Recycle Vancouver - Davis Trading & Supply Ltd.

June 3, 2013

admin — Mon, 03 Jun 2013 17:47:45 +0000

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 of 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/to, 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…

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May 10, 2013

admin — Fri, 10 May 2013 21:54:37 +0000

May 10, 2013: On Friday, base metal prices settled sideways in Shanghai while prices in London got off to a mixed start. LME official 3-mo. asking prices firmed for copper ($7,377/mt = $3.346/lb.) and tin ($20,825/mt = $9.446/lb.) this morning and in PM trading nickel was also in positive territory. Other commodities came under heavier pressure as the dollar firmed to $1.298 vs. the Euro and reached a 4 ½ year high against the Japanese Yen (¥101.6). Press reports attributed the dollar appreciation to the drop in U.S. unemployment claims, remarks by Philly Fed President Charles Plosser that he wants to see a slowdown in the Fed’s bond buying program, and stepped-up purchases of overseas bonds by Japanese investors. In New York, crude oil prices fell to the lowest levels of the week below $94/bbl this morning but retraced most of those losses later in the day. On Wall Street, the Dow Industrials also recovered in afternoon trading and looked set to finish the week in record territory…

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May 3, 2013

admin — Fri, 03 May 2013 22:01:26 +0000

On Friday, commodities were already trending higher ahead of today’s jobs report in the U.S. as most actively traded SHFE copper for September delivery settled 2.1% higher today in Shanghai. Base metal prices firmed across the board in London this morning as well, including higher LME official 3-mo. asking prices for copper ($7,151/mt = $3.24/lb.) and aluminum ($1,861.50/mt = 84.4 cents/lb.). The better than expected jobs report from the Labor Department (see details below) only added fuel to the rally. In New York, COMEX Jul copper surged 20 cents higher in early afternoon trading to $3.307/lb. while NYMEX crude oil futures reportedly traded as high as $96.04/bbl. On Wall Street, the Dow Industrials briefly broke through the 15,000 mark for the first time before closing nearly 1% higher today at 14,973.96…

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April 26, 2013

admin — Fri, 26 Apr 2013 16:37:28 +0000

On Friday, base metal prices at the Shanghai Futures Exchange settled higher but LME prices were drifting lower as investors awaited the advance estimate of 1st quarter GDP in the U.S. (Due to our attendance at MRAI’s 2013 India Metal Recycling Conference in New Delhi, the Friday Report comes out before today’s GDP release.) In London, LME 3-mo. copper reportedly traded as low as $7,095/mt ($3.218/lb.) this morning and LME 3-mo. aluminum dipped as low as $1,928/mt (87.45 cents/lb.), although today’s reports on GDP and consumer sentiment could significantly change investor sentiment. Stocks in Asia were mixed today but the major bourses in Europe were all in negative territory this morning as the FTSE 100 declined 0.5% and stock indexes in France and Spain were off more than 1%. The Euro eased to around $1.3003 early this morning ahead of today’s economic releases in the U.S…

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April 19, 2013

admin — Fri, 19 Apr 2013 23:27:30 +0000

On Friday, most base metal prices remained under pressure despite reports of somewhat less jittery market conditions and a slightly stronger Euro. In London, LME 3-mo. copper reportedly last traded at $6,967.50/mt ($3.16/lb.) while LME 3-mo. aluminum and nickel prices softened to $1,882/mt (85 cents/lb.) and $15,177/mt ($6.88/lb.), respectively. In New York, other major commodities didn’t fare as badly today as NYMEX crude oil futures firmed to $88/bbl while gold futures rose to over $1,400/to after a turbulent start to the week. On Wall Street, the Dow Industrials eked out a .07% gain today but ended the week in negative territory as slower than expected growth in China, uneven economic data in the U.S., and shifting risk appetites were widely cited as sources of weakness for U.S. equities this week…

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April 5, 2013

admin — Mon, 08 Apr 2013 16:39:52 +0000

On Friday, all eyes were on this morning’s jobs report in the U.S. and the numbers came in well below expectations. The private sector added 95,000 jobs in March (less than half the consensus forecast) while the government sector shed 7,000 jobs and the labor force contracted by nearly 500,000. Base metals softened on the news. While the SHFE was closed for the holiday, LME 3-mo. copper and aluminum reportedly traded as low as $7,384/mt ($3.349/lb.) and $1,868/mt (84.7 cents/lb.), respectively, today. In New York, copper and crude oil futures ended the day in negative territory but gold futures rallied, climbing over $20 to $1,575.90/to. The subpar jobs numbers also gave a boost to the bond market, briefly pulling the yield on 10-year Treasury notes below 1.7%, but stocks on Wall Street retreated. The Dow Industrials finished the day 0.28% lower at 14,565.25 while the dollar slipped to $1.30 vs. the Euro…

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March 29, 2013

admin — Fri, 29 Mar 2013 23:39:45 +0000

Most commodities ended this holiday-shortened week in negative territory on Thursday as the DJ-UBS Commodity Futures Index dropped 1.33% on the day while base metal prices continue to diverge from equities. In London, LME 3-mo. copper and aluminum slumped to close at $7,540/mt ($3.42/lb.) and $1,904/mt (86 cents/lb.), respectively, yesterday amid concerns of growing LME and SHFE inventories and further efforts by China’s bank regulator to curb investment risk there. Copper prices were lower again in Shanghai on Friday as SHFE July copper settled 0.9% lower. In New York, markets are closed today for Good Friday but COMEX May copper fell by over 4 cents yesterday to $3.402/lb. as gold futures softened to $1,595.70/to. Crude oil futures bucked the commodities trend as NYMEX May crude advanced to $97.23/bbl on Thursday after having started off the week at $93.72/bbl. Meanwhile, stocks on Wall Street continued to push higher as the Dow Industrials rose to finish at 14,578.54 yesterday while the S&P 500 ended the day 0.4% higher at 1,569.19, eclipsing the previous record set in October 2007…

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March 22, 2013

admin — Mon, 25 Mar 2013 16:05:24 +0000

While the situation in Cyprus remained unresolved as of Friday afternoon, commodities and equities advanced in New York and London as better than expected earnings reports gave stocks a boost and dollar weakness helped most commodities. At the London Metal Exchange, LME official 3-mo. base metal asking prices were up across the board this morning including for copper ($7,656/mt = $3.47/lb.), nickel ($16,930/mt = $7.68/lb.), lead ($2,185.50/mt = 99 cents/lb.) and zinc ($1,945/mt = 88 cents/lb.). COMEX May copper also gained over 3 cents in New York trading to approach $3.47/lb. and crude oil futures firmed to over $93/bbl as the Euro reportedly traded as high as $1.2904 today. As investor sentiment began to shift, gold futures eased to $1,607/to, Treasury yields were holding steady and the Dow Industrials finished 0.63% higher today at 14,512.03…

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March 15, 2013

admin — Fri, 15 Mar 2013 23:14:49 +0000

On Friday, better than expected U.S. industrial production and capacity utilization figures didn’t have much of an impact as stock markets in Europe and the U.S. pulled back while base metal prices ran out of steam. Although official base metal prices were firmer in London this morning, LME 3-mo. prices subsequently slipped into negative territory including for copper ($7,758.50/mt = $3.52/lb.), aluminum ($1,964.75/mt = 89 cents/lb.), lead ($2,222/mt = $1.01/lb.) and zinc ($1,958.75/mt = 88.8 cents/lb.). COMEX May copper was similarly off about 2 cents this afternoon to $3.517/lb. as the dollar eased to $1.305 vs. the Euro. COMEX gold futures were holding steady at just over $1,590/to today as press reports indicate the CFTC is looking into gold price manipulation in London, while NYMEX crude oil futures advanced to $93.45/bbl in afternoon trading. Click here for the full article.

March 8, 2013

admin — Mon, 11 Mar 2013 15:08:39 +0000

On Friday, all eyes were on the February jobs report and the Labor department figures did not disappoint, showing the U.S. private sector added a much better than expected 246,000 jobs last month (while government payrolls dropped by 10,000) as the unemployment rate improved to 7.7%. While stocks continued to push higher on the news, base metal prices were mostly flat as the dollar firmed to $1.30 vs. the Euro. Amid rising LME copper stocks, LME 3-mo. copper reportedly traded as low as $7,715.75/mt ($3.50/lb.) today before retracing most of the earlier losses. Other base metals were mixed on the day as LME 3-mo. aluminum, lead and zinc lost ground while LME 3-mo. nickel and tin prices advanced to $16,720/mt ($7.58/mt) and $23,800/mt ($10.80/lb.) this afternoon. In New York, crude oil and gold futures edged higher to $91.80/bbl and $1,578/to, respectively, in afternoon trading. Click here for full article.