ISRI Monday Report -For the week beginning Monday, June 3rd
ISRIs Commodity Update | 2013-06-04 08:13:22
While equity markets got off to a mixed start this week, commodity prices advanced this morning as the DJ-UBS Commodity Futures Index gained 0.9%
By Paul Ploumis
For the week beginning Monday, June 3rd
While equity markets got off to a mixed start this week, commodity prices advanced this morning as the DJ-UBS Commodity Futures Index gained 0.9% on the back on a better than expected reading on Chinese manufacturing and weaker U.S. dollar. In London, LME official 3-mo. copper and aluminum asking prices firmed this morning to $7,365.50/mt (=$3.34/lb) and $1,919.50/mt (=87 cents/lb.) respectively. LME 3-mo. nickel reportedly traded as high as $15,600/mt (=$7.08/lb.) amid reports of nickel purchases by China’s SRB before settling back below $15,200/mt in PM trading. In New York, COMEX Jul copper was up around 4 cents to $3.33/lb.in early afternoon trading while crude oil and gold futures rose to over $93/bbl and $1,413/ton, respectively. On Wall Street, the Dow Industrials were up 0.4% in mid-day trading while the Nasdaq and S&P 500 were in negative territory following losses at the major bourses in Asia and Europe earlier today. In foreign exchange trading, the dollar weakened to $1.309 vs. the Euro and 99.2 Japanese Yen following the release of a worse than expected reading U.S. manufacturing for May.
| Last | CHG | %CHG | Prior Settle | Open | High | Low |
COMEX Copper Jul ($/lb.) | 3.3295 | 0.037 | 1.1% | 3.2925 | 3.281 | 3.3475 | 3.281 |
COMEX Gold Aug ($/to) | 1413.5 | 20.5 | 1.5% | 1393.0 | 1388.8 | 1416.5 | 1388.3 |
COMEX Silver Jul ($/to) | 22.8 | 0.5 | 2.3% | 22.2 | 22.2 | 22.9 | 22.2 |
NYMEX Light Sweet Crude Jul ($/bbl) | 93.37 | 1.4 | 1.5% | 91.97 | 91.73 | 93.7 | 91.26 |
SHFE Aluminum Sep (RMB/mt) | 14,875 | 95 | 0.6% | 14,780 | 14,845 | 14,920 | 14,185 |
SHFE Copper Sep (RMB/mt) | 52,970 | 210 | 0.4% | 52,760 | 53,000 | 53,220 | 52,790 |
SHFE Zinc Sep (RMB/mt) | 14,855 | 80 | 0.5% | 14,775 | 14,890 | 14,915 | 14,810 |
A mixed start to the week in terms of economic releases as well as the Institute for Supply Management reported a drop in their Purchasing Managers’ Index to 49.0 in May –signaling the first contraction in the U.S. manufacturing sector since November 2012, while the Commerce Department reported today that construction spending improved 0.4% in April. A little later today we’ll get the latest figures on U.S. light vehicle sales, followed by releases later in the week on U.S. trade, labor productivity, factory orders and the big employment report due out Friday. The consensus forecast is for a 175,000 increase in private payrolls but unchanged unemployment rate of 7.5%. We’ll have all the latest economic, trade, commodity and scrap market highlights, as well as some feedback from last week’s BIR meetings in Shanghai, in this week’s much anticipated Friday Report
Date | Time | Release | Period | Consensus | Prior |
Jun 03 | 10:00 | ISM Index | May | 50.9 | 50.7 |
Jun 03 | 10:00 | Construction Spending | Apr | 1.1% | -0.8% |
Jun 03 | 14:00 | Auto Sales | May | NA | 5.1M |
Jun 03 | 14:00 | Truck Sales | May | NA | 6.8M |
Jun 04 | 08:30 | Trade Balance | Apr | -$41.0B | -$38.8B |
Jun 05 | 07:00 | MBA Mortgage Index | 06/01 | NA | -8.8% |
Jun 05 | 08:15 | ADP Employment Change | May | 157K | 119K |
Jun 05 | 08:30 | Productivity-Rev. | 01 | 0.5% | 0.7% |
Jun 05 | 08:30 | Unit Labor Costs | 01 | 0.6% | 0.5% |
Jun 05 | 10:00 | Factory Orders | Apr | 1.6% | -4.9% |
Jun 05 | 10:00 | ISM Services | May | 53.5 | 53.1 |
Jun 05 | 10:30 | Crude Inventories | 06/01 | NA | 3.0M |
Jun 05 | 14:00 | Fed's Beige Book | Jun |
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Jun 06 | 07:30 | Challenger Job Cuts | May | NA | -6.0% |
Jun 06 | 08:30 | Initial Claims | 06/01 | 348K | 354K |
Jun 06 | 08:30 | Continuing Claims | 05/25 | 2980K | 2986K |
Jun 06 | 10:30 | Natural Gas Inventories | 06/01 | NA | 88 bcf |
Jun 07 | 08:30 | Nonfarm Payrolls | May | 159K | 165K |
Jun 07 | 08:30 | Nonfarm Private Payrolls | May | 175K | 176K |
Jun 07 | 08:30 | Unemployment Rate | May | 7.5% | 7.5% |
Jun 07 | 08:30 | Hourly Earnings | May | 0.2% | 0.2% |
Jun 07 | 08:30 | Average Workweek | May | 34.5 | 34.4 |
Jun 07 | 15:00 | Consumer Credit | Apr | $13.2B | $8.0B |
U.S. On-Highway Diesel Fuel Prices* (dollars per gallon) | ||||||
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| Change from | |
| 05/13/13 | 05/20/13 | 05/27/13 |
| week ago | year ago |
U.S. | 3.866 | 3.890 | 3.880 |
| -0.010 | -0.017 |
East Coast | 3.865 | 3.871 | 3.864 |
| -0.007 | -0.076 |
New England | 3.995 | 3.991 | 3.991 |
| 0.000 | -0.081 |
Central Atlantic | 3.910 | 3.925 | 3.928 |
| t 0.003 | -0.095 |
Lower Atlantic | 3.807 | 3.809 | 3.792 |
| -0.017 | -0.062 |
Midwest | 3.909 | 3.934 | 3.916 |
| -0.018 | 0.121 |
Gulf Coast | 3.739 | 3.775 | 3.775 |
| 0.000 | -0.027 |
Rocky Mountain | 3.822 | 3.848 | 3.863 |
| 0.015 | -0.085 |
West Coast | 3.969 | 4.008 | 3.986 |
| -0.022 | -0.178 |
West Coast less California | 3.883 | 3.932 | 3.917 |
| -0.015 | -0.172 |
California | 4.042 | 4.072 | 4.044 |
| -0.028 | -0.184 |
prices include all taxes
Table of the Week:Worldwide Factory Activity by Country
From Real Time Economics
Country | May PMI April PMI | April PMI | Monthly Change | Change | ||||||
Austria | 48.2 | 47.8 | 0.4 | Contracting Slower | ||||||
Brazil | 50.4 | 50.8 | -0.4 | Expanding Slower |
| |||||
Canada | 53.2 | 50.1 | 3.1 | Expanding Faster |
| |||||
China | 50.8 | 49.8 1.0 | 1.0 | Expanding |
| |||||
Czech Republic |
| 50.1 | 49.5 0.6 | Expanding | ||||||
Euro Zone |
| 48.3 | 46.7 | 1.6 | Contracting Slower | |||||
France |
| 46.4 | 44.4 | 2.0 | Contracting Slower | |||||
Germany |
| 49.4 | 48.1 | 1.3 | Contracting Slower | |||||
Greece |
| 45.3 | 45.0 | 0.3 | Contracting Slower | |||||
Hungary |
| 47.1 | 51.5 | -4.4 | Contracting | |||||
India |
| 51.0 | 50.1 | 0.9 | Expanding Faster | |||||
Indonesia |
| 51.6 | 51.7 | -0.1 | Expanding Slower | |||||
Italy |
| 47.4 | 45.5 | 1.9 | Contracting Slower | |||||
Japan |
| 51.5 | 51.1 | 0.4 | Expanding Faster | |||||
Mexico |
| 51.7 | 51.7 | 0.0 | Expanding at the same rate | |||||
Netherlands |
| 48.7 | 48.2 | 0.5 | Contracting Slower | |||||
Poland |
| 48.0 | 46.9 | 1.1 | Contracting Slower | |||||
Russia |
| 50.4 | 50.6 -0.2 | Expanding Slower | ||||||
Saudi Arabia |
| 57.3 | 58.0 | -0.7 | Expanding Slower | |||||
South Korea |
| 51.1 | 52.6 | -1.5 | Expanding Slower | |||||
Spain |
| 48.1 | 44.7 | 3.4 | Contracting Slower | |||||
Switzerland |
| 52.2 | 50.2 | 2.0 | Expanding Faster | |||||
Taiwan |
| 47.1 | 50.7 | -3.6 | Contracting | |||||
Turkey |
| 51.1 | 51.3 | -0.2 | Expanding Slower | |||||
United Arab Emirates |
| 55.3 | 54.0 | 1.3 | Expanding Faster | |||||
U. K. |
| 51.3 | 50.2 1.1 | Expanding Faster | ||||||
U.S. |
| 49.0 | 50.7 | -1.7 | Contracting | |||||
Vietnam |
| 48.8 51.0 | -2.2 | Contracting | ||||||
© 2013 Institute of Scrap Recycling Industries, Inc.
