Markets got off to a sluggish start this week as the DJ-UBS Commodity Futures Index dipped 1.2% this morning and the major U.S. stock indexes lost ground following earlier losses in Europe and Asia. A below par reading on U.S. new home sales, concerns about this week’s FOMC meeting and jitters surrounding emerging market growth all reportedly weighed on sentiment. In London, nonferrous metal prices wavered with LME 3-mo. copper and aluminum reportedly trading as low as $7,148.50/mt (=$3.243/lb.) and $1,751.25/mt (=79.4 cents/lb.), respectively. LME 3-mo. nickel also reportedly dipped as low as $14,108/mt (=$6.40/lb.) earlier today. In New York, precious metal prices were holding relatively steady while crude oil futures slipped below $96/bbl. In foreign exchange trading the dollar was little changed against the Euro around $1.368 while in the bond market the yield on 10-year Treasury notes approached 2.75%.
Plenty of economic news in store this week as the Federal Reserve’s FOMC meets this week and investors will be looking closely at any changes in the Fed’s guidance and tapering of its asset purchase program. Scheduled U.S. economic releases this week include the latest figures on durable goods orders, personal income and spending, consumer sentiment, and the advanced reading on 4th quarter GDP. The consensus forecast is that the economy expanded around 3% in the final quarter of 2013. Overseas we’ll get additional readings on Chinese manufacturing and European unemployment and inflation.
. | Last | CHG | % CHG | Prior Settle | Open | High | Low |
COMEX Copper Mar ($/lb) | 3.259 | -0.01 | -0.4% | 3.2715 | 3.26 | 3.2875 | 3.255 |
COMEX Gold Feb ($/to) | 1,264.0 | -0.3 | 0.0% | 1,264.3 | 1,270.1 | 1,279.8 | 1,257.1 |
COMEX Silver Mar ($/to) | 19.85 | 0.1 | 0.4% | 19.77 | 19.97 | 20.09 | 19.73 |
NYMEX Light Sweet Crude Mar ($/bbl) | 95.49 | -1.2 | -1.2% | 96.64 | 96.9 | 97.18 | 95.24 |
SHFE Aluminum Apr (RMB/mt) | 13,585 | -90 | 0.7% | 13,675 | 13,660 | 13,680 | 13,530 |
SHFE Copper Apr (RMB/mt) | 51,030 | -250 | -0.5% | 51,280 | 51,190 | 51,310 | 50,840 |
SHFE Zinc Apr (RMB/mt) | 15,120 | -105 | -0.7% | 15,225 | 15,180 | 15,195 | 15,060 |
Following the recent barrage of economic releases, the calendar cools off this week with relatively few reports due out on consumer credit, wholesale inventories, initial unemployment claims and the budget. Overseas we'll get new figures from China on their trade balance and inflation in April, while a number of Federal Reserve officials will be giving speeches around the country this week, including Fed Chairman Ben Bernanke's speech at the Chicago Fed banking conference on Friday. We'll have a look at the key economic, commodity and scrap market developments, including a closer look at U.S. first quarter scrap exports by commodity, in this week's Friday Report.
Date | Time | Release | Period | Consensus | Prior |
Jan 27 | 10:00 | New Home Sales | Dec | 457K | 445K |
Jan 28 | 08:30 | Durable Orders | Dec | 2.1% | 3.4% |
Jan 28 | 08:30 | Durable Orders-ex transportation | Dec | 0.6% | 1.2% |
Jan 28 | 09:00 | Case-Shiller 20-city index | Nov | 13.8% | 13.6% |
Jan 28 | 10:00 | Consumer Confidence | Jan | 77.5 | 78.1 |
Jan 29 | 07:00 | MBA Mortgage Index | 01/25 | NA | 4.7% |
Jan 29 | 10:30 | Crude Inventories | 01/25 | NA | 0.990M |
Jan 29 | 14:00 | FOMC Rate Decision | Jan | 0.25% | 0.25% |
Jan 30 | 08:30 | Initial Claims | 01/25 | 325K | 326K |
Jan 30 | 08:30 | Continuing Claims | 01/18 | 3000K | 3056K |
Jan 30 | 08:30 | GDP-Adv | Q4 | 3.0% | 4.1% |
Jan 30 | 08:30 | Chain Deflator-Adv | Q4 | 1.2% | 2.0% |
Jan 30 | 10:00 | Pending Home Sales | Dec | -0.2% | 0.2% |
Jan 30 | 10:30 | Natural Gas Inventories | 01/25 | NA | -107 bcf |
Jan 31 | 08:30 | Personal Income | Dec | 0.2% | 0.2% |
Jan 31 | 08:30 | Personal Spending | Dec | 0.2% | 0.5% |
Jan 31 | 08:30 | PCE Prices-Core | Dec | 0.1% | 0.1% |
Jan 31 | 08:30 | Employment Cost Index | Q4 | 0.4% | 0.4% |
Jan 31 | 09:45 | Chicago PMI | Jan | 58.0 | 60.8 |
Jan 31 | 09:55 | Michigan Sentiment-Final | Jan | 80.4 | 80.4 |
U.S. On-Highway Diesel Fuel Prices* (dollars per gallon) | ||||||
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| Change from | |
| 01/06/14 | 01/13/14 | 01/20/14 |
| week ago | year ago |
U.S. | 3.910 | 3.886 | 3.873 | -0.013 | -0.029 | |
East Coast | 3.950 | 3.940 | 3.946 | 0.006 | -0.054 | |
New England | 4.115 | 4.107 | 4.118 | 0.011 | -0.040 | |
Central Atlantic | 4.046 | 4.045 | 4.060 | 0.015 | -0.029 | |
Lower Atlantic | 3.847 | 3.831 | 3.829 | -0.002 | -0.075 | |
Midwest | 3.888 | 3.854 | 3.830 | -0.024 | -0.015 | |
Gulf Coast | 3.802 | 3.780 | 3.771 | -0.009 | -0.060 | |
Rocky Mountain | 3.901 | 3.886 | 3.860 | -0.026 | 0.182 | |
West Coast | 4.034 | 3.996 | 3.966 | -0.030 | -0.038 | |
West Coast less California | 3.934 | 3.891 | 3.861 | -0.030 | -0.050 | |
California | 4.119 | 4.085 | 4.056 | -0.029 | -0.026 |
*prices include all taxes
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© 2013 Institute of Scrap Recycling Industries, Inc.
Copper Scrap View All | |
Alternator | 0.31 (0) |
#1 Copper Bare Bright | 3.81 (-0.04) |
Aluminum Scrap View All | |
356 Aluminum Wheels (Clean) | 0.73 (0) |
6061 Extrusions | 0.64 (0) |
Steel Scrap View All | |
#1 Bundle | 435.00 (0) |
#1 Busheling | 455.00 (0) |
Electronics Scrap View All |