Good afternoon
well sometimes, there is justice! I am sure you know what I mean!
Equity markets are reacting negatively to Trump´s virus….firstly, this makes negotiations for the US spending program difficult, and secondly, the market hates uncertainty. This could become a pretty wild election - only about 4 weeks to go!
Base metals down by 1% or so early on, but they can recover and copper is up now even up by 1,5%. Copper had a little bloodbath yesterday, and had warehouse inflows of about 90.000t to 162.000t over the last few days. It shows again, that LME warehouse levels are not a very strong indicator of the tightness in markets, as they are being manipulated.We saw the same in nickel 10 month ago.
US Auto sales September very strong - Tesla especially so!
Gold ETF´s saw their first weekly outflow of about 500.000 ounces last week, but look set to make a new high today, with gold jumping on the Trump-news, following some weakness early in Asia.
Centamin - have some pit wall instability problems and have reduced guidance for the year. Stock is getting a bit of a hammering today in London.
Nothing much to rport today and have a nice weekend!
WS