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Commodities retreat, USD$ rallies, Equities mark time
The INSCX Nanomaterials Global Index (INMX) ended Monday's European session at 108.5 versus a close of 111.5 Index points (-2.69%). Industrial commodities and the precious metals markets were beaten back during the European session, retracing most of the gains made over the previous week. Spot Gold traded as low as $1,372 versus yesterday's intraday session high of $1,431.40 falling some over 4% while Spot Silver slid from $30 a Troy Oz from Tuesday's record (-8+%) to just hold above the $28 level. Nanomaterials listed on INSCX exchange were market down in sympathy. Benchmark 99.9% 25nm Silver offered at the $4 per gram level off some 5% off the previous $4.25 high. Unnerving investors and commercial traders alike was the fact US 10 bond yields surged to their highest in six months in overnight trade adding a renewed focus on the macro-economic picture as opposed to continuing the froth in asset prices generally.
Equities rallied off their intraday lows to touch the flat-line. An hour into the US open Intel (INTC: $21.90) gave cause for cheer announcing positives on chip sales and the re-launching of its stock buy-back programme. European equity markets were quoted on the close (Preliminary); FTSE -0.19%, DAX -0.42% , CAC +0.61% , Eurostoxx +0.59%. The ECB's Weber was cited seeing German GDP rising 3.6% in 2010, higher than anticipated. In contrast energy stocks weakened Wednesday after U.S. stockpiles of gasoline and distillates rose more than expected. WTI Crude ($88.95) and energy issues came under pressure after the Energy Information Administration said crude oil inventories fell by 3.8 million barrels. Gasoline supplies rose by 3.8 million barrels, against the forecast for a rise of just 100,000 barrels. Distillates supplies increased by 2.2 million barrels, compared to the forecast for a drop of 600,000 barrels signaling less demand. Despite this evidence points to Crude regaining to close above the $90 a barrel mark. The possibility of another "penny" to fall in the EU debt crisis, appears to have failed to dampen the mood of optimism with up trend in equities likely to continue according to sources in New York suggesting Sam Eisenstadt, the former research director at Value Line, projected stock prices would rise 12%.
$1,370 is seen as a support level in Spot Gold. Today's trade signaled a rush to cash-in on recent gains as opposed to a break in the upward trend. The metal should hold here for the moment at least. That said any increase in fears over EU debt could see a renewed surge.
By and large the Spot Silver price tends to reflect the position of the commercial user more accurately than in the case of gold which is viewed as an inflation hedge. Silver remains clearly in a firm uptrend and should hold in the $26-$28 level. A retreat from the high of $30.70 yesterday was to be expected.
The INSCX Nanomaterials Global Index (INMX) ended Monday's European session at 108.5 versus a close of 111.5 Index points (-2.69%). Under pressure were Metal Oxies and powders across the board. Copper nanopowder (20nm) was offered below $850 a KG while nanosilver held in and around the $4 per (g) level. Industrial grade GNPs were quoted Metric Ton (MT) @ $50-60 range while Industrial Grade MWCNTs were quoted $112 (MT). Iron Oxide retreated to trade $166 (KG) while Aluminum (Al) was quoted $125 (KG). Gold Collidal fell below $6 (ml) while Ag Collidal printed $3.30 (ml). Prices mirrored events in bulk metals and materials markets.
One bright spot during the European session proved Furnace Blacks. During the session a Block buyer of various Furnace Blacks surfaced in the form of the exchange specialist NCM/Stekram seeking offers in 50 Metric Ton (MT) lots. Furnace Blacks (FBs) had earlier marked down but remained well-bid at the European close. This trade follows on from INSCX recently featuring at the World carbon Black conference in Rome during November where Tames Rietdijk, a founding member of Climex, the European Carbon Exchange and executive director at INSCX exchange, addressed the audience as to the necessity for the Carbon Black industry to use the commodity exchange process to its commercial advantage as opposed to continuing a situation where trade efficiency was lost.
Cash and Forward trade alone enables suppliers to hedge input, currency and market risk, thus better plan supply allocations throughout the supply-chain from source downwards as it in equal measure aids the procurement process from a buyer's perspective. As the nanomaterials industry comes to realize the fact metals, construction, energy, oils, grains, rubber, polymers and agriculture are just some of the economic sectors relying daily on the commodity exchange process, and/or in many instances grew to where they are today using the support mechanisms offered by the exchange process, they (nanomaterials suppliers including Carbon Black suppliers) will realsze INSCX is simply their version of what works to drive any raw materials sector forward.
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Brokers on INSCX exchange were in the market earlier today for Block size in various Carbon Blacks. Outside the US area though it remained a protracted process attempting to deal. By all accounts calls were made to India, Iran, Ukraine, Russia, but according to the specialist Broker; "We had to wait for the United States to open before we could quote a firm price to our customer, ridiculous in this day and age. Do suppliers want the business or not? Bear in mind price transparency, trade flexibility, inspection, insurance, the instant quote and reporting are features of commercial reality accepted decades ago as by mature raw materials markets. To achieve anything in metals, grains, rubber, polymers, oils nanomaterials suppliers will sooner or later be expected to make available what they supply according to the trade practice and conventions of these sectors, where buyers get the efficiency, trade flexibility and assurances they demand", cited one dealer at NCM.
As regards nanomaterials generally buyers at industrial scale will legally be compelled to demand insurance and nanomaterials trading under-the-counter on a single supplier basis remain uninsurable. No-one in the insurance industry has any ability to trace or value so as to identify cut-off points or the very basis upon which to calculate risk premium. These problems are solved in an instant using the commodity exchange process.
Late in the EU session NCM were again seeking size offers in N220, N330, N660, N772 grades of Furnace Black.
Cocoa prices surged early on news of comments from the international Cocoa Organisation suggesting short term risks to supply from the Ivory Coast were "real". Cocoa has see-sawed in price 4-6% over the past two sessions closing in Europe at $3,045. Figures for other metals as of the 4pm close yesterday in London were:
Zinc $2,307 v 2,204
Nickel $24,025 v $23,505
Palladium $727 v $748
Platinum $1,675 v $1715
PP (MT) $1340 (Global)
LLDP (MT) $1,245 (EU)
WTI last @ $88.75 v 90.04 Previous Close
EUR/USD 1.3219 v 1.3369
GBP/USD 1.576 v 1.579
USD/JPY 84.23 v 82.89
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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