Base metals finished mixed on Friday. Copper remained almost unchanged, finishing around the $6,220 despite China concerns. With full spread finishing at $8 backwardation. Aluminium suffered and closed just above the support $2,000 at $2,003, bouncing back up this morning supported by a lower USD against a basket of major currencies. Cash to 3 months carry remained at $7.5 contango. Nickel dropped some $100, still trading within the $12,000-13,200 range, and rising this morning some 1.73%. Zinc rose above the $2,600, still having the support at $2,550 level and setting the cash to 3 motnhs carry at $50.50 backwardation. Next resistance could be seen around the $2,700 level. Lead dropped and moved back down towards the $1,900-1,950 support, bouncing back up this morning and expected to experience some resistance around the $2,120 level. Full spread rose to $17 contango. Tin remained at the same level just around the $19,200 without any major change.
Gold found support last week above the $1,220, and some resistance below the $1,230. Fears on a new Italian public debt crisis, uncertainty on Brexit deal, concerns about China growth due to the impact of trade war with the US and world stock indexes suffering from a sell-off last week supported safe haven assets to rise. This fundamentals are no impacting on Silver equally.
Platinum and palladium seem to trade on the same range, supported by fundamentals but still living an uncertainty from base metals development.
Brent rose 0.26% finishing at $79.61, and WTI slightly rose 0.35%, closing at $68.98.
EUR bounced back up after touching the 10-day low and is trading this morning at 1.1535, up 0.21%. GBP is also rising some 0.13% against the USD, being traded at 1.3085 due to reports saying that Mrs. May is ready to drop one of the main requests in order to arrange a Brexit deal with the EU.
DAX lost 0.31% due to Brexit and Italy concerns and pressure from dropping stocks across the globe. DJI slightly rose 0.26%, finishing just below the 25,450. Asian markets finished also in plus with Nikkei +0.37% and Hang Seng up 2.23% and SSEC gained 4.23%.
European German Bundesbank Monthly Report at 11.00.
This report was written at 8:00. All times referenced are GMT.
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