Base metals:
Copper is sharply retracing today after breaking the $6,240 support yesterday, holding currently the $6,150 short-time support towards the $6,100 after LME stocks went up 38,700 tm. Cash to 3s was valued at $25.75 contango. Aluminium remains steady holding the $1,800 support level, still having a level below at $1,790 area. And above the $1,840 main resistance. Full spread closed at $6.50 contango with some $13 contango in February and around $6 contango in March dates. Nickel is holding the $13,700 support, but risking to go through the support towards the $12,850 area. Full spread closed at $19.50 contango. Zinc topped below the $2,460 and retraced towards the $2,400 support. Bounced again up as supply concerns arise. Lead broke through the $1,950 support after spiking last week till the $2,040. Below the $1,900 remain as main support. Cash to 3s was valued at $8 contango. Tin retraced after topping at $17,900having main support below at $17. Above $18,600 could be seen as next resistance. The spread valued as $44.

Precious metals
Gold retraced below the $1,560 after topping today at $1,568, despite the drop on world stocks retracing from all-time highs. Silver remains above the $18. US-China trade deal effects expected to be limited in the global economic development and political situation in the US together with new virus appeared in China, seem to bring support somehow.
Platinum remains also above the $1,000 at $1,002 this morning and palladium retraced $100 being traded at $2,455 today.

Brent got a support on concerns of Libya production cuts, arising supply concerns, and WTI remains steady at $58.55. #

The EUR remains steady against the USD trading still at 1.1090 and the GBP slightly rose trading now at 1.3000.

DAX is losing some 0.70% today trading this morning at 13,454 almost 95 points lower. DJI finished at 29,166 losing almost 0.40%. Asian markets finished all down with Nikkei -0.91%, SSEC at -1.41% and HSI at -2.81%.

Macro Data

WEF Annual Meetings day 1. European and German ZEW Economic Sentiment at 10.00. UK Average Earnings Index, Claimant Count Change and Unemployment Rate at 09.30.

This report was written at 9.00. All times referenced are GMT.

IFCM Commodities GmbH is a tied agent of INTL FCStone Ltd. INTL FCStone Ltd, a company registered in England & Wales and a wholly owned subsidiary of INTL FCStone Inc. [NASDAQ: INTL], is authorised & regulated by the Financial Conduct Authority [FRN: 446717]. Commodity trading involves risks, and you should fully understand those risks prior to trading. This material should be construed as market commentary, merely observing economic, political and/or market conditions, and not intended to refer to any particular trading strategy, promotional element or quality of service provided by INTL FCStone Ltd. References to and discussions of Structured OTC products are made solely on behalf of INTL FCStone Markets LLC, a member of the National Futures Association (NFA) and provisionally registered with the U.S. Commodity Futures Trading Commission (“CFTC”) as a swap dealer. Information contained herein was obtained from sources believed to be reliable, but is not guaranteed as to accuracy. The content of this document is for information purposes only and may not be taken as representation, advice, or inducement to enter into any contract, investment or arrangement. INTL FCStone Ltd fully disclaims and shall be held harmless against any liability howsoever arising, that may be incurred or suffered by any party from the reliance, use, misuse, reproduction (in part or whole) and dissemination of such information. © 2020 INTL FCStone Ltd. All Rights Reserved