Once again, today was another quiet trading day on the LME with low turnover across most contracts. The London morning session saw prices edge lower from highs established in the Asian session with Lead under further pressure, down to 1708, as an additional 5525 mt stock was reported in LME warehouses. Copper continued to test 4600 but failed to break above and ali remains contained within a broad 1500/1540 range. The afternoon session saw zinc rally to 1700 as light stops were triggered through 1670 area and tin remained steady 15700/800 as supply fundamentals underpin the market. On the spreads – cash to Mar ali tightened further, in to $13back. 5pm 3m closes were “mixed”.
Crude oil remained quietly steady with Wti holding above $31 until US inventory data showed +2.15 mln barrels and gold moved higher as stock markets lost momentum.
From the US, weekly jobless claims fell 7k which was better than expected. Equity markets were +/- unchanged, with the Dow struggling to clear 16500 resistance after 3 straight days of gains.