Investors will be looking for clarification on many of the
policies he outlined throughout his campaign. In the metals
markets in particular, traders will look for some clarity with
regard to the commitments made in the victory speech, where
Trump committed to a far-reaching infrastructure rebuild.
Copper was down about $9 at $5,751 per tonne, aluminium was
unchanged at $1,749 per tonne at the time of writing. Volumes
on both were around 7,000 lots apiece on LMEselect. Still, as
the New York session gets under way, much of the metals remain
close to multi-week highs. Yesterday, metals spiked higher
following positive Chinese PPI data, which increased
expectations of inflation. Adding to support was the LME
commitment of trade report (COTR) for the week ending January
6, which showed that while money manager activity has been
quiet, gross short positions, in general, remained low.
Deliveries against aluminium backwardation...