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The market initially responded optimistically to President Trump’s Friday remarks as hopes for fiscal stimulus continue to grow, but markets have started the week in an aggressive risk-off tone, economists at TD Securities inform.

Key quotes

“As the spread and response to the virus ex-China is now firmly the driver in base metals, the waves of stimulus can help the metals find a floor, but only if the measures are able to instill a sense of confidence in the market, which is becoming tougher as countries grind to a halt.”

“Copper demand is very likely to head south in the first half of the year, which could contribute to a 700kt surplus this year and prices trending toward $4,200/t.” 

“CTAs will look to finish building their short in lead, while prices are back in range for selling in nickel below $11,810/t.”


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