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
On Friday, Asian markets got off to a mixed start with the Shanghai composite index down 0.4% while SHFE Feb copper settled 0.8% higher in Shanghai today. In Europe, the Euro firmed to $1.353 amid positive readings on German business sentiment (109.3) and 3rd quarter GDP growth (0.3%). In London,... read more
Stocks and commodities continued to part ways this morning as the Dow Industrials pushed past the 16,000 level while the DJ-UBS Commodity Futures Index eased 0.1% as the dollar also softened. In London, base metal prices were down across the board this morning, including lower LME official 3-mo. asking prices... read more
On Friday, markets got off to a sluggish start as most of the major stock indexes in Asia and Europe and the majority of nonferrous metal prices in London were in negative territory this morning. In early trading, LME 3-mo. copper and aluminum were reportedly down around $6,975/mt (=$3.164/lb.) and... read more
On Friday, investors will be taking direction from the October employment situation report due out a little later this morning, with most analysts expecting modest nonfarm payroll growth of between 110,000-120,000 jobs added last month. As with other key economic indicators, their are considerable downside risks with the jobs numbers... read more