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METALS IN THE AMERICAS：THE WEEKLY EXTRACT-2017Guangzhou int’l non-ferrous metals exhibition
4/6/2017 -non-ferrous metals expo |
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S&P 500 M&M gained 3% WoW to 105 while the S&P 500
remainedrelatively flat at 2,378. Gold (+2%) and silver (+3%) gained following
theFed’s announced 25bps interest rate hike. Iron ore rebounded 6% (priorweek
decreased 6%) on increased China demand. Copper also rebounded3% (-3% prior
week) on continued production halts at two of the worlds’largest mines
(Escondida and Grasberg). Nickel firmed +2% as stainlessproducers appear to
remain wary of buying materials in anticipation offurther input cost declines,
in particular for chromium.
PRICE PERFORMANCE
Steel & Service Center
equities gained the most (6% WoW) followingadditional price hike announcements
and utilization rates topping 75%.Industrial Metals equities increased 4% on
higher copper and iron oreprices. Precious Metal equities were 3% higher in-line
with underlying goldand silver prices. Aluminum & Specialty Metals climbed
3% as well,following nickel (+3%) and aluminum’s (+1%) upward trend.
Majority
of equities increased last week while Ryerson (+24% WoW) wasthe leader after
reporting better-than-consensus results and improvedmargin outlook. Amongst
Aluminum & Specialty Metals CarpenterTechnology increased 8% after
announcing base price increases for itsproducts. Within Industrial Metals, Teck
saw 7% gains despite coking coalremaining relatively stable. Within Precious
Metals equities, Pan Americanled at +5% WoW.
RECENT RESEARCH
Ryerson Alert
– 4Q16 op. results: Slight miss, but pricing improves onrecovering
O&G
Chemicals/Metals & Mining – Notes from the Road: ‘Mr. Lithium’
IndustyUpdate
有色金属展-铜材展-铝材展-钛材展-2017年广州国际有色金属工业展览会-效果最好的有色金属展会-2017Guangzhou int’l non-ferrous metals exhibition
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