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... read more
Davis Trading News
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.... read more
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... read more
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... read more
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... read more
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.... read more
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
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