For the week beginning Monday, October 22nd
Markets got off to a slow start this week as mixed corporate earnings reports and signs of slower trade between Japan and China renewed concerns about economic growth in Asia.
In London, base metal prices at the LME were pressured lower this morning including softer LME official 3-month asking prices for copper ($7,990.50/mt), aluminum ($1,963/mt), nickel ($16,815/mt) and lead ($2,094/mt). LME 3-month copper subsequently hit a session low of $7,930/mt.
In New York, COMEX December copper was down nearly 2 cents to $3.62/lb. in early afternoon trading, while NYMEX December crude oil dipped below $90/bbl for the first time in nearly two weeks.
On Wall Street, stocks were treading water late this morning with the Dow Industrials and S&P 500 slipping into negative territory while the Nasdaq posted minor (+.02%) gains. In foreign exchange markets the dollar weakened to $1.305 vs. the Euro but firmed to 79.84 Japanese Yen.
This week we'll get the latest U.S. data on new and pending home sales, durable goods orders, consumer confidence, and the highly anticipated advanced reading of third quarter GDP, with the consensus forecasting a modest increase from the sluggish 1.3% growth in the second quarter.
The Federal Reserve's Federal Open Market Committee also meets this week following the big QE3 announcement last time around, while overseas we'll get new flash PMI numbers for China, Germany, France and the Euro zone.
ISRI Spec of the Week: From ISRI's Scrap Specifications Circular 2012, Guidelines for Ferrous Scrap – Railroad Ferrous Scrap:
(27) Rail, Steel No. 1.
Standard section tee rails, original weight 50 pounds per yard or heavier, 10 feet long and over. Suitable for rerolling into bars and shapes. Free from bent and twisted rails, frog, switch, and guard rails, or rails with split heads and broken flanges. Continuous welded rail may be included provided no weld is over 9 inches from the end of the piece of rail.
Monday's Quote: "They are ill discoverers that think there is no land, when they can see nothing but sea." -- Francis Bacon
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