ISRI's Commodity Update, recycling news,metal news,scrap price updates

ISRI's Commodity Update

Updated 02:19:18 UST, 18 Feb 2012

Base metals prices show weak trends on Eurozone concerns

For the week ending Friday, February 17th

Base metal prices trended downward for much of the week as Eurozone concerns and signs of short-term liquidity problems in China more than offset positive U.S. economic news. After having started the week out at $8,530/mt, official LME 3-mo. copper was down to $8,220/mt by Thursday morning. Other metals followed suit, including LME official…

Commodity prices firm up on Greek Parliament approval of austerity measures

A host of new economic data releases in the U.S. this week including the latest numbers from the Fed on industrial production and manufacturing.
Commodity prices witness see-saw movement

Commodity prices see-sawed this week as a relatively light week on the economic data front ensured that Greeceâ€™s shifting economic fortunes retained center stage. In London, LME official 3-mo. copper dipped to $8,362/mt on Tuesday morning but firmed back above $8,700/mt in the second half of the week as expectations for a second Greek bailout and debt restructuring brightened.
Commodities off to a weaker start this week

After a couple of big weeks of economic data releases, this week is pretty light on the data front, although weâ€™ll see full year 2011 U.S. trade data late in the week, including for scrap exports.
Mixed trend in metals after the Chinese Lunar Year Celebrations

Mixed trends were visible in base metal futures market on Monday. In New York, commodity prices were mostly down. Shanghai markets have shown a mixed trend as it returned to work after the week-long Lunar Year Celebrations
Metals market subdued on Chinese holidays

With China on holiday, commodity market conditions are widely expected to get even choppier this week. Major economic news in the U.S. this week will include the Fedâ€™s latest announcement as well as new data on the housing market, durable goods orders, leading indicators, and, the one theyâ€™re all waiting for, 4th quarter GDP growth.
Dollar weakness give s support to commodities complex

The economic news in the U.S. this week was largely positive as inflation remains in check for now, weekly initial unemployment claims plunged to 352,000 and the manufacturing sector continues to expand. T
Commodities pick up steam towards weekend

On Friday, base metal prices pulled back after a string of earlier gains this week as concerns about S&P Euro-zone credit downgrades resurfaced. In London, LME official 3-mo. copper was down to $7,980/mt after having touched $8,100/mt in pre-market trading, while official 3-mo. aluminum dipped to $2,140/mt this morning, Reuters reports.
Metal prices sluggish on absence of major economic news

As the political and earnings seasons in the U.S. heat up, weâ€™ll have new numbers this week on retail sales, consumer confidence, inventories and trade.
Commodity prices in positive territory after Holiday Break

While nonferrous prices see-sawed in the second half of the week as the Euro hit fresh lows against the dollar, other commodity prices benefited from a batch of supportive economic news, including improving U.S. numbers on manufacturing, construction spending, factory orders and unemployment. In New York, NYMEX crude oil, which started 2012 just under the $100/bbl mark, was trading as high as $103.74/bbl intra-day at midweek.
Looking forward to a positive year for commodities

Commodity markets were pretty quiet as 2011 drew to a close this week. For the week ending December 24, the American Iron and Steel Institute reports that domestic raw steel production of 1.9 million net tons was down 2.3% f
Commodities strengthen on positive US economic news

Leaving aside the downward revision to 3Q GDP growth to 1.8%, the economic news in the U.S. was pretty good this week. The final University of Michigan reading on consumer sentiment in December was revised higher to 69.9, initial claims for unemployment dipped to 364,000 â€“ reportedly the lowest figure since April 2008 which brought the 4-week moving average down to 380,250.
Declining Chinese inflation and shrinking US deficit to support commodities

On Friday, the latest fiscal pact agreed to by a majority of European leaders didnâ€™t exactly set markets on fire but the initial reaction seemed positive at least. Cooler than expected Chinese inflation figures and the continuing contraction in the U.S. trade deficit also provided some support.

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