- Korea: GDP (Q4); Thailand Auto Sales (Feb)
- Turkey: Capacity Utilization, Business Tendency survey (Mar); South Africa: Tourism & Migration (Jan), Manufacturing Survey (Q1)
- Croatia: Tourism (Jan); Montenegro: Foreign Trade (Feb); Czech Republic: CPI by COICOP (Feb), Registered Employment (Q4); Kazakhstan: Loans & Deposits (Feb); Slovenia: Business Cycle Indicators (Mar); Russia: Employment by Industry (Q4);
- more updates...
Economy in Brief
Texas Factory Sector Activity Remains Strong
The Dallas Fed indicated in its Texas Manufacturing Outlook Survey that the General Business Activity Index eased during March...
EMU Money and Credit Growth Are Less Than Impressive Than Euro-PMIs
EMU nominal money supply growth is slightly higher over three months, but credit growth in the EMU is slower...
Durable Goods Orders Strengthened by Another Jump in Aircraft
New orders for durable goods rose 1.7% (5.0% y/y) during February...
Correction to Unemployment Insurance Weekly Claims
The Department of Labor has issued a correction to yesterday's annual revision to seasonally adjusted weekly unemployment claims...
EMU PMIs Are Off to the Races...Farewell Mediocrity?
The PMI rankings for the manufacturing and service sector PMIs in the EMU are suddenly off the chart...
U.S. New Home Sales Improve While Prices Decline
Sales of new single-family homes increased 6.1% (12.8% y/y) during February to 592,000 units (AR)...
by Tom Moeller March 20, 2017
Prices in the metals sector eased 1.5% during the last four weeks, but still have risen 31.1% y/y. Copper scrap prices led the weakness last month with a 3.8% decline, but they're up 17.1% y/y. Countering the decline was a 6.5% rise in steel scrap prices which have risen by two-thirds over the last year. Aluminum prices were little-changed this past month, but strengthened by roughly one-quarter y/y. Zinc prices similarly eased 5.6% last month, but have risen by one-half y/y. Crude oil & benzene costs declined 5.9% during the last four weeks. WTI crude oil prices averaged $48.73 per barrel last month, nearly a four-month low (+27.3% y/y). Prices for the petro-chemical benzene similarly fell 13.1% during the last month, but have risen by one-third over the last year. In the miscellaneous group, framing lumber prices rose moderately in recent weeks, and 24.8% y/y. Prices for structural panels increased similarly in the last month and 15.8% y/y. Natural rubber costs were part of the recent price weakness, posting a 16.5% four-week decline, though up by roughly two-thirds y/y. In the textile group prices have been little-changed recently. Cotton prices moved 1.4% higher during the last month and increased one-third y/y. Burlap prices improved modestly during the last four weeks, and by 16.3% y/y.
The current industrial output projection from the National Association for Business Economics (NABE) calls for a 2.6% increase in production during all of 2017, following a 1.2% decline last year. During the last ten years, there has been a 52% correlation between the three-month change in prices and the change in U.S. industrial output. In addition, factory sector production in the European Union and Japan is strengthening.
Commodity price data can be found in Haver's DAILY, WEEKLY, USECON and CMDTY databases. The NABE forecast is in the SURVEYS database.
|FIBER Industrial Materials Price Index (%)||1-Mth||3-Mth||6-Mth||12-Mth||2016||2015||2014|
|Cotton (cents per pound)||1.4||5.6||11.7||31.8||10.2||2.6||-24.2|
|Aluminum ($ per metric ton)||0.2||7.3||20.5||23.6||13.0||-19.2||9.4|
|Copper Scrap (cents per pound)||-3.8||0.9||24.8||17.1||17.3||-27.0||-12.0|
|Steel Scrap ($ per ton)||6.5||28.7||32.3||66.3||74.5||-53.8||-18.6|
|Crude Oil & Benzene||-5.9||-0.6||7.1||15.4||20.4||-19.4||-26.5|
|Crude Oil (WTI, $ per Barrel)||-8.5||-16.0||8.8||27.3||44.3||-35.8||-43.2|
|Framing Lumber ($ per 1000 board ft.)||2.8||12.0||14.5||24.8||12.9||-16.4||-1.6|
|Natural Rubber (cents per pound)||-16.5||2.7||48.8||64.4||89.4||-22.5||-32.3|