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
Aug Comex gold (GCQ19) on Monday closed up +18.1 (+1.29%) and July silver closed up +0.087 (+0.57%). Metals prices rallied for a third day Monday with Aug gold at a new contract high and June gold at a 5-3/4 year nearest-futures high. Continued weakness in the dollar has sparked fund buying of precious metals as the dollar index fell to a new 3-month low on Monday. Also, simmering tension between Iran and the U.S. is boosting safe-haven demand for precious metals. Iran's navy on Monday warned that the downing of a U.S. drone could be repeated if intrusions into its airspace continue and President Trump imposed new sanctions against Iran. Concern that weakness in the global economy may prompt the world's central banks to boost stimulus is also bullish for gold after Monday's data showed the German Jun IFO business climate fell -0.5 to a 4-1/2 year low of 97.4 The market is discounting the odds at 100% for a 25 bp rate cut at the next FOMC meeting on July 30-31. Ongoing trade and geopolitical tensions, along with dovish global central bank policies, have sparked fund buying of precious metals as long gold positions in ETFs rose to a 6-year high on Friday and long silver positions in ETFs rose to a 6-month high on Friday.