Commodity News
HeadLine : Shanghai base metals were mostly higher after Dow surges to a new record
Date : Nov 25 2020
Nonferrous metals on the SHFE were mostly higher on Wednesday morning, and their counterparts on the LME rose across the board, following a record session on Wall Street as coronavirus vaccine hopes and reduced uncertainty in US politics buoy investor sentiment. Positive momentum in the race for a coronavirus vaccine has boosted global markets. Earlier this week, AstraZeneca announced that interim analysis showed its vaccine has an average efficacy of 70% in protecting against the virus. Uncertainty in US politics has also eased after the Trump administration officially began the transition process to President-elect Joe Biden following weeks of delay.
Shanghai base metals mostly advanced in overnight trading. Nickel rose 1.2% to lead the gains, aluminium advanced 0.92%, copper added 0.92% and tin edged up 0.11%, while zinc and lead underperformed with 0.07% and 0.23% losses respectively. The LME complex rose across the board on Tuesday. Copper was the best performer with a rise of 1.39%. Lead advanced 0.9%, tin edged up 0.32%, aluminium climbed 0.91%, zinc increased 0.66% and nickel went up 1.15%. US President-designate Biden announced the foreign policy and national security team. With the handover of presidential power and the positive vaccine news, US stocks surged overnight. The Dow Jones index broke 30,000 for the first time in history, and the S&P 500 index reached a record high. The US index continued to fall at night, with copper futures showing a strong performance, hitting a 30-month high. Initial jobless claims in the US as of November 21 and the revised annualised rate of US Real GDP for the third quarter will be released today, focusing on the impact of today's economic data on the market. 

Source : SMM
News Archives: