Copper Hits New Record-High
On the economic front the ISM Manufacturing Index for
September was 59.4, beating analyst expectations and rising from 53.6 last
month. It was the 28th consecutive month of growth in the manufacturing sector (analysis,
ISM report). The
Commerce Department released its reported that Construction Spending rose 0.4%
in August, after a 0.3% increase in July. The number was less than the consensus
estimate of 0.5% (analysis,
Commerce Dept. report).
The reports sent US treasuries lower, pushing yields higher.
The 10yr T-Note declined to 109.56 (-0.36).
Today’s report by the Minerals Management Service showed
little improvement in oil and gas production from the Gulf of Mexico region.
Daily shut-in oil production was nearly 98%, while shut-in gas production was
more than 79% (full
report).
Crude Oil and Heating Oil closed higher but Natural Gas closed
lower.
The US Dollar continued to climb versus most the other major
currencies, with the Dollar Index moving up to 89.94 (+0.54). Meanwhile the Euro
fell below the psychologically important 1.20 level. The Euro is approaching
support formed in early July around the 1.19 level.
All the grains closed higher. The biggest gainer in percentage
terms was Soybean Oil, closing +2.92%. The livestock group also closed higher,
while the softs were mixed.
In the metals, Copper hit another record high in New York
after the London Metal Exchange reported inventories declined and Falconbridge
Ltd., Canada’s largest mining company was forced to close facilities due to a
strike.
Chart courtesy of Fututresource.com
Reuters/Jefferies CRB Index Movers
| Commodity (symbol) |
Price | Price Change | % Change |
| Corn (C) | 208.75 | +3.25 |
+1.58 |
| Soybeans (S) | 581.00 | +7.75 | +1.35 |
| Wheat (W) | 348.75 | +2.50 |
+0.72 |
| Live Cattle (LC) | 90.22 | +0.22 |
+0.25 |
| Lean Hogs (LH) | 65.00 | +1.65 |
+2.60 |
| Platinum (PL) | 927.80 | -7.50 |
-0.80 |
| Gold (GC) | 469.30 | -3.00 |
-0.64 |
| Silver (SI) | 745.50 | -5.70 |
-0.80 |
| Copper (HG) | 175.90 | +3.15 |
+1.82 |
| Cocoa (CC) | 1401.00 | -12.00 | -0.85 |
| Coffee (KC) | 92.85 | -0.60 |
-0.64 |
| Sugar #11 (SB) | 11.53 | +0.30 |
+2.67 |
| Cotton (CT) | 54.20 | +1.13 |
+2.13 |
| Orange Juice (JO) | 104.30 | +2.00 |
+1.96 |
| Crude Oil (CL) | 65.47 | -0.77 |
-1.16 |
| Heating Oil (HO) | 208.09 | -4.87 |
-2.29 |
| Natural Gas (NG) | 14.02 | +0.10 |
+0.63 |
Economic News
Construction Spending:
M/M Change – Actual 0.4% Consensus 0.5%
ISM Manufacturing Index:
Actual 59.4 Consensus 52.0
Ashton Dorkins