Aluminum Hits 10-Year High
Aluminum hit its highest level in
10-years today. The LME reported that stockpiles are fell to the
lowest level since 2001. Short supplies are being met by rising demand, a recipe
for higher prices.
On the economic front; Initial Jobless Claims fell 8000 to
323,000 (more),
Productivity rose 4.1%, more than expected (more),
the ISM Manufacturing Index for October was 60.0, above expectations of 57.0 (more),
Factory Orders were down 1.7% in September, worse than expected (more)
and weekly Natural Gas stocks rose 29 BCF.
Statements by Fed Chairman Alan Greenspan and Vice President
Roger Ferguson were released today, highlights can be found in our
Economic
News section.
The US Dollar Index closed higher, boosted by the Dollar’s
largest gain versus the Euro in 4-months and a strong gain versus the Yen.
Today’s economic data and Greenspan comments were bullish for the Greenback.
Treasuries sold off as the bond market interpreted the news as increasing the
likelihood of further rate rises.
Oil and Gas futures closed higher, boosted by today’s strong
economic numbers. Crude Oil jumped by more than $2 to close at $61.78 after
hitting a 3-month low yesterday.
All the grains closed higher and Lumber closed limit-up.
TradingMarkets Commodities Watch List
Commodity (Symbol) |
Price | Price Change | % Change |
Energies |
|||
Crude Oil (CL) | 61.78 | +2.03 |
+3.40 |
Heating Oil (HO) | 183.36 | +5.07 |
+2.84 |
Unleaded Gas (HU) | 162.68 | +5.77 |
+3.68 |
Natural Gas (NG) | 12.29 | +0.13 |
+1.06 |
Metals |
|||
Gold (GC) | 461.90 | -2.70 |
-0.58 |
Silver (SI) | 762.30 | +6.30 |
+0.83 |
Copper (HG) | 182.60 | -0.45 |
-0.25 |
Grains |
|||
Corn (C) |
196.25 | +0.25 |
+0.13 |
Wheat (W) | 313.25 | +0.25 |
+0.08 |
Soybeans (S) | 601.75 | +16.75 |
+2.86 |
Softs |
|||
Sugar (SB) | 11.54 | +0.07 |
+0.61 |
Coffee (KC) | 103.75 | +2.70 |
+2.67 |
Cocoa (CC) | 1376.00 | +7.00 |
+0.51 |
Frozen Orange Juice (JO) | 121.60 | +1.75 |
+1.46 |
Cotton (CT) | 51.73 | -0.56 |
-1.07 |
Lumber (LB) | 325.00 | +10.00 |
+3.17 |
Livestock |
|||
Lean Hogs (LH) | 61.88 | +0.08 |
+0.12 |
Live Cattle (LC) | 90.90 | +0.60 |
+0.66 |
Economic News
Jobless Claims:
New Claims – Actual 323 K Consensus 330 K
Productivity and Costs:
Non-Farm Productivity – Actual 4.1% Consensus 2.7%
Unit Labor Costs – Actual -0.5% Consensus 1.6%
Factory Orders:
Actual -1.7% Consensus -1.0%
ISM Non-Manufacturing Index:
Business Activity Index – Actual 60.0 Consensus 57.0
Ashton Dorkins