Against the Grain

Greeks likely to go again

admin — Tue, 15 May 2012 16:37:44 +0000

It seems the Greeks are going back to polls after the parities failed to agree on how to form a unity government. We have note the EU has a tactic that if a country votes no in a referendum they are made to revote till they say yes, we suspect the EU will be more nervous about this Greek choice between pro and anti bailout parties. This on the same day the new French President got a soaking on his way to be sworn in and then headed off to meet the German Chancellor for Summit #1 we suspect of many. The markets had a typical Mon, dealers on their own over the weekend to try and figure out what the news meant stampeded out of the markets on arrival for a week of trading. The pack effect seems to have steadied things up in Europe this morning. We have noted before traders seem to have bullishness in numbers. Then a heavy day of data left the markets poised to recover as the week progresses.

The metals struggled in morning trading as markets absorbed the political and economic news. Third Wed stock action saw al top the increases followed by pb and zn while cu registered a fall. The bank analysts have turned their sirens onto pb. Earlier in the year the cry went up that zn demand would outstrip supply in 2013 / 14 and that would boost the price. Now pb is in the limelight as Bloomberg ran an article trying to boost price. With the LME stocks down 8% from last Oct record high analysts are predicting a deficit next year of 150 kt. We have always been cautious of calls on pb because of the dominance of China and the growing recycling industry.

There was a deluge of data, in Europe it was Q1 GDP, Germany 0.5% (Q4 -0.2%); France flat (0.1%) and Euroland flat (-0.3%) so escaping double dip recession for now. The May German ZEW economic sentiment survey slipped to 10.8 (Apr 23.4) while the Euroland declined to -2.4 (13.1). The Apr US retail sales rose 0.1% (Mch 0.7%) with ex auto flat (0.8%); this poor set was offset by CPI was flat (Mch 0.3%) and the May NY Fed Empire State manufacturing index rising to 17.09 (6.56) and a strong NAHB housing market index 29 (24).

Cu $ 3M
07.00	7,796
Off c/s	7,854.00
Off 3/s	7,829.00
Back	25.00
17.00	7,754
High	7,860
Low	7,732
Stocks	216,350
Decrease	-1,950
Al $ 3M
07.00	2,022
Off c/s	1,979.50
Off 3/s	2,021.00
Contango	-41.50
17.00	2,025
High	2,034
Low	2,017
Stocks	4,984,650
Increase	34,750
Zn $ 3M
07.00	1,914
Off c/s	1,918.00
Off 3/s	1,920.00
Contango	-2.00
17.00	1,929
High	1,933
Low	1,905
Stocks	932,150
Increase	1,225
Pb $ 3M
07.00	2,026
Off c/s	2,016.50
Off 3/s	2,020.00
Contango	-3.50
17.00	2,013
High	2,046
Low	2,005
Stocks	359,100
Increase	6,825
Ni $ 3M
07.00	16,880
Off c/s	16,985.00
Off 3/s	17,035.00
Contango	-50.00
17.00	16,990
High	17,080
Low	16,840
Stocks	105,774
Decrease	-456
Sn $ 3M
07.00	20,180
Off c/s	20,200.00
Off 3/s	20,200.00
Contango	0.00
17.00	19,935
High	20,300
Low	19,825
Stocks	14,305
Decrease	-120
Gold, Spot $
07.00	1,551.9
17.00	1,557.3
Light Crude (Nymex)
07.00	94.18
17.00	94.59
DJ Industrial 30
07.00	12,695
17.00	12,742
EUR/US$
07.00	1.2839
17.00	1.2770
US$/Yen
07.00	79.90
17.00	80.09
A$/US$
07.00	0.9993
17.00	0.9979
US 10yr Bond %
07.00	1.78
17.00	1.78

Investors belief shattered again

admin — Mon, 14 May 2012 21:46:08 +0000

Greece looks set for new elections as the carpets in the Presidential Palace are worn thin but no unity government of pro and anti bail out parties can be cobbled together. In the meantime public opinion polls have shown a sharp rise in support for the anti socialist party Syriza who came third in the poll. Maybe indecisive elections like this are good for democracy, it makes parties that hid behind bland non committal policies in the election campaign lay on the table what they will really do and then the electorate votes again knowing what they will really do. Things were rough for the German Chancellor, Merkle as the election in the state of North Rhine Westpalia saw her CDU party lose to an SDP – Green alliance. The heartland of austerity rejects its chief proponent. So again Europe faces a crisis, watch the leaders try to paper over the cracks, what amazes us is the markets will take off again when the fudge is announced. They just want to believe the worst is over.

These two events saw investors head for the exits as the € fell below 1.29 sending global equities low and rocking metals back of their supports with cu breaking US$ 8000 and 7900. The LME stock falls dominated by zn as it saw warrants cancelled in Malaysia. On the mining front the Peruvian miners called off the two day strike set to start today, but expect discontent to rumble on, it does there.

Very little data around the Mch Euroland industrial production fell 0.3% (Feb 0.8%) yoy -2.2% b(-1.5%).

Cu $ 3M
07.00	7,923
Off c/s	7,980.00
Off 3/s	7,851.00
Back	129.00
17.00	7,850
High	8,085
Low	7,813
Stocks	218,300
Decrease	-2,975
Al $ 3M
07.00	2,032
Off c/s	1,982.00
Off 3/s	2,022.00
Contango	-40.00
17.00	2,024
High	2,057
Low	2,019
Stocks	4,949,900
Decrease	-1,225
Zn $ 3M
07.00	1,921
Off c/s	1,920.00
Off 3/s	1,920.00
Contango	0.00
17.00	1,919
High	1,953
Low	1,905
Stocks	930,925
Decrease	-2,400
Pb $ 3M
07.00	2,052
Off c/s	2,026.50
Off 3/s	2,036.00
Contango	-9.50
17.00	2,034
High	2,090
Low	2,026
Stocks	352,275
Decrease	-250
Ni $ 3M
07.00	16,987
Off c/s	16,980.00
Off 3/s	17,005.00
Contango	-25.00
17.00	1,634
High	17,300
Low	16,890
Stocks	106,260
Decrease	-42
Sn $ 3M
07.00	20,295
Off c/s	20,275.00
Off 3/s	20,200.00
Back	75.00
17.00	20,085
High	20,500
Low	20,007
Stocks	14,425
Decrease	-65
Gold, Spot $
07.00	1,577.4
17.00	1,566.2
Light Crude (Nymex)
07.00	95.39
17.00	94.60
DJ Industrial 30
07.00	12,821
17.00	12,729
EUR/US$
07.00	1.2896
17.00	1.2849
US$/Yen
07.00	80.06
17.00	79.84
A$/US$
07.00	1.0044
17.00	1.0002
US 10yr Bond %
07.00	1.82
17.00	1.78

Lite

admin — Thu, 10 May 2012 18:15:47 +0000

Cu $ 3M
07.00	8,128
Off c/s	8,195.50
Off 3/s	8,053.00
Back	142.50
17.00	8,102
High	8,170
Low	8,010
Stocks	219,850
Decrease	-1,075
Al $ 3M
07.00	2,059
Off c/s	2,003.50
Off 3/s	2,046.00
Contango	-42.50
17.00	2,045
High	2,059
Low	2,035
Stocks	4,946,825
Decrease	-12,600
Zn $ 3M
07.00	1,965
Off c/s	1,944.00
Off 3/s	1,946.00
Contango	-2.00
17.00	1,965
High	1,963
Low	1,933
Stocks	935,075
Decrease	-1,575
Pb $ 3M
07.00	2,090
Off c/s	2,063.00
Off 3/s	2,076.50
Contango	-13.50
17.00	194
High	2,093
Low	2,060
Stocks	352,675
Decrease	-1,150
Ni $ 3M
07.00	17,348
Off c/s	17,135.00
Off 3/s	17,225.00
Contango	-90.00
17.00	17,170
High	17,178
Low	17,054
Stocks	106,362
Increase	570
Sn $ 3M
07.00	20,850
Off c/s	20,645.00
Off 3/s	20,650.00
Contango	-5.00
17.00	20,450
High	20,493
Low	20,420
Stocks	14,515
Increase	25
Gold, Spot $
07.00	1,595.8
17.00	1,594.3
Light Crude (Nymex)
07.00	96.75
17.00	97.04
DJ Industrial 30
07.00	12,835
17.00	12,870
EUR/US$
07.00	1.2957
17.00	1.2953
US$/Yen
07.00	79.69
17.00	79.92
A$/US$
07.00	1.0104
17.00	1.0114
US 10yr Bond %
07.00	1.87
17.00	1.90

Big guns downbeat on US

admin — Wed, 09 May 2012 18:16:26 +0000

Over the past few weeks we have noted that the Mch / Apr US data we track has shown a slowing of the momentum that built up in Q4 and early 2012 and this has been noted by wiser sages. Overnight Bloomberg reported Bill Gross the ace bond fund manager at PIMCO hinting at the need for the Fed to look at a QE3 measure. While the chief economist at Goldman’s described the US economy as “dreary”. This is not what Obama wants to hear but could support the base metals, not from any fundamental perspective rather the financial Houdini route. More liquidity, lower rates so investors can fund the hording of hard assets.

The metals suffered from the political drama unfolding in Greece like all the markets did though the € continues to hold in pretty well under the circumstances. Asia played catch up overnight leaving the metals hovering around y/days London closes; selling then resumed through the morning and into the early afternoon with copper breaching the $8000 level and the € slipping to 1.291. There were continuing decreases in stocks; Al -21k, Cu -7.5k, Pb -2.7k and a further increase in Zn. We would expect these lower levels to encourage some physical buying interest

The data remains scarce the Mch Japanese leading economic index was 96.6 (Feb 96.0). The German Mch trade balance improved to a €17.4 billion surplus (Feb € 14.96 bill) as exports rose 0.9% (1.5%) and imports slowed 1.2% (3.6%).

Cu $ 3M
07.00	8,080
Off c/s	8,089.00
Off 3/s	7,975.00
Back	114.00
17.00	8,040
High	8,131
Low	7,950
Stocks	220,925
Decrease	-7,525
Al $ 3M
07.00	2,060
Off c/s	1,987.00
Off 3/s	2,027.00
Contango	-40.00
17.00	2,048
High	2,064
Low	2,025
Stocks	4,959,425
Decrease	-20,875
Zn $ 3M
07.00	1,973
Off c/s	1,936.00
Off 3/s	1,936.00
Contango	0.00
17.00	1,944
High	1,985
Low	1,925
Stocks	936,650
Increase	3,050
Pb $ 3M
07.00	2,078
Off c/s	2,036.00
Off 3/s	2,047.00
Contango	-11.00
17.00	2,070
High	2,090
Low	2,044
Stocks	353,825
Decrease	-2,700
Ni $ 3M
07.00	17,381
Off c/s	17,030.00
Off 3/s	17,075.00
Contango	-45.00
17.00	17,200
High	17,418
Low	17,070
Stocks	105,792
Increase	150
Sn $ 3M
07.00	21,350
Off c/s	20,850.00
Off 3/s	20,900.00
Contango	-50.00
17.00	20,725
High	21,400
Low	20,600
Stocks	14,490
Decrease	-105
Gold, Spot $
07.00	1,595.6
17.00	1,593.0
Light Crude (Nymex)
07.00	96.72
17.00	96.58
DJ Industrial 30
07.00	12,932
17.00	12,850
EUR/US$
07.00	1.2978
17.00	1.2950
US$/Yen
07.00	79.80
17.00	79.80
A$/US$
07.00	1.0079
17.00	1.0068
US 10yr Bond %
07.00	1.84
17.00	1.83

Political shakes only vibrate the market

admin — Tue, 08 May 2012 18:17:42 +0000

The political favourites came in over the weekend; Boris Johnson retained the Mayor of London post; Sarkozy was flicked by the electorate in France while the pro bail out parties in Greece were hammered and Putin glided back into the Presidency of Russia in a staged ceremony that might have made a Tsar blush. The market reaction to these political shakes was a slight tremor suggested the results were as expected and despite the changes little will change in the management of Europe. Perhaps more worrying was the US employment data and in particular the Participation Rate that edged lower to 63.6% (Mch 63.8%), this occurred at the unemployment rate improved to 8.1% (8.2%). The red flag on all this is that fewer workers are supporting an already overburdened political system that has shown no sign of being able to self regulate itself. This is a global issue take a look at Kenya where this weekend politicians voted themselves a redundancy payment increase making them some of the best paid in the world as the country struggles with development.

Having reacted adversely to the US data Fri the metals simply shrugged at the weekends political news, expected; will make no difference; so what and ho hum seem to be the views we have encountered. The € hardly missed a beat sticking around the US$ 1.30 mark. The LME stocks saw cu and al lower while pb and zn rose the latter the biggest as the total stock has consolidated above 900 kt and looks set for the million tonne mark. In Peru the mine workers unions have called a two day national strike for May 14, these things have a habit of escalating. It is boring but we are in a “dollar rut” at the moment with it the dominant driver. This afternoon as the US$ breached € 1.30 cu led the metals lower in what some many see as a delayed reaction to events but perhaps the expectation today of another imminent Greek election got people wondering.

As is usual after the start of month glut the data has dried up, Mch German industrial production rose 2.8% (Feb revised to -0.3% from -1.3%) yoy 1.6% (flat from -1%).

Cu $ 3M
07.00	8,239
Off c/s	8,234.00
Off 3/s	8,133.00
Back	101.00
17.00	8,096
High	8,268
Low	8,050
Stocks	228,450
Decrease	-2,175
Al $ 3M
07.00	2,083
Off c/s	2,026.00
Off 3/s	2,063.50
Contango	-37.50
17.00	2,058
High	2,084
Low	2,037
Stocks	4,980,300
Decrease	-9,775
Zn $ 3M
07.00	2,003
Off c/s	1,987.00
Off 3/s	1,983.50
Back	3.50
17.00	1,978
High	2,007
Low	1,970
Stocks	933,600
Increase	8,050
Pb $ 3M
07.00	2,112
Off c/s	2,077.50
Off 3/s	2,085.00
Contango	-7.50
17.00	2,086
High	2,115
Low	2,062
Stocks	356,525
Decrease	-1,900
Ni $ 3M
07.00	17,675
Off c/s	17,405.00
Off 3/s	17,470.00
Contango	-65.00
17.00	17,290
High	17,700
Low	17,151
Stocks	105,642
Increase	1,362
Sn $ 3M
07.00	21,580
Off c/s	21,340.00
Off 3/s	21,345.00
Contango	-5.00
17.00	21,400
High	21,600
Low	21,200
Stocks	14,595
Increase	150
Gold, Spot $
07.00	1,638.4
17.00	1,600.7
Light Crude (Nymex)
07.00	97.80
17.00	96.20
DJ Industrial 30
07.00	13,009
17.00	12,863
EUR/US$
07.00	1.3039
17.00	1.3014
US$/Yen
07.00	79.96
17.00	79.79
A$/US$
07.00	1.0193
17.00	1.0115
US 10yr Bond %
07.00	1.88
17.00	1.83

Bank holiday in England

admin — Mon, 07 May 2012 06:18:12 +0000

losing traction?

admin — Fri, 04 May 2012 18:12:20 +0000

The manufacturing euphoria of China and the US on Mon has ended in a mire at the close of the week as US non farm payroll data fails to live up to expectations for the second consecutive month. Employment rose 115 k (Mch 154 k) although the unemployment rate dipped to 8.1% (8.2%). Mid week the Apr service sector PMI slipped China official 56.1 (Mch 58.0); China HSBC 54.1 (53.3); while Australia dumped 39.6 (47.0) and others struggled, France 45.2 (46.4); Germany 52.2 (52.6); Euroland 46.9 (47.9) the composite index 46.7 (47.4); UK 53.3 (55.3) and US 53.5 (56.0).

The change in mood took the wind out of the metals sails as again a sharp move at the start of the week was reversed. Now brace yourselves for Mon with the LME closed. The cash to 3’s back in cu has eased to US$ 50 from US$ 150 on Mon. The LME stocks have seen al slip under 5 million tonnes for the first time in a while at the same time cancelled cu and al warrants stand at 32% of total tonnage and pb 24%.

Cu $ 3M
07.00			8,255
Off c/s			8,296.00
Off 3/s			8,225.50
Back			70.50
17.00			8,154
High			8,263
Low			8,146
Stocks			230,625
Decrease			-4,575
Al $ 3M
07.00			2,094
Off c/s			2,048.00
Off 3/s			2,088.50
Contango			-40.50
17.00			2,070
High			2,096
Low			2,066
Stocks			4,990,075
Decrease			-14,125
Zn $ 3M
07.00			2,005
Off c/s			1,996.00
Off 3/s			1,999.00
Contango			-3.00
17.00			1,996
High			2,007
Low			1,982
Stocks			925,550
Decrease			-1,525
Pb $ 3M
07.00			2,098
Off c/s			2,080.00
Off 3/s			2,090.00
Contango			-10.00
17.00			2,095
High			2,108
Low			2,065
Stocks			358,425
Decrease			-1,900
Ni $ 3M
07.00			17,563
Off c/s			17,370.00
Off 3/s			17,450.00
Contango			-80.00
17.00			17,525
High			17,600
Low			17,320
Stocks			104,280
Increase			516
Sn $ 3M
07.00			22,000
Off c/s			21,775.00
Off 3/s			21,700.00
Back			75.00
17.00			21,575
High			22,000
Low			21,500
Stocks			14,445
Increase			35
Gold, Spot $
07.00			1,634.2
17.00			1,639.2
Light Crude (Nymex)
07.00			102.56
17.00			98.04
DJ Industrial 30
07.00			13,207
17.00			13,036
EUR/US$
07.00			1.3159
17.00			1.3090
US$/Yen
07.00			80.22
17.00			79.86
A$/US$
07.00			1.0258
17.00			1.0191
US 10yr Bond %
07.00			1.93
17.00			1.88
	Prices wk change
	27/04/12	04/05/12
	Cu	-252
	Al	-37
	Zn	-47
	Pb	-40
	Ni	-605
	Sn	-975
	Gold $/oz	-23.61
	Oil S/bbl	-6.19
	DJ	-200
	US$/€	-0.016
	US$/Yen	-0.61
	US$/$A	-0.0255
	US 10Yr bnd	-0.08
	LME Stocks wk change
	27/04/12	04/05/12
	Cu	-21,200
	Al	-45,550
	Zn	14,975
	Pb	-4,950
	Ni	2,520
	Sn	80

Lite

admin — Thu, 03 May 2012 16:15:51 +0000

Cu $ 3M
07.00	8,277
Off c/s	8,318.00
Off 3/s	8,256.00
Back	62.00
17.00	8,227
High	8,326
Low	8,200
Stocks	235,200
Decrease	-3,750
Al $ 3M
07.00	2,097
Off c/s	2,047.50
Off 3/s	2,088.50
Contango	-41.00
17.00	2,088
High	2,108
Low	2,075
Stocks	5,004,200
Decrease	-11,300
Zn $ 3M
07.00	2,019
Off c/s	2,000.50
Off 3/s	2,008.50
Contango	-8.00
17.00	1,990
High	2,029
Low	1,985
Stocks	927,075
Decrease	-1,800
Pb $ 3M
07.00	2,119
Off c/s	2,104.50
Off 3/s	2,110.00
Contango	-5.50
17.00	2,090
High	2,135
Low	2,081
Stocks	360,325
Decrease	-675
Ni $ 3M
07.00	17,398
Off c/s	17,380.00
Off 3/s	17,475.00
Contango	-95.00
17.00	17,349
High	17,550
Low	17,285
Stocks	103,764
Decrease	-132
Sn $ 3M
07.00	22,430
Off c/s	22,005.00
Off 3/s	22,075.00
Contango	-70.00
17.00	21,900
High	22,450
Low	21,850
Stocks	14,410
Increase	20
Gold, Spot $
07.00	1,649.6
17.00	1,636.5
Light Crude (Nymex)
07.00	105.15
17.00	102.83
DJ Industrial 30
07.00	13,269
17.00	13,229
EUR/US$
07.00	1.3156
17.00	1.3147
US$/Yen
07.00	80.25
17.00	80.36
A$/US$
07.00	1.0309
17.00	1.0260
US 10yr Bond %
07.00	1.93
17.00	1.93

Lite

admin — Wed, 02 May 2012 16:18:35 +0000

Cu $ 3M
07.00	8,387
Off c/s	8,401.00
Off 3/s	8,329.00
Back	72.00
17.00	8,305
High	8,422
Low	8,275
Stocks	238,950
Decrease	-2,600
Al $ 3M
07.00	2,116
Off c/s	2,064.50
Off 3/s	2,108.00
Contango	-43.50
17.00	2,101
High	2,125
Low	2,095
Stocks	5,015,500
Increase	1,000
Zn $ 3M
07.00	2,046
Off c/s	2,028.50
Off 3/s	2,037.50
Contango	-9.00
17.00	2,021
High	2,055
Low	2,015
Stocks	928,875
Increase	2,325
Pb $ 3M
07.00	2,162
Off c/s	2,143.50
Off 3/s	2,150.00
Contango	-6.50
17.00	2,132
High	2,172
Low	2,131
Stocks	361,000
Increase	1,500
Ni $ 3M
07.00	17,817
Off c/s	17,430.00
Off 3/s	17,475.00
Contango	-45.00
17.00	17,310
High	17,864
Low	17,285
Stocks	103,896
Decrease	-6
Sn $ 3M
07.00	22,550
Off c/s	22,250.00
Off 3/s	22,325.00
Contango	-75.00
17.00	22,415
High	22,600
Low	21,900
Stocks	14,390
Decrease	-25
Gold, Spot $
07.00	1,656.5
17.00	1,649.1
Light Crude (Nymex)
07.00	105.83
17.00	105.11
DJ Industrial 30
07.00	13,279
17.00	13,227
EUR/US$
07.00	1.3211
17.00	1.3153
US$/Yen
07.00	80.37
17.00	80.19
A$/US$
07.00	1.0343
17.00	1.0304
US 10yr Bond %
07.00	1.96
17.00	1.93

Squeeze and some pips squeaking

admin — Mon, 30 Apr 2012 16:29:22 +0000

Over the weekend we found out who is hurting in the cu market as the cash to 3’s backwardation touches US$ 150 (a back is when the cash price of cu is higher than the three months price), Chinese smelters led by Jiangxi Copper have agreed to deliver LME warranted cu to LME warehouses over the next two months in an effort to boost the availability of metal on the world market. No tonnage was cited but it appears they are being affected in two fronts. The annual contracts for refined cu imports are agreed on a formula that includes the LME cash price plus a premium, so in a normal market the cash price is at a discount to the three month benchmark roughly calculated by tallying up the cost of financing, storing and insuring material for three months. So in normal times if the cash to 3’s contango was US$ 35 and the three month price at US$ 8435, the producer would be selling cu to a Chinese customer at US$ 8235 minus the contango plus the agreed annual premium US$ 110 resulting in a delivered price of US$ 8510 per tonne cif Shanghai. With today’s back the calculation becomes the cash price (3 months US$ 8400 plus the back US$ 150) = US$ 8550 plus the premium equalling US$ 8660, a 1.7% higher price. On top of that customers who are storing metal and hedged are finding the hedge costs are moving against them. In normal market conditions those who have sold forward see the price of the metal fall as the contract approaches cash. This enables them to sell the material and recoup (some perhaps not all) storage costs or buy back your hedge and roll it forward again recouping some of your costs. In the present conditions those who have hedged their material are having to pay a higher price to buy it back hence increasing their costs and financing requirements. The LME has set ruling for controlling the nature of a backwardation and these help to relieve the adverse effect on the market, so far those controlling the tightness have complied with these guidelines forcing entities on the wrong side to take evasive action.

The broader markets were steady as we head into a battery of Apr numbers starting tomorrow with manufacturing PMI that will provide some most up to date assessment of the global economy, Japan’s Apr manufacturing PMI slowed to 50.7 (51.1). The metals opened in London little changed with a close eye on the US$. The LME stocks saw good falls in cu and al while pb registered a 8 kt cancellation of warrants in Italy and Vlissingen taking cancelled over 20% of total stock. We suspect the trader / bank takeover of LME warehouse firms over the past eighteen months is just starting to change the playing field of the market. At best the metal markets meandered buffeted by the US$ and lacking any ideas of its own.

On the numbers front after the horrendous unemployment figure Spanish Q1 GDP declined 0.3 (Q4 -0.3%) yoy -0.4% (+0.3%). The Mch US personal income rose 0.4% (Feb 0.3%); personal spending up 0.3% (0.8%) and savings was 3.8% (3.7%). Ahead of national data the Apr Chicago manufacturing PMI down top 56.2 (Mch 63.3) the slowest pace in over two years. The Feb Canadian GDP declined 0.2% (Jan 0.1%) yoy 1.6% (1.7%).

Cu $ 3M
07.00	8,474
Off c/s	8,529.50
Off 3/s	8,377.00
Back	152.50
17.00	8,393
High	8,497
Low	8,347
Stocks	248,350
Decrease	-3,475
Al $ 3M
07.00	2,109
Off c/s	2,058.00
Off 3/s	2,098.00
Contango	-40.00
17.00	2,114
High	2,120
Low	2,094
Stocks	5,024,900
Decrease	-10,725
Zn $ 3M
07.00	2,048
Off c/s	2,039.50
Off 3/s	2,047.00
Contango	-7.50
17.00	2,056
High	2,061
Low	2,037
Stocks	913,650
Increase	3,075
Pb $ 3M
07.00	2,143
Off c/s	2,156.00
Off 3/s	2,155.00
Back	1.00
17.00	2,147
High	2,163
Low	2,136
Stocks	361,100
Decrease	-2,275
Ni $ 3M
07.00	18,248
Off c/s	17,835.00
Off 3/s	17,910.00
Contango	-75.00
17.00	17,825
High	18,310
Low	17,720
Stocks	103,902
Increase	2,142
Sn $ 3M
07.00	22,600
Off c/s	22,625.00
Off 3/s	22,680.00
Contango	-55.00
17.00	22,800
High	22,800
Low	22,500
Stocks	14,295
Decrease	-70
Gold, Spot $
07.00	1,665.4
17.00	1,659.4
Light Crude (Nymex)
07.00	104.91
17.00	104.26
DJ Industrial 30
07.00	13,228
17.00	13,193
EUR/US$
07.00	1.3245
17.00	1.3224
US$/Yen
07.00	80.14
17.00	79.76
A$/US$
07.00	1.0456
17.00	1.0412
US 10yr Bond %
07.00	1.94
17.00	1.92