September 2020

MORNING VIEW: Sentiment in metals remains bullish as dips bought

This time yesterday base metals prices were down across the board, but with the exception of Shanghai Futures Exchange tin, they were all up during morning trading on Friday September 18 – showing sentiment remains bullish overall with dips being bought.

MORNING VIEW: Metals, equities weaker despite FOMC’s dovishness

The weakness in metals and equities this morning, Thursday September 17, indicates markets were taking the US Federal Open Market Committee’s (FOMC) projections and comments that they will likely keep interest rates on hold through at least 2023 as suggesting there will continue to be tough times ahead in the real economy.

MORNING VIEW: Base metals prices mixed as markets await direction from FOMC

The stronger tones in the base metals that have been seen this week were struggling to push ahead this morning, Wednesday September 16, because the market is waiting for direction, which is expected to come out of this evening’s US Federal Open Market Committee (FOMC) meeting.

MORNING VIEW: Encouraging Chinese data underpins base metals prices

Base metals prices were for the most part firmer this morning, Tuesday September 15, supported by some good Chinese economic data.

MORNING VIEW: Broader markets firmer on Covid-19 vaccine hopes

Base metals prices and equity markets were for the most part firmer on Monday September 14, and the common theme seems to be higher hopes for Covid-19 vaccines.

MORNING VIEW: Base metals consolidate on back foot, broader markets mixed

In the absence of any dominant themes at present the base metals and broader markets were mixed this morning, Friday September 11, but prices were generally on the back foot following the emergence of some weakness in recent days, especially in US tech shares.

MORNING VIEW: Rebound in tech stocks steadied broader markets on Wednesday, but less so metals

A rebound in the United States’ Nasdaq Composite Index on Wednesday September 9 may have underpinned broader markets, but the base metals were less convinced with most ending the day in negative territory.

MORNING VIEW: Weakness in tech stocks weighing on sentiment in metals

United States-based electric vehicle maker Tesla’s failure to be listed as an S&P 500 company led to a 20% share price fall on Tuesday September 8, that in turn led to a 4% fall in the Nasdaq index – markets are wondering whether this will be a catalyst for a broader reality check? Or just provide another dip-buying opportunity?

MORNING VIEW: LME base metals prices little changed, wider markets mainly weaker

London Metal Exchange base metals prices were mixed this morning, Monday September 7, as were pre-market major western equity index futures, while metals on the Shanghai Futures Exchange were mainly firmer and Asian-Pacific equities were mixed too.

MORNING VIEW: LME base metals prices consolidate after Thursday’s weakness

London Metal Exchange base metals prices were firmer this morning, Friday September 4, but this appears to be early bargain-hunting/consolidation after Thursday’s 1.5% average decline. Asian equities and base metals prices were weaker while they followed yesterday’s weakness in western markets.