The following price movements were recorded on the LME billet contract trading as of end last week. Deutsche Bank-Stemcor report evaluates the outlook weak.
As of January 14 | As of January 21 | Weekly Change % | ||||
Bid | Ask | Bid | Ask | Bid | Ask | |
Official cash: | 550.00 | 551.00 | 552.50 | 552.50 | 0,45 | 0.36 |
Official 3 months: | 575.00 | 585.00 | 574.50 | 574.50 | -0,09 | -1.71 |
Official 15 months: | 645.00 | 655.00 | 635.00 | 635.00 | -1,55 | -1.52 |
Evaluation closing cash: | 550.00 | 551.00 | 552.50 | 552.50 | 0,45 | 0.36 |
Evaluation closing 3 months: | 575.00 | 585.00 | 574.50 | 574.50 | -0,09 | -1.71 |
Stock volumes decreased by 1,15 percent and dropped to 55835 level as of January 21.
According to the Deutsche Bank-Stemcor report the LME 3 month billet contract opened at $565.5 by the end of the week and last traded on Tuesday at $565. According to the report, the market is now expected to be supported in the above $565 range.
DB Price Outlook for Billet prices for the LME are as follows as of January 25, 2011:
Latest | Last Week Average | Last Month Average | Outlook | |
LME Billet Cash | $560/mt | $565/mt (-%1) | $525/mt (%-6) | Weak |
LME Billet 3-Months | $580/mt | 574$/mt (-%1) | $543/mt (%-6) | Weak* |
* Comment: Prices are expected to be supported above $565/mt$