The following price movements were recorded inon the London Metal Exchange (LME) billet contract trading as of the end of last week, indicating improvement over the past week.
As of February 4 | As of February 11 | Weekly Change % | ||||
Bid | Ask | Bid | Ask | Bid | Ask | |
*Official cash: | 517.00 | 527.00* | 532.00 | 542.00 | 2.90% | 2.85% |
Official 3 months: | 536.00 | 541.00 | 550.00 | 555.00 | 2.61% | 2.59% |
Official 15 months: | 605.00 | 615.00 | 620.00 | 630.00 | 2.48% | 2.44% |
Evaluation closing cash: | 517.00 | 527.00 | 532.00 | 542.00 | 2.90% | 2.85% |
Evaluation closing 3 months: | 536.00 | 541.00 | 550.00 | 555.00 | 2.61% | 2.59% |
* Official cash Ask or Offer price is the settlement price for the cash contract selling over two days of business at the LME.
Stock volumes decreased to 53,888 mt as of February 11.
According to the DeutscheBank-Stemcor report, the LME three-month billet contract opened at $546/mt and traded down to by $540/mt on Tuesday but gained support and finished the week on a positive note at $560. Yesterday, the three-month contract traded at $561-565/mt.
DB Price Outlook for Billet prices at the LME is as follows as of February 14, 2011:
Latest | Last Week Average | Last Month Average | Outlook | |
LME Billet Cash | $537/mt | $530/mt (-1%) | $556/mt (4%) | Firm |
LME Billet 3-Months | $553/mt | $545/mt (-1%) | $577/mt (5%) | Firm * |
* Prices expected to be supported above $560