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Daily Base Metals Report

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US stocks edged higher as investors weighed on the corporate earnings report. The inoculation programme remains on track in the US despite the pause in the use of the J&J vaccine. The dollar weakened and the 10yr US Treasury yield strengthened up to 1.6394%. In the meantime, the EU is still maintaining its goal to vaccine 70% of adults by the end of the summer. The US Fed Reserve Beige Book is being released today.

Metals on the LME extended their advance today amid a weaker dollar, with copper posting the biggest daily gain, up 2.16%, and closing at $9,074.50/t. Aluminium prices were firmer, breaking above $2,320/t to close at $2,323.50/t; cash to 3-month spread widened out to -$16.50/t. Nickel prices tested the $16,400/t resistance level and closed at $16,378/t. Zinc was on the front foot, trading to $2,830/t, and closing at the day’s high at $2,823/t. Lead prices firmed in the second half of the day, testing $2,730/t to close at $1,996/t.

Oil futures rallied the most since March with declining crude stockpiles. WTI and Brent edged up higher to $63.18/bl and $66.67/bl. Precious metals were mixed, with gold falling down to $1,736.05/oz while silver was up to $25.39/oz.

All price data is from 14.04.2021 as of 17:30


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