softer on the day, closing on the back foot at $1,983/t and $25,795/t, respectively.

Oil futures slipped as concerns over economic recovery once again impacted the market sentiment. WTI fell down to $59.61/bl, while Brent edged higher to $63.21/bl. Precious metals were mostly higher, with gold and silver rising up to $1,757.27/oz and $25.51/oz respectively.

All price data is from 08.04.2021 as of 17:30.


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