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... read more
Davis Trading News
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... read more
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... read more
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... read more
Markets got off to a lackluster start on Monday as reported efforts by Beijing to cool down the Chinese housing market pulled the Shanghai Composite Index down 3.65% as SHFE Jun copper settled 0.9% lower today. In London, base metals got off to a mixed start as LME official 3-mo.... read more