This is the Global Economic, Commodities, Scrap Metal and Recycling Report, by our BENLEE Roll off Trailer and Lugger Truck, November 30th, 2020.
U.S. Weekly crude steel production rose to 1.582MT, a multi month high on continued slow economic growth, but the increasing stay at home orders are slowing U.S. growth.
Crude oil price rose to $45.53/b, near a multi month high, up 8% for the week on hopes of a quick vaccine and on the formal start of the Biden administration transfer, but as oil supplies increase.
The U.S. weekly Oil rig count jumped to 320, but it is still down 80% from the 2014 high. Low demand and over supply is keeping prices and U.S. and global production low.
U.S. weekly crude oil production, rose to 11M/b/d, above the recent low, as low demand and low prices are keeping production low.
Scrap Steel #1 HMS Export buying price Philly rose to $245/GT near a year to date high, on increased European demand and tight supply.
Scrap steel #1 HMS price was steady at $249.33/GT a multi month high as increased U.S. & global demand are creating upward price pressure for December.
Hot roll coil steel rose to $39/cwt, a multiyear high on increased demand and increased scrap and iron ore prices.
Copper price rose to $2.42/lb., a 6 year high on strong Chinese demand. Higher copper price is a great positive economic indicator.
Aluminum price rose to 90 cents/lb., a two year high on the same strong Chinese demand.
The U.S. dollar index vs. other countries currencies fell to 91.8, near a multiyear low, due to the weak U.S. economy. This makes commodities priced in U.S. dollars higher in price, but lowers the cost for non-U.S. countries to buy U.S. goods.
November’s U.S. consumer sentiment, was revised lower to 76.9, the lowest since August as future expectations declined on COVID’s resurgence. It was the first time in 4 years that Democrats vs. Republicans were more optimistic about the economy.
U.S. 3rd quarter GDP from the previous quarter was reaffirmed that it grew at 33.1% annualized, fastest in history, but this is 33.1% from a much lower base. Sadly, note GDP in 2nd Half 2018 and 2019, was 1.3-2.9%, not the Government forecasted 3 and 4%.
roll-off-trailers-canadatober’s U.S. new home sales fell slightly to 999,000 annualized, but remained near a 14-year high, fueled by low interest rates and people moving out of cities. This is outstanding news for futures spending, to outfit new homes.
November’s U.S. IHS Manufacturing Index jumped to 56.7, with the strongest expansion in factory activity since September 2014, as new business improved and the rise in manufacturing was the fastest since March 2015.
Wall Street’s Dow Jones Industrial average rose 647 points to 29,910, near the record high, as the broader S&P 500 closed at a record high on great vaccine news and hopes of more Federal Reserve pumping Up of the economy.