The following price movements were recorded in London Metal Exchange (LME) billet contract trading as of the end of last week. The outlook has been defined as weak once again by the Deutsche Bank Stemcor report.
As of January 21 |
As of January 28 |
Weekly Change (%) |
||||
Bid |
Ask |
Bid |
Ask |
Bid |
Ask |
|
Official, cash: |
552.50 |
553.00 |
535.00 |
540.00 |
-3.17 |
-2.35 |
Official, 3 months: |
574.50 |
575.00 |
552.00 |
553.00 |
-3.83 |
-3.83 |
Official, 15 months: |
635.00 |
645.00 |
603.00 |
613.00 |
-5.09 |
-4.96 |
Evaluation closing, cash: |
552.50 |
553.00 |
535.00 |
540.00 |
-3.17 |
-2.35 |
Evaluation closing, 3 months: |
574.50 |
575.00 |
552.00 |
553.00 |
-3.83 |
-3.83 |
Stock volumes decreased to 54080.00 mt as of January 28.
According to the report, the LME three-month billet contract opened at $580/mt and traded down to $555/mt by the end of the week, last trading on Tuesday at $541/mt.
DB Price Outlook for billet prices on the LME is as follows as of February 1, 2011.
Latest |
Last Week Average |
Last Month Average |
Outlook |
|
LME Billet Cash |
$537/mt |
$551/mt (%3) |
$557/mt (%4) |
Weak |
LME Billet 3-Months |
$553/mt |
$569/mt (%3) |
$579/mt (%5) |
Weak* |
* Prices are expected to fall further