Posted: September 30th, 2011 | Author: Rod Sherkin | Filed under: Copper | Tags: Copper, metal | No Comments »
Copper, which reached a record $10,190 on the London Metal Exchange in February, sank to $6,800 on Sept. 26, a 14-month low. The contract traded at $7,067.50 today, taking this year’s decline to 26 percent. The metal is on track for its second- worst year in almost a quarter century, exceeded only by a 54 percent retreat in 2008.
The biggest rout in copper since the global recession drove analysts to cut their price forecasts by 16 percent in a week as mounting concern about growth eroded expectations for supply shortages.
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Posted: September 29th, 2011 | Author: Rod Sherkin | Filed under: Rare Earths | Tags: rare earth | No Comments »
Declines in August and September pared a five-month, fourfold surge that brought the average price for eight of the most widely used rare-earth oxides to a record 396,850 yuan ($62,068) a metric ton in July, data from consultant Shanghai Steelhome Information show. The average price declined 13 percent from its July peak as of Sept. 27.
Rare-earth prices are set to extend their decline from records this year as buyers including Toyota Motor Corp. and General Electric Co. scale back using the materials in their cars and windmills.
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Posted: September 27th, 2011 | Author: Rod Sherkin | Filed under: Rubber | Tags: rubber, tire | No Comments »
Tire demand will shrink rubber stockpiles to 12 percent of use in 2012, a four-year low, estimates Citigroup Inc. Prices may jump 18 percent to $5 a kilogram (2.2 pounds) by Dec. 31, a Bloomberg survey of 15 analysts and traders shows.
Record demand for autos in China, the world’s largest market, and the biggest increase in Japanese vehicle production in three decades means tiremakers will make the most sales ever, reigniting a rally in rubber prices.
via Record Tire Sales Rally Rubber as Japan Converges With China: Commodities – Bloomberg.
Posted: September 23rd, 2011 | Author: Rod Sherkin | Filed under: Commodities | No Comments »
On the Comex in New York, copper futures for December delivery fell as much as 7.8 percent to $3.215 a pound. Prices have dropped as much as 31 percent since touching a record $4.6575 on Feb. 15. On the London Metal Exchange, nickel plunged as much as 11 percent to $16,800 a metric ton.
Commodities fell to a nine-month low as silver, copper and nickel tumbled on deepening concern that policy makers are running out of tools to avert another global recession, hurting demand for metals, fuel and food. Gold fell below $1,700 an ounce in New York.
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Posted: September 22nd, 2011 | Author: Rod Sherkin | Filed under: Commodities | Tags: rare earth | No Comments »
Prices for the vital industrial minerals known as rare earths appear to have moderated in recent weeks following two years of relentless gains, as the supply outlook brightens and dominant producer China faces possible legal challenges to export restrictions.
Rare earths—shorthand for a collection of 17 minerals used to make products from hybrid-car batteries and oil-refining agents to military equipment—have been surging, with the prices of some rising more than tenfold since 2009 amid panic buying. China controls almost the entire global supply, and its export limits, mine restructurings and other policies have sparked a frantic scramble to secure the obscure metals.
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Posted: September 22nd, 2011 | Author: Rod Sherkin | Filed under: Steel | Tags: iron ore, steel | No Comments »
Global prices may fall 29 percent to an average $123 a metric ton in 2015 from a record $173 this year, according to the median estimates of 10 analysts surveyed by Bloomberg News. The decline contrasts with estimates for little change in copper and a 10 percent increase for aluminum in the same period, London Metal Exchange futures prices show.
Iron ore is set for the first four- year drop since at least 1982 as supplies surge, threatening to end record earnings at Vale SA (VALE3), Rio Tinto Group and BHP Billiton Ltd. (BHP), the world´s biggest producers.
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Posted: September 22nd, 2011 | Author: Rod Sherkin | Filed under: Commodities | Tags: commodities | No Comments »
Commodities erased this year’s gains after the U.S. Federal Reserve said the world’s biggest economy faces “significant downside risks,” boosting speculation raw-material demand will falter.
On the London Metal Exchange, three-month copper fell as much as 6.6 percent to $7,750 a metric ton, the lowest price since Sept. 22 last year. Prices in London have dropped 24 percent from the record $10,190 on Feb. 15, qualifying for a bear market if they close at or below $8,152.
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Posted: September 21st, 2011 | Author: Rod Sherkin | Filed under: Steel | Tags: steel | No Comments »
As of August, the number of steel-futures contracts traded on the CME Group Inc. exchange was up 25% from a year ago to average 2,000 trades a month, while the London Metal Exchange, which offers a more widely used benchmark, sees about 20,000 contracts traded a month, up 55% from a year ago.
Steel trading is migrating to exchanges despite the reluctance of some large steelmakers, as consumers demand a way to protect their bottom lines from volatile prices.
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Posted: September 20th, 2011 | Author: Rod Sherkin | Filed under: Copper, Metals | Tags: Copper, Metals | No Comments »
Copper prices are showing strain amid worries that Europes sovereign-debt problems will substantially erode demand and create a surplus of the industrial metal.
Futures on Monday hit a fresh low for the year, falling 3.8% to $3.7715 a pound.
The metal easily conducts electricity and doesn’t rust in water, properties that have made it valuable in uses from household plumbing and electric wiring to cars and trucks and consumer electronics. Because of its widespread application across industries, the metal has been dubbed “Dr. Copper” for its role as a bellwether of the global economy.
via Copper Drops to Fresh 2011 Lows on Euro-Zone Woes – WSJ.com.
Posted: September 7th, 2011 | Author: Rod Sherkin | Filed under: Commodities | Tags: commodities | No Comments »
Nickel jumped 5.2 percent, the most since May 2010, cotton rallied 3.8 percent and crude oil rose the most in three weeks.
Commodities headed for the biggest gain in almost four weeks, led by metals and crude oil, on speculation that more stimulus and low interest rates aimed at reviving global growth also will boost demand for raw materials.
The Standard & Poor’s GSCI Index of 24 commodities rose 2.1 percent to 671.69 by 2:49 p.m. in New York, which would be the biggest gain since Aug. 11. Nickel jumped 5.3 percent, the most since May 2010, cotton rallied the exchange limit in New York and crude oil rose as much as 4.3 percent. The index had fallen for three straight sessions on deepening concern that Europe’s sovereign-debt crisis will further slow global economic growth.
via Commodities Rebound as Low Interest Rates May Help Revive Global Demand – Bloomberg.