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Bob's Page - Commodities Update
Robert J. (Bob) Garino is director of commodities for the Institute of Scrap Recycling Industries. Headquartered in Washington, D.C., ISRI represents more than 1,600 companies that process, broker and consume such scrap commodities as metals, paper, plastics, glass, rubber, electronics and textiles. Bob has a Bachelor of Science degree from Monmouth University and has worked in market research, strategic planning and metal and non-metallic commodities research for Commodities Research Unit, Inco, NL Industries and the National Association of Recycling Industries that merged with the Institute of Scrap Iron and Steel to form ISRI in 1987.
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Posted on September 03, 2010 12:14
This morning's LME trading was quiet but prices were firm early ahead of this three day Labor Day Holiday weekend...London gold was last indicated at $1,250-$1,251/to and termed "steady"...yesterday, Dec Comex gold rose to $1,253.40, nearly matching its June 28th record ($1,256.60). In New York this morning, traders are looking for Comex copper to open a bit weaker as London prices drift...yesterday, the December contract ended the day higher @ $3.4955/lb.
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Posted on August 30, 2010 13:57
Economic releases in the month of August continue to be a mixed bag causing an uneasy market sentiment reflected in the 500 points the Dow has lost throughout the month. The 2nd quarter GDP was revised downward to 1.6 percent (from 2.4) and sales of existing homes fell 27.2 percent from June, their lowest since tracking began in 1999. The bulk of those home sales, single-family, are at their lowest since 1995 (Chart 1). Durable Orders (ex-transportation) declined 3.8 percent and the four-week average of Initial Claims for the week of August 21st was 473K. They have not been below 400K since July of 2008 and their 10 year median is 358K. Amid all of this, there have been bright spots. Industrial production advanced in July (1 percent), and industrial capacity increased...
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Posted on August 16, 2010 08:42
This week's LME is off to firmer start reflecting the usual suspects in the absence of fresh macro news: dollar weakness, bargain hunting, short covering, and the latest LME inventory drawdowns. Overall market sentiment, however, remain cautious and conservative.
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Posted on August 13, 2010 11:42
Closing out the week, this morning's LME trading was mixed but with potential to rally (or not) based on today's U.S. economic indicators...London gold was last indicated at $1,215/to, trading at a month high...yesterday, Comex Dec gold closed @ $1,216.70/oz, its highest settlement since the end-June. Comex copper is expected to open slightly lower...yesterday, the Sept contract closed out the day at $3.2840/lb, 3 cents higher on what was described as a "technical bounce."
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Posted on August 09, 2010 10:13
LME base metals were up early on Monday, reflecting a weaker dollar that, in turn, was responding to Friday's weak jobs number – but not overly aggressive, noted traders. The near term direction remains unclear ahead of this week's FOMC meeting. Gold was also firmer as the week began, and for pretty much the same reasons. Comex copper expected to open higher this a.m.
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Posted on August 06, 2010 10:19
Following Thursday's across the board selling, this morning's LME is stronger all around and the dollar is weaker as market participants anxiously await today's Nonfarm Payrolls report for fresh direction. London gold was last indicated @ $1,140/to and termed "steady." Traders are looking for Comex copper to open higher...yesterday, the Sept contract closed lower by a little over 5 cents @ $3.3535/lb.
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Posted on August 02, 2010 20:30
Ignoring, for now, a weaker Chinese PMI number for June (a 17-month low but the index remained above 50,) the LME powered higher at the opening, supported by inventory declines, a weaker dollar, firmer global equities, and renewed confidence in increased metal consumption going forward. Over baked?
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Posted on July 30, 2010 13:21
July's economic data showed retail sales (ex-auto) declining 0.1 percent, though it's up 4.4 percent from the year ending in June and is nearly back to where it was at the start of the recession in 2007 (Chart 1). Industrial Production increased just over 3 percent to 94.4 (2007 = 100) and the PMI declined 3.5 to 56.2, still indicating growth, though less so. Somewhat distressing was the New Orders index of the PMI, which registered a decline of 7.2 to 58.5...
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Posted on July 30, 2010 11:07
Following yesterday (mostly) dollar-inspired rally, this morning's LME is mixed with copper and nickel slightly lower while the rest of the complex ticked slightly higher...London gold was last indicated at $1,167/to and termed "steady" awaiting this morning's GDP number...traders are looking for Comex copper to open little changed. Yesterday, the September contract closed @ $3.29/lb, up 4.45 cents on the day.
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Posted on July 26, 2010 08:08
With no really bad news connected to last week's banking stress test results (no one flunked!) today's base metal markets look steady early, reacting positively to the growing potential for economic growth going forward...LME prices were mixed as LME inventories fell.
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