Current Scrap Metal Prices

The base metals all finished lower on Thursday as the momentum earlier in the week appeared to fade as reported by commodityonline.com . The more liquid contracts of aluminium, copper and zinc generally traded sideways before coming under pressure towards the close, while the likes of lead and nickel came under steady and sustained selling pressure throughout the day.

This morning has seen lead and zinc come under further pressure, though overall the base metals have generally been treading water.

The relatively poor close for the base metals yesterday however, puts greater emphasis on this afternoon’s US Nonfarm Payroll numbers (expected at -125K), with a poor result potentially triggering a sell-off. As a consequence, volumes have been pretty thin across the complex this morning, with the market nervously awaiting the figures.

Copper has drifted sideways to lower during Friday morning, with prices dropping back below $7,100. Turnover has been pretty lacklustre, with the market waiting to see what the Nonfarm figures will be.

Elsewhere, SFE copper inventories climbed 3,433 mt this week to 104,710 mt. Interestingly however, physical copper in Shanghai is selling at a $10 premium to the SFE Dec-09 contract, compared to a $40 discount at the end of November.