For the week beginning Monday, July 9th
Commodities prices stabilized on Monday morning after Friday's sell-off as market participants awaited word from the meeting of Euro zone finance ministers and the start of corporate earnings season.
As the Euro firmed to over $1.23 on Monday, base metal prices advanced in London, with LME 3-month copper and aluminum up over $7,550/mt and $1,925/mt, respectively, in recent trading.
In New York, crude oil prices gained a dollar to over $85/bbl, while gold futures rose above $1,585/ton.
Stocks on Wall Street didn't fare quite as well this morning with the Dow Industrials, Nasdaq and S&P 500 all in negative territory as the yield on 10-year Treasury notes dipped to 1.53%.
An interesting week in store as we get the latest U.S. trade figures for May, along with new numbers on U.S. producer prices and consumer sentiment. In addition, earnings season kicks of today with Alcoa to set announce second quarter results later on Monday, while JP Morgan is scheduled to shed more light on its "London Whale" losses when it reports results on Friday.
But Europe will remain in focus as European finance ministers meet on Monday and Tuesday and Germany's constitutional court will hear complaints midweek about the Eurozone's permanent bailout fund. Then we get the monthly data dump from China on Thursday, including 2nd quarter growth figures and June industrial production and retails sales readings.
ISRI Spec of the Week: From ISRI's Scrap Specifications Circular 2012, Guidelines for Nonferrous Scrap:
Cobra No. 2 Copper wire nodules
Shall consist of No. 2 unalloyed copper wire scrap nodules, chopped or shredded, minimum 97% copper. Maximum metal impurities not to exceed 0.50% aluminum and 1% each of other metals or insulation. Hydraulically compacted material subject to agreement between buyer and seller.
Monday's Quote: "Apparently there is nothing that cannot happen today." -- Mark Twain
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