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Commodities Daily

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Little movement in the commodities complex this morning

Wed, Jan 27 2010, 13:00 GMT
by Danske Research Team

Danske Bank A/S  |  View company's profile


Commodities news

    • Little movement in the commodities complex this morning; oil broadly unchanged as the effect of a surprise decline in US inventories last week – according to the industry report from the API - was offset by a stronger USD. Equities mixed, but generally lower in both US and Asian trading.
    • Japanese data out this morning showed that imports of steel showed a sharp decline in December, slipping 19.6% y/y. Steel prices have stalled this year, contrasting with the synchronised surge seen in many other commodities. Indeed, Japan is lagging considerably behind the rest of Asia where industrial production is now back around or above pre-crisis levels. Still, Japanese crude steel output could rise this year on the back of strong exports and resurgent automobile demand, not least in China.
    • This year’s World Economic Forum takes off in Swiss Davos today; the conference delegates will attempt to “rethink, redesign, rebuild” the shattered world economy. Regulatory changes will most likely feature high on the agenda following the recent proposals from the Obama administration to restrict banking activities, notably new rules preventing banks from proprietary trading unrelated to their customers.
    • Today will see the release of the weekly oil stocks from the US Department of Energy (EIA). The API figures showed an unexpected decline in crude inventories last week. We expect the EIA report to show a decline in crude of 2700K (median: +1580K). Furthermore, US new home sales could receive some interest in notably the base-metals sector.

    Published on  Wed, Jan 27 2010, 13:02 GMT


    Danske Bank | Holmens Kanal 2-12, DK-1092 Copenhagen
    http://www.danskebank.com/ | danskeresearch@danskebank.com

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