Precious and base metal prices reported gains last week, primarily due to weakness in the US$ from lower yields. Valuations of gold producers were up 7% WoW; base metal producers were up 2%.

Highly vaccinated nations such as the U.S., the U.K., and Israel, are reporting flat or declines in new cases. 39.2% of the U.S. population has received vaccinations vs 35.6% at the same time last week. This compares to 48.4% in the U.K. (up from 47.3%). We continue to estimate that 50% of the U.S. population will be vaccinated by June.

Inventory levels of copper increased again on the LME, and the SHFE (Shanghai). We believe the primary reason for this is continued weakness in China’s manufacturing sector.

As of April 16, 2021, the Canadian big four LPs are trading at a 97% premium (down WoW from 109%) over their U.S. peers.


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