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This Morning

Commodity prices were off to a mixed start this morning as energy prices slipped, precious metal prices advanced, and base metal prices were mostly lower amid widespread reports of shifting risk appetites.

In Shanghai, SHFE copper and nickel futures settled 1.4% and 1.2% lower, respectively, as concerns about slower growth in the world’s major economies pulled equity prices lower. Bloomberg reports that “European and Asian stocks tumbled Monday after the gap between the 3-month and 10-year U.S. debt yields turned negative on Friday. The inversion came after an index of American manufacturing slowed, and weaker-than-expected factory output data from France and Germany.” In London, LME 3-mo. copper was recently trading down around $6,305/mt, while 3-mo. aluminum and nickel declined to around $1,885/mt and $12,890/mt, respectively. Notwithstanding reports that a no-deal Brexit is increasingly likely, the British pound was holding up around $1.323 this morning while the euro edged up to $1.132.

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