Pre Market 07:15 AZN Vaccine : GBP strong, Oil above $45: Copper breakout

• FTSE 100 futures show a positive start to the trading week + 30 points  at 6380: likely to make a renewed assault at the 6400 level on UK unlocking news and AZN/Oxford announce vaccine efficacy
• Oil bullish at $45
• Copper breakout ot new multi year highs
• US indices consolidating and showing some weakness
• Gold consolidating at 1874 and likely to make a move this week
• VIX at 23.7, F&G 62

Last week saw the FTSE 100 relatively unchanged on the week as GPB strengthened while the FTSE 250 advanced almost 2% and the AIM All-Share 3.6% on the week

All of the indices are in strongly bullish mode with the vaccine boost and seasonal cheer dominating sentiment

VIX is showing some signs of uptick at 23.7 but muted by recent standards while the Fear & Greed index sits around 62.

Typically trading into the Thanksgiving holiday in the US can be quiet and often bullish reflecting the relaxed holiday spirit, 2020 has been anything but typical thus far so US trading will be interesting and telling to watch.

As the UK indices are stretched and overdue a decent pullback, the US may tip the balance in either direction .

Oil is bullish and above $45 which should help oilers and boost the FTSE 100 if RDSB and BP respond

Gold sits in a consolidating pattern but looks set to resolve with an obvious bias to resuming its move north; this is often signalled by a stop-run south before reversing and then moving sharply higher: we watch for a signal to take a position

Copper futures have made a move to the $3.31 level and is at highs not seen since 2017 :while this is often taken as bullish on industrial demand and economic activity, supply constraints owing to the pandemic are also likely affecting prices so some caution should be taken in interpretation.