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Equity markets witnessed some early profit taking on the European open adding a dampening early tone to buoyant metals and materials markets. The move quickly reversed by the opening of the US morning session with U.S. stocks rising significantly on the NY open Thursday as investors expected initially to mull on the downside over whether European officials could help stop the spread of the euro zone sovereign debt crisis switched to favour the positives. Dutch banks were keen to announce exposure to Irish debt standing at €21bn calming nerves somewhat by mid European session further aided by a positive read on the forecasted German deficit % of GDP.
Focus by mid-day GMT rested on the ECB which maintain the expected no-change stance on rates although worries surfaced when news of a withdraw of liquidity support acting to unnerve equity markets running into the NY open. A key sentiment boost arrived on the NY open after a realtor association said its gauge of pending sales of homes rose 10.4% in October due to "excellent" housing affordability conditions. The Dow Jones Industrial Average stood at 11,333, +77.27, +0.69% by mid-morning with (MSFT) Microsoft leading blue-chip index's gains, rising 3%, while Alcoa, the world larges Aluminum manufacturer, gained 2.58% on the back of stronger metals prices all morning in London. News on sales of homes added a further boost to the materials sector helping lift other real-estate related issues such as Home Depot.
On the London Metal Exchange prime industrial metals' prices were up across the board in overnight trade, notably Zinc for three-month delivery jumped 2.3% to $US2160 per ton. Copper for March delivery moved within a whisker of test the physycologial level of $400.
Spot Silver added further to recent gains up on the session another 1.9% although XAU/USD (Spot Gold) in contrast appeared reraly on range bound mirroring most of the previous sessions trade despite a positive forecast surfacing late yesterday suggesting a further 25% upside.
XAU/USD (Spot Gold) Technicals:
Support $1,385, Resistance; $1.396. Upside target $1,403. Bullion got a bit of a boost from news that China's gold imports jumped six-fold in January to October to more than 200 tons, although dealers said Thursday's gains were mostly driven by investment demand as opposed to commercial demand. Market observers regard Spot Gold as resting in a key pivot zone expected to yield either way.
US EIA Natural Gas forwards touched on session lows following a smaller than expected drawdown in EIA Nat. Gas Storage Change report.
Metal Oxide and Metal Powder prices on INSCX exchange buoyed early on with exchanges specialists marking offer prices up in line with underlying base metals. WTI Crude holding above the $85 market at $87.61 following on from the previous session's 3% rally continued upward pressure on Carbon Blacks and Polymers. Fears of a breakout on the upside in WTI beyond $90BBL will inevitably push C/Black and Polymer input costs further straining convertor margins further as suppliers attempt to pass on costs with Crude holding above $90 gaining a bid to test the $100 level. A report by Goldman Sachs late yesterday suggesting Spot Gold would peak at USD$1,750 gained an audience late in the European session with a 1% spike into the close in XAU/USD to $1,398 per troy oz. Rumor of an announcement likely to impact positively in advancing the insurability of engineered nanomaterials added renewed interest in exchange listed nanomaterials from metals and polymer producers in particular forcing a wider general mark up in prices in anticipation of increasing demand dovetailing with announced measures to deliver an effective trade reporting and traceability structure.
Buy-side enquiry interest surfaced early on in nanodiamonds, fullerenes and Tantalum during the European session with general interest remaining again focused on the customary staples of nanosilver, TWCNTs and NGPs. Ti02 Rutile (Micron Bulk) remained active all session quoted in 50MT size intraday during the EU session boosting corresponding nanoscale prices. Rare Earths continued to be volatile ahead of an expected announcement in due course by INSCX exchange to list for physical delivery several of the majors. Commenting on the general mood of the marketplace in nanomaterials, a senior dealer at exchange specialist, NanoCapital Markets/Stekram was quoted as saying:
"The exchange has just launched but even at this stage there is much room for optimism. Buy-side interest is already evident extending to include research and industrial-scale enquiry. As greater uniformity and critical mass in supply capacity develops coupled with increased awareness in industry generally as to the potential afforded by nanomaterials, the exchange supports of price transparency, supplier trade financing, trade assurance, flexibility and regulatory compliance will inevitably help deliver greater buy-side interest. These are just early days, and we have yet to work through our lists of recommended suppliers which we will in due course invite to join the exchange. For now developing critical mass and uniformity in supply capacity recognising why the disciplines of the open market are necessary pose key challenges to the nanomaterials industry going forward. Early indications indicate the "top to bottom" approach taken by the exchange in terms of enabling (SHE) Accreditation, traceability and the observance of trade and material standard from source material to end product we expect will shortly receive an additional boost and global coverage."
Currencies - Majors versus US$ (European Session Close)
GDP£ 1.555 (Support stops witnessed below 1.55)
€ Euro 1.3168 (Held support above 1.3025)
¥ Yen 83.93 (Broke 84.00 resistance)
INMX (INSCX NanoMaterials Index): 109.5 v 107. 25 + 2.09%
Baltic Dry Index: Rises 1.8% to 2,133 points
USD Index: up 0.25%
CRB Index: up 0.40%
US Initial Jobless Claims (Nov 27) W/W 436K vs. Exp. 424K (Prev. 407K, Rev. to 410K) (RTRS)
US four week claims average is lowest since August 2008.
US Continuing Claims (Nov 20) W/W 4270K vs. Exp. 4200K (Prev. 4182K, Rev. to 4217K) (RTRS)
ECB kept its benchmark interest rate unchanged at 1.00% as expected (RTRS)
Johnson & Johnson/Merck: A unit of cos. has recalled 12.3mln bottles of Mylanta in the U.S. and Puerto Rico, according to an FDA press release. The companies are recalling the products because the labels failed to inform consumers about the alcohol content of the drugs. (Sources)
Merck: Co. to acquire SmartCells, says transaction is for potential aggregate payments in excess of USD 500mln. Says sales-based payments for products resulting from the transaction will also be payable. (RTRS) Elsewhere, an FDA panel has unanimously rejected co.'s Proscar drug. The panel of federal health experts said the prostate cancer drug says it actually raises the risk of most serious types of tumours. The panel voted 17-0 with one abstention. (AP)
Verizon: Co. said yesterday that it would launch a 4G LTE network this Sunday. The co.'s plans may also be a precursor for putting the chips in Apple's iPhones. An industry source says "The fact they are having LTE chips on networks out now makes it more likely a phone coming out next year will have LTE chips." It is unclear whether the rumoured Verizon iPhones will be 4G LTE compatible. (NY Post)
Pfizer: Sutent receives European approval for a new indication in progressive pancreatic neuroendocrine tumours. Says first targeted therapy approved for the treatment of pancreatic net in Europe and says free survival (PFS) for Sutent was 11.4 months vs. 5.5 months for Placebo, in 171 patients. (RTRS)
Spot Bulk metals
XAU $1,397.48 v $1,385.93
XAG $28.92 v $28.30
Cu $398.60 v $390.78 (March)
About INSCX Exchange
Integrated Nano-Science & Commodity Exchange (INSCX exchange) is a formal commodity exchange trading platform devoted to the structured physical trade of a wide range of Thematic Class Materials (TCMs) including nanomaterials, advanced materials, nano-enabled commodities/composites and more traditional commodities such as metals, grains, products and oils. All physical-delivery material contracts listed on the exchange are sourced (SHE) accredited, compliant and supplied validated and insured. Commodities listed for trade by us range from basic raw nanomaterials (NMs) such as carbons, metal oxides, specialty chemical solids, traditional commodities and high-end, processed goods such as photonics and programmable matter. The exchange is based in the UK operating live trading access within Europe and North America with full global rollout to be made available by 2011. INSCX aims to be the global focal point of emerging trade in nanomaterials, a trade which will be crucial to continuing world prosperity in the 21st century. The deliverable of INSCX is an electronic/voice-brokered commodity trading platform enabling price discovery, trade integrity and conformity to agreed material standards, while providing supports for suppliers and purchasers to enhance the commercial usefulness of nanomaterials. Building on centuries of exchange heritage, INSCX serves the risk management and commercial trading needs of global customers particular to the manufacture, use, application and exchange of engineered nanomaterials, advanced materials and nano-enabled commodities. We are the worlds only source of benchmark cash and forward contracts in alternative commodities covering all eleven Thematic Classes available on any exchange.
Our vision provides the market infrastructure to enable these commodities realise their potential as the alternative, precision engineered materials of the future.
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