This Morning
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.