Latest News

Reuters reports this morning that “Copper prices rose on Monday as stronger manufacturing data from top consumer China and loosening of lockdowns to contain the new coronavirus stoked expectations of healthier demand prospects.” In London, LME 3-mo. copper traded as high as $5,457.50/mt earlier in the session while LME 3-mo. nickel was recently trading around...

  On the U.S. economic calendar, the monthly jobs report for May looms large, with the U.S. unemployment rate forecast to increase to 20% while nonfarm payroll losses are projected at around 8.5 million. Investors will also be paying close attention to releases on initial unemployment claims (consensus: 1.8 million), construction spending, manufacturing PMI, light...

Here’s a recap of the week’s key reports: Gross Domestic Product The Bureau of Economic Analysis downwardly revised its initial estimate of first quarter real GDP from a 4.8% contraction to a 5.0% contraction. Personal Consumption Expenditures decreased -6.8% in the first quarter. Gross Private Domestic Investment fell -10.5% in Q1, the fourth consecutive quarter...

Production was 1,880,000 net tons in the week ending May 23, 2019 while the capability utilization then was 80.8 percent. The current week production represents a 36.6 percent decrease from the same period in the previous year.” AISI also reported last week that “…through the first four months of 2020, total and finished {U.S.} steel...

That is highly unusual, and probably related to the pandemic, the supply chain visibility provider said. When demand for essential goods soared in March, “we heard of wait times as long as 24 hours” to load or unload a truck, which is also highly unusual during ‘normal’ times, said Glenn Koepke, vice-president of network enablement...