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Daily Base Metals Report

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Risk-off appetite caused futures to buckle as global equities sold off, big tech led U.S. equities lower. European stocks were weaker today. The bond market sold off further, with the U.S. rising to 2.056%, the 2yr yield has increased once again to 1.5836%. We saw data in the U.K. show strong GDP growth, which triggered cable to rally but again struggles to hold above 1.36. The dollar index weakened and trades at 95.733. 
Selling pressure on the LME was strong today. Copper failed at $10,140/t, broke through support levels at $9,900/t and traded at $9,874/t at writing. The cash to 3month spread is at $52/t (last). Zinc struggled around $3,700/t and closed at $3,626.5/t, lead softened to $2,278/t. Aluminium suffered from heavy selling, falling nearly $100 to $3,155/t, with the cash to 3-month at $17.42/t (last). Nickel was softer as well, falling to $23,030/t. DCE iron ore gell 7.6%, to CNY770/t with SGX iron ore at $146.25/t. 
Energy prices were firmer once again, with Brent testing appetite at $93/bl and WTI at $91.5/t. Gold and silver gained ground and trade at $1,827/oz and $23.29/oz. 

All price data is from 11.02.2022 as of 17:30

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