October 19, 2014
As part of our their continued strategy to build their product offering around the success of their INR contract, the Dubai Gold and Commodities Exchange, DGCX, is launching two Mini Indian Rupee (INR) futures contract denominated in Euro and British Pound.
DGCX is the reference market for on-exchange INR futures with a market share of more than 35%. It is the largest liquidity pool for INR futures outside India.
These new contracts will provide the international market with additional tools to manage their price risk and exposure to foreign currencies as well as new arbitrage opportunities.
YIEH reports – Japan’s Tokyo Steel announced to cut its scrap purchasing prices again by ￥1,000/ton from October 17th. After the adjustment, its H2 scrap purchasing prices averaged at ￥29,000~￥30,500/ton.
Among them, the scrap purchasing prices at Utsunomiya works are at ￥30,500/ton; those in Okayama works are at ￥29,000/ton; those at Tahara works are at ￥30,000/ton; those at Kyushu works are at ¥30,500/ton and those in Takamatsu steel center are at ￥29,000/ton.
Yieh also reports that the average prices of Japanese H2 scrap in Kanto, Central and Kansai regions were at ￥30,421/ton in the second week of October, down by ￥1,086/ton from a week ago.
Among them, the average price of H2 scrap in Kanto region was at ￥31,167/ton, dropping by ¥1,333/ton; that in Central region was at ¥28,720/ton, decreasing by ¥800/ton and that in Kansai regions was at ￥31,375/ton, declining by ¥1,125/ton; all compared to the figures in the previous week.
LME press release
LME wins bid for provision of London Platinum and Palladium Prices
The London Metal Exchange (LME) today announces its appointment by the London Platinum and Palladium Fixing Company Limited (LPPFCL) to be the new provider of London Platinum and Palladium Prices.
The LME’s custom-built electronic solution, LMEbullion, will provide a pricing methodology that fully meets the administrative and regulatory needs of market participants including the IOSCO Principles for Financial Benchmarks. LMEbullion is already at an advanced stage of development and will be ready in advance of the anticipated go-live of 1 December 2014.
“We are delighted to have been appointed by the LPPFCL and precious metals market participants to be the new home for London Platinum and Palladium Prices,” said Matthew Chamberlain, Head of Business Development at the LME.
“The LME’s benchmark administration capabilities, high quality custom-built technology and strong links to both the financial and physical metal industries make the LME the natural home for the London pricing mechanism.”
“With the support of the broader HKEx Group, we are well-positioned to combine our steadfast commitment to the London market with unrivalled access to Asian participants in order to increase the use and dissemination of the London prices,” said Garry Jones, LME Chief Executive and HKEx Co-Head of Global Markets.
SCRAP METAL PRICING
We were recently provided this scrap metal pricing information:
AKG International, Inc. / Baijnath Gupta & Sons Pvt. Ltd. buys Stainless steel (minimum 44K Lbs, full container) stock-lot bars, rods, blocks, plates, tubes, pipes etc. and Hi-Temp/ Ni-alloy materials (minimum 10K Lbs) loaded in export containers and delivered FAS USA/ Canada port or CIF/ CFR India, subject to lot pictures and description, within the following price range US$/ Lbs as per current markets :
1) 304/L usable @ $0.75-$1.00
2) 316/L usable @ $1.05-$1.20
3) Tantalum CP solids @ $90.00-$120.00
4) 17-4/ 15-5 useable @ $0.60-$0.75
5) Hast C 276 bar stock @ $7.50-$8.40
6) Inco 625 bar stock @ $7.50-$8.40
7) Monel 400 @ $4.50-$5.70
8) Titanium CP Gr. 2 bar stock @ $3.00-$4.50
9) Tungsten solids @ $12.00-15.00
Please advise offers for these as well as other grades as available for offer to review and revert our firm interest promptly.
AKG International, Inc. +1 215-469-5370
Baijnath Gupta & Sons Pvt. Ltd. (I Phone) +91 80808-91918
SCRAP COPPER PRICING
reference prices are as follows:
#1 Bare Bright Wire $2.61/lb.
#1 Copper Tubing/Flashing $2.41/lb.
#2 Copper Tubing/ Bus Bar $2.22 /lb.
#3 Roofing Copper $1.99 /lb.
THHN Cable $1.44 /lb.
Insulated Cable $1.67 /lb.
500-750 MCM (Bare Bright Inside) $1.91 /lb.
Insulated Copper Wire (Cat 5/6) $0.84 /lb.
Hollow Heliax Wire $1.01 /lb.
Romex Wire $1.25 /lb.