The summer lull continued the past couple of weeks over the holiday weekend. Activity in the futures market has been limited with few trades going through. It seems that a confluence of factors has caused many traders to sit on the sidelines, the summer holiday season, directionless physical market and uncertainty in demand going into […]
The number of open contracts (open interest) traded through the CME Group (NYMEX) during the month of August 2013 was 2,572 contracts (51,440 tons). This is lower than the 2,874 contracts (57,480 tons) traded in July and is 15.8 percent lower than the 3,055 contracts traded one year ago (61,100 tons). The news looks a […]
Financial Markets: Since last week’s writing the SP 500 has since rallied to test the old support above at 1670 to then fail and drop to 1627 before rebounding in the last two days to 1642. As I mentioned, we are likely in a retracement move down to the 1550 target before we can find […]
U.S. Midwest #1 Busheling Ferrous Scrap (AMM) Prices Drop as an April Pullback Looks Likely After prices for March settled up $40+ the market for April already is starting to shape up significantly weaker. Dealers succeeded in pushing up prices last month but currently it looks like April will be down at least $20 t […]