For the week beginning Monday, February 11th
Markets were off to a slow start this week as the DJ-UBS Commodity Futures Index dropped by half a percentage point and the major U.S. stock indexes were all in negative territory in early afternoon trading.
The Shanghai Futures Exchange is closed for this week’s Lunar New Year celebrations and trading volumes at the London Metal Exchange were reportedly light today as base metal prices remain in a holding pattern. LME official 3-mo. copper was little changed this morning at $8,258/mt ($3.746/lb.) but 3-mo. copper dipped below $8,200/mt in PM trading. Most of the other base metals were down in afternoon trading in London with only 3-mo. tin holding onto gains after having recently trading around $24,850/mt.
In New York, COMEX Mar copper was down nearly 4 cents to $3.72/lb. while gold futures retreated below $1,650/to. Crude oil futures bucked the trend, rebounding above $96/bbl as the dollar eased to $1.341 vs the Euro. On Wall Street, the Dow Industrials slipped 0.2% early this afternoon as the yield on 10-year Treasury notes was little changed around 1.96%.
| Last | CHG | % CHG | Prior Settle | Open | High | Low |
COMEX Copper Mar ($/lb.) | 3.7205 | -0.039 | -1.0% | 3.7595 | 3.7625 | 3.769 | 3.708 |
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COMEX Gold Apr ($/to) | 1,647.2 | -19.7 | -1.2% | 1,666.9 | 1,667.9 | 1,670.3 | 1,644.1 |
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COMEX Silver Mar ($/to) | 30.9 | -0.6 | -1.8% | 31.4 | 31.5 | 31.5 | 30.9 |
NYMEX Light Sweet Crude Mar ($/bbl) | 96.58 | 0.86 | 0.9% | 95.72 | 95.79 | 96.95 | 94.97 |
SHFE Aluminum May (RMB/mt) | NA | NA | NA | NA | NA | NA | NA |
SHFE Copper May (RMB/mt) | NA | NA | NA | NA | NA | NA | NA |
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SHFE Zinc May (RMB/mt) | NA | NA | NA | NA | NA | NA | NA |
The Monday Report: February 11, 2013
This week we’ll see new U.S. industrial production and capacity utilization figures for January and the consensus forecast is for a modest (+0.2%) increase in IP and a slight improvement in capacity utilization. New data also come out this week on U.S. retail sales, business inventories, consumer sentiment and the Treasury budget as the next deadline on spending cuts quickly approaches.
Overseas we’ll also get industrial production numbers for the Euro-zone as well as the flash 4Q GDP estimate for the Euro area. Market conditions in Asia are expected to be quiet this week given the holiday celebrations there but Japan’s currency market interventions are expected to be on the table at this week’s meeting of G-20 finance ministers.
We’ll have an in-depth look at the full year 2012 scrap trade data for the U.S., along with the economic, commodity and scrap market highlights in this week’s Friday Report.
Date |
| Time |
| Release |
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| Period |
| Consensus | Prior | |||||
Feb 12 |
| 14:00 |
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| Jan |
| -$2.0B | -$27.4B | ||||||
Feb 13 |
| 07:00 |
| MBA Mortgage Index |
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| 02/09 |
| NA | 3.4% | |||||
Feb 13 |
| 08:30 |
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| Jan |
| 0.1% | 0.5% | ||||||
Feb 13 |
| 08:30 |
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| Jan |
| 0.1% | 0.3% | ||||||
Feb 13 |
| 08:30 |
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| Jan |
| NA | -0.2% | ||||||
Feb 13 |
| 08:30 |
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| Jan |
| NA | -0.1% | ||||||
Feb 13 |
| 10:00 |
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| Dec |
| 0.3% | 0.3% | ||||||
Feb 13 |
| 10:30 |
| Crude Inventories |
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| 02/09 |
| NA | 2.623M | |||||
Feb 14 |
| 08:30 |
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| 02/09 |
| 365K | 366K | ||||||
Feb 14 |
| 08:30 |
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| 02/02 |
| 3200K | 3224K | ||||||
Feb 14 |
| 10:30 | Natural Gas Inventories |
| 02/09 |
| NA | NA | |||||||
Feb 15 |
| 08:30 |
| Empire Manufacturing |
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| Feb |
| 0.0 | -7.8 | |||||
Feb 15 |
| 09:00 | Net Long-Term TIC Flows |
| Dec |
| NA | $52.3B | |||||||
Feb 15 |
| 09:15 |
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| Jan |
| 0.2% | 0.3% | ||||||
Feb 15 |
| 09:15 |
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| Jan |
| 78.9% | 78.8% | ||||||
Feb 15 |
| 09:55 |
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| Feb |
| 73.5 | 73.8 | ||||||
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| U.S. On-Highway Diesel Fuel Prices* (dollars per gallon) |
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| Change from | ||
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| 01/21/13 |
| 01/28/13 |
| 02/04/13 |
| week ago |
| year ago | ||
U.S. |
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| 3.902 |
| 3.927 |
| 4.022 |
| 0.095 |
| 0.166 | |||
East Coast |
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| 4.000 |
| 4.023 |
| 4.088 |
| 0.065 |
| 0.140 | |||
New England |
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| 4.158 |
| 4.181 |
| 4.237 |
| 0.056 |
| 0.136 | ||||
Central Atlantic |
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| 4.089 |
| 4.106 |
| 4.165 |
| 0.059 |
| 0.119 | ||||
Lower Atlantic |
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| 3.904 |
| 3.931 |
| 4.001 |
| 0.070 |
| 0.155 | ||||
Midwest |
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| 3.845 |
| 3.866 |
| 3.978 |
| 0.112 |
| 0.227 | |||
Gulf Coast |
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| 3.831 |
| 3.845 |
| 3.941 |
| 0.096 |
| 0.166 | |||
Rocky Mountain |
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| 3.678 |
| 3.736 |
| 3.844 |
| 0.108 |
| 0.027 | ||||
West Coast |
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| 4.004 |
| 4.049 |
| 4.166 |
| 0.117 |
| 0.130 | |||
West Coast less California |
| 3.911 |
| 3.946 |
| 4.076 |
| 0.130 |
| 0.148 | |||||
California |
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| 4.082 |
| 4.137 |
| 4.242 |
| 0.105 |
| 0.114 | |||
*prices include all taxes |
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“11/02/2013 - Composite leading indicators (CLIs), designed to anticipate turning-points in economic activity relative to trend, show diverging growth patterns in the economic outlook of major economies.
In the United States and the United Kingdom, the CLIs continue to point to economic growth firming but in the United Kingdom the signs are slightly weaker compared to last month's assessment.
In Japan and Brazil, signs of growth picking up are emerging.
In the Euro Area as a whole, and in particular in Italy and Germany, the CLIs point to a stabilisation in growth prospects; however in France growth is expected to remain weak.
In China and India, the CLIs point to growth below trend compared with more positive signals in last month's assessment. In Canada and Russia the CLIs continue to point to growth below trend.”
© 2013 Institute of Scrap Recycling Industries, Inc.
Copper Scrap View All | |
Alternator | 0.31 (0) |
#1 Copper Bare Bright | 3.85 (0.05) |
Aluminum Scrap View All | |
356 Aluminum Wheels (Clean) | 0.73 (0.01) |
6061 Extrusions | 0.64 (0.01) |
Steel Scrap View All | |
#1 Bundle | 435.00 (0) |
#1 Busheling | 455.00 (0) |
Electronics Scrap View All |