Commodities were mostly range-bound this morning amid reports of thin trading volumes, although positive personal spending figures reportedly helped propel stocks even higher. In London, the LME official 3-mo. copper asking price was little changed at $7,238.50/mt (=$3.283/lb.) this morning while the price of zinc advanced to $2,066/mt (=93.7 cents/lb.)... read more
Davis Trading News
On Friday, the Bureau of Economic Analysis reported a larger than expected upward revision to 3rd quarter GDP growth, which was revised up from 3.6% to 4.1% growth, as the DJ-UBS commodity futures index edged up 0.2% this morning. In London, base metal prices were firmer across the board this... read more
Markets got a boost from better than expected readings on U.S. industrial production and nonfarm business productivity which, along with a weaker dollar, helped push the DJ-UBS Commodity Futures Index 0.4% higher this morning. In London, LME official 3-mo. asking prices were higher for copper ($7,310/mt = $3.316/lb.) and nickel... read more
On Friday, base metals were in a holding pattern in early trading following multi-week highs set earlier in the week. In London, LME 3-mo. copper and aluminum were little changed around $7,235/mt (=$3.282/lb.) and $1,800/mt (=81.6 cents/lb.), respectively, this morning, while 3-mo. nickel briefly dipped below the $14,000/mt mark. In foreign... read more
On Friday, markets will be paying close attention to today’s November employment situation report from the Labor Department, with forecasters mostly expecting nonfarm payroll gains of between 180,000 – 190,000 and a potential dip in the unemployment rate. In Asian markets, stocks were mixed earlier today, with the Shanghai and... read more
Better than expected readings on manufacturing reportedly gave a boost to the dollar this morning and helped reverse early stock market losses while commodity prices mostly lost ground. The DJ-UBS commodity futures index was off nearly 0.4% late this morning following the release of the November Purchasing Managers’ Index which... read more