ISRI Monday Report-For the week beginning April 22nd
ISRIs Commodity Update | 2013-05-21 14:26:17
Markets were mostly off to a weaker start this morning as a series of lackluster corporate earnings reports and an unexpected monthly dip in U.S. existing home sales reportedly weighed on prices
By Paul Ploumis
For the week beginning Monday, April 22nd
Markets were mostly off to a weaker start this morning as a series of lackluster corporate earnings reports and an unexpected monthly dip in U.S. existing home sales reportedly weighed on prices. The National Association of Realtors reported this morning that existing home sales declined 0.6% m-o-m in March, although the association attributed the slip to inventory constraints as home prices continue to rise. In London, base metal prices were easier this morning with the exception of nickel as the LME official 3-mo. nickel asking price improved to $15,230/mt ($6.91/1b.). The other metals didn't fare as well as LME official 3-mo. asking prices fell for copper ($6,916/mt = $3.137/1b.), aluminum ($1,873/mt = 85 cents/lb.), lead ($2,016/mt = 91 cents/lb.) and zinc ($1,875/mt = 85 cents/lb.). While the DJ-UBS Commodity Futures Index was off around 0.5% overall, gold and crude oil futures firmed to $1,423/to and $88.65/bbl, respectively, in late morning trading in New York. On Wall Street the Dow Industrials were off 0.3% late this morning while the U.S. dollar firmed to $1.304 vs. the Euro but eased to 99.30 Japanese Yen.
Last | CHG | % CHG | Prior Settle | Open | High | Low | |
COMEX Copper May 3.1335 | -0.015 | -0.5% | 3.1485 | 3.1465 | 3.165 | 3.082 | |
($/lb) |
|
|
|
|
|
|
|
COMEX Gold Jun | 1,423.6 | 28.0 | 2.0% | 1,395.6 | 1,408.3 | 1,438.8 | 1,403.5 |
($/to) |
|
|
|
|
|
|
|
COMEX Silver May | 23.3 | 0.4 | 1.6% | 23.0 | 23.3 | 23.7 | 23.1 |
($/to) |
|
|
|
|
|
|
|
NYMEX Light Sweet Crude | 88.65 | 0.38 | 0.4% | 88.27 | 88.2 | 89.45 | 87.69 |
Jun ($/bbl) |
|
|
|
|
|
|
|
SHFE Aluminum Aug | 14,565 | -25 | -0.2% | 14,590 | 14,570 | 14,605 | 14,535 |
(RMB/mt) |
|
|
|
|
|
|
|
SHFE Copper Aug | 49,730 | -740 | -1.5% | 50,470 | 50,440 | 50,750 | 48,970 |
(RMB/mt) |
|
|
|
|
|
|
|
SHFE Zinc Aug | 14,580 | 55 | 0.4% | 14,525 | 14,620 | 14,670 | 14,500 |
(RMB/mt) |
|
|
|
|
|
|
|
This week we'll see additional figures on U.S. housing, durable goods and consumer sentiment, while flash PMI numbers are due out for China and the Euro zone. The big release of the week comes on Friday with the BEA's advance estimate of 1st quarter GDP growth in the U.S. The consensus forecast is that growth picked up from 0.4% in 40 2012 to 2.8% in the first quarter of this year. Briefing.com has an even rosier forecast that growth accelerated 3.2% during Jan-Mar. We'll have a look at the week's economic, commodity and scrap market highlights in this week's Friday Report which comes to you from India as we'll be reporting from the MRAI's Indian Metals Recycling Conference 2013 in New Delhi.
Date | Time | Release | Period | Consensus | Prior |
Apr 22 | 10:00 | Existing Home Sales | Mar | 5.01M | 4.95M |
Apr 23 | 09:00 | FHFA Housing Price Index | Feb | NA | 0.6% |
Apr 23 | 10:00 | New Home Sales | Mar | 415K | 411K |
Apr 24 | 07:00 | MBA Mortgage Index | 04/20 | NA | 4.8% |
Apr 24 | 08:30 | Durable Orders | Mar | -3.1% | 5.6% |
Apr 24 | 08:30 | Durable Goods -ex transportation | Mar | 0.0% | -0.7% |
Apr 24 | 10:30 | Crude Inventories | 04/20 | NA | -1.233M |
Apr 25 | 08:30 | Initial Claims | 04/20 | 351K | 352K |
Apr 25 | 08:30 | Continuing Claims | 04/13 | 3060K | 3068K |
Apr 25 | 10:30 | Natural Gas Inventories | 04/20 | NA | 31 bcf |
Apr 26 | 08:30 | GDP-Adv. | Q1 | 2.8% | 0.4% |
Apr 26 | 08:30 | Chain Deflator-Adv. | 01 | 1.6% | 1.0% |
Apr 26 | 09:55 | Michigan Sentiment - Final | Apr | 72.4 | 72.3 |
U.S. On-Highway Diesel Fuel Prices* (dollars per gallon) | ||||||
|
|
|
|
| Change from | |
| 04/01/13 | 04/08/13 | 04/15/13 |
| Week ago | Year ago |
U.S. | 3.993 | 3.977 | 3.942 |
| -0.035 | -0.185 |
East Coast | 4.025 | 4.009 | 3.977 |
| -0.032 | -0.204 |
New England | 4.148 | 4.134 | 4.105 |
| -0.029 | -0.164 |
Central Atlantic | 4.083 | 4.062 | 4.032 |
| -0.030 | -0.248 |
Lower Atlantic | 3.958 | 3.946 | 3.911 |
| -0.035 | -0.180 |
Midwest | 3.970 | 3.956 | 3.923 |
| -0.033 | -0.098 |
Gulf Coast | 3.915 | 3.888 | 3.852 |
| -0.036 | -0.186 |
Rocky Mountain | 3.922 | 3.899 | 3.882 |
| -0.017 | -0.247 |
West Coast | 4.116 | 4.117 | 4.066 |
| -0.051 | -0.323 |
West Coast less California | 4.016 | 4.023 | 3.970 |
| -0.053 | -0.386 |
California | 4.200 | 4.196 | 4.147 |
| -0.049 | -0.271 |
*prices include all taxes
© 2013 Institute of Scrap Recycling Industries, Inc.
