cmdty Scrap Metals Price Index Family
The cmdty Scrap Metal Price Index family is a series of price and time weighted indexes that represent national fair value pricing for scrap yards within the United States. The indexes are calculated daily and use standardized ISRI (Institute of Scrap Recycling Industries) product classifications to group and refine individual price observations.
Once individual price observations have been normalized into a product type, indexes will only be calculated for products that have 20 or more stated price observations for every working day within the past calendar year. Index eligibility to reviewed on Dec 31st each year after market close, and Barchart will then calculate indexes for eligible scrap metals on the next working day.
The indexes are powered by best-in-class grain prices from the cmdty by Barchart product line. Additional prices, including basis values and forward curve information, are available exclusively to subscribers of cmdtyView® - the leading platform for commodity trading – or other data products available through cmdty.
cmdty Scrap Metal Price Indexes
cmdty Insider - Metals Market Commentary
Dec Comex gold (GCZ19) on Wednesday closed up +2.4 (+0.16%), and Dec silver (SIZ19) closed down -0.221 (-1.22%). Precious metals settled mixed Wednesday as a Fed rate cut offset strength in the dollar and stronger-than-expected U.S. housing data. A stronger dollar undercut metals prices Wednesday. Also, Wednesday's U.S. housing data was hawkish for Fed policy and gold prices after Aug housing starts jumped +12.3% to a 12-year high of 1.364 million, stronger than expectations of +5.0% to 1.250 million, and after Aug building permits unexpectedly rose +7.7% to a 12-1/4 year high of 1.419 million, stronger than expectations of -1.3% to 1.300 million. Losses in gold prices were contained by lower government bond yields, which are indicative of expectations for soft central bank policies. 10-year German bund yields fell Wednesday after ECB Governing Council member Villeroy de Galhau said there will be low interest rates in the Eurozone for "a long time." The UK 10-year gilt yield fell to a 4-session low Wednesday on slack prices pressures, which may prompt the BOE to cut interest rates, after the UK Aug core CPI rose by only +1.5% y/y, weaker than expectations of +1.8% y/y and the slowest pace of increase in 2-3/4 years. Also, no-deal Brexit concern intensified and boosted safe-haven demand for gold after European Union President Juncker said Wednesday that the risk of the U.K. leaving the bloc without a deal on Oct 31 was "palpable." President Trump's announcement on Wednesday of new sanctions on Iran reduced safe-haven demand for gold due to the implication that increased sanctions might mean that the U.S. does not plan a military strike against Iran in retaliation for Saturday's drone attacks on Saudi Arabian oil installations. Metals found support on Wednesday's action by the Fed to cut the fed funds target range by -25 bp to 1.75%-2.00%, although prices fell back after the post-FOMC announcement was more hawkish than expected. Ongoing trade and geopolitical tensions, along with dovish central bank expectations, sparked fund buying of precious metals as long gold positions in ETFs rose to a 6-1/2 year high on Sep 6 and long silver positions in ETFs rose to a new record high Sep 2. More recently, however, fund liquidation reduced long gold positions in ETFs to a 2-week low last Friday and long silver positions in ETFs to a 1-month low last Friday.