Week: 15th May, The economic trend of ferrous and non-ferrous metals

We have translated and adapted the weekly technical analysis taken from the website www.cell-data.it.

 

Context:

 

Emmanuel Macron, leader of the political party “En Marche” has won the French presidential election thanks to securing 65.5% of all votes cast! He comfortably won the ballot against Marine Le Pen, becoming the eighth and youngest president of France. It is hoped that his reformist agenda will kick start economic growth within France and spur a higher demand for consumer products and infrastructure projects.

 

According to a speech made recently by Mario Draghi, the current president of the European Central Bank (ECB) at the house of representatives in the Netherlands, the benefits of the current ECB monetary policy outweigh any negative effects.

 

The latest Economic data released from China: China´s trade balance showed a surplus of $ 38.05 billion in April, up from $ 23.33 billion in the previous month and above analysts’ expectations of $ 35.20 billion. Exports rose 8% compared to April 2016 (consensus + 11.3%), while imports rose by 11.9% against the expected 18%. Inflation reached 1.2% year-on-year in April, rising from the previous year’s 0.9%, which was more than expected.

 

In Japan, the trade balance for March showed a surplus of 865.5 billion yen, down from from a 1.076.8 billion surplus the previous month which was higher than the 855 billion yen expectated by analysts. March is the end of the fiscal year in Japan.

 

Metal Market Analysis May 15th, 2017

 

Copper:

Copper in € yields a gain of + 0.6%, while in $ is slightly varied

 

Primary aluminum

Falling prices in both € and $, down from 1.42% and 0.62%

 

Secondary aluminum

Slight falls in value for secondary aluminum, with the $ value down 1.19% while the € value recorded a slight gain in values of 0.40%.

 

 

Iron Analysis May 15th, 2017

 

Iron in Italy

The value of iron has stopped its descent, remaining stable on minimum levels traded. Ferrous scrap values also remained firm. From the current economic outlook, a bounce of the value of iron is possible, but if higher quantities of scrap are traded then new iron values could be in line for a correction of up to -20%.

 

International Iron

Iron prices remain stable, as do scrap prices. Most yields lie at around -2%. The gap between the long-term difference of iron and scrap prices remains unchanged, and if there is a rise in the price of iron ore in the coming days, then this may not reflect automatically on scrap prices.

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source http://ceg-balersshears.com/en/week-15th-may-price-ferrous-non-ferrous-metals/