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Commodities rally to hold flat, Silver/Copper spike, USD$ rallies, Equities rally, then fade
The INSCX Nanomaterials Global Index (INMX) ended Tuesday's session at 108.75 and was quoted mid-day firmer a notch by 0.50 to 109.25 index points. Commodities generally recovered from yesterday's sell-off and were catching a bid by mid-morning US EST when Fitch the ratings agency were reported as near announcing a ratings change on Italy. Spot Silver rallied strong up from a $28.25 close to trade $28.95 early on while Spot Gold recovered holding above the $1,370 support line to trade $1,393 versus a $1,382 Comex close in NY. By 10.30am EST silver and gold gave back gains. Silver $28.65 while Gold was quoted flat at $1,382 following an early sell off in equities and a rise in the USD versus the majors as focus returned to weigh the rise in US Treasury yields. By the European close they had again rebounded to $1,393 and $28.85 respectively.
Nanomaterials were offered slightly higher during the European session, but activity was muted with the exception being Carbon Black. Furnace Blacks were again firmly bid following on from previous session buy interest and evidence emerging early on of a significant supply shortage in Furnace Black across Europe in general. News of Evonik's acceptance of first round bids being accepted January 12th for its Carbon Black division added further to continuing evidence of contraction in supply capacity likely to place renewed upward pressure on prices. N330 per MT was offered up some 2.6% at $1.18 per lb. Bulk Ti02 remained of interest while Polymer prices remained firm. WTI Crude failed to regain $90 a barrel throughout the session trading within a whisker at $89.89 before falling to trade $88.25 NY open. All eyes remain focus on Saturday's upcoming OPEC meeting where OPEC President Pastor suggests the "preferred price range will be evaluated."
INMX (INSCX Nanomaterials Global Index) closed in Europe at 109.50 versus a previous NY Close of 108.75
While gold has remained a focus all year given its association with being an inflation or flight to quality hedge, Copper ($409.13 last) finished Tuesday at $4.05 a pound, up 21% year-to-date, its highest since July 2008. the move in Copper has remained out of focus beyond immediate commercial interest although speculation abounds suggesting part of the recent rise can be attributed to the snapping up of almost $1 billion of copper on the London Metals Exchange, by a US bank equating to almost half of all copper stored in LME warehouses. Some suspect the "buyer" may be trying to corner the market a matter that will be closely monitored by various surveillance committees. The rise in Copper leaves many in the markets wondering whether this reflects genuine demand or a froth of speculation. Evidence of any fall off in global manufacturing activity and other statistics will be monitored carefully by analysts and industry participants alike as despite the rapid fall in Spot Gold and Silver during yesterday's session Copper held firm despite the wider metals rout. Copper could soon be in short supply forcing prices higher but participants are advised to be cautious given the fact evidence of recovery remain tentative to say the least. Informed opinion cautioned against buying-in at this stage in the commodity rally suggesting any recovery was "priced-in" although supply bottlenecks coupled with renewed focus on macro-economic issues could along with technical factors exacerbate moves.
Feature - Nanomaterials
A different situation exists for nanomaterials in contrast to established materials. Dealers at NCM/Stekram suggest demand interest for nanomaterials can only increase as awareness increases among industry participants and the industry "beds-down" to develop greater trade efficiency through adoption of acceptable industrial procurement and quality assurance standards. Several materials such as MWCNTs, NGPs Ti02, copper, aluminum and nanosilver powders can NCM suggest expect to witness increasing levels of demand going forward while high end applications using nanomaterials will obviously continue. NCM pointed a focus toward suggesting greater uptake for nanomaterials will follow as the industry moves to develop clarity and a commercial message backed up by real facts and figures. "We have had enough talk of potential in nanoscience, now is time to start delivering through explaining at grass roots what in the context of nanomaterials is commercially viable. Within the raw materials supply base greater supplier specialization and critical mass must be developed in supply capacity along with effort to increasing buyer confidences as to trade transparency, indemnification and movement on regulatory issues."
During today's session benchmark 25nm held above $4.08 following yesterday's mark-down from the $4.25 high. Within CNTs and NGPs focus for non-industrial Bulk Quantity grades remained muted although dealers noted a significant interest from a major telecoms provider for NGPs and Silver Nanowires. "Interest in nanomaterials will inevitably grow and these are early days for the industry", according to the desk at NCM/Stekram. "We anticipate interest will be felt first from the coatings and polymer sectors in addition to those sectors where already nanomaterials are finding commercial end-use application. In general we remain very positive."
Overnight the Nikkei closed up 0.5% buoyed by a better than expected GDP report from Japan, and elsewhere AUD (Australian $) gained across the board on the back of a sharp jump in Australian Employment Change, which also provided positive sentiment to equities. However, the Shanghai Composite closed down 1.32% on growing speculation over a near-term tightening of Chinese monetary policy, with latest comments coming from a former PBOC governor, Xiaoling, saying that the PBOC needs to raise banks' reserve requirement ratio further.
During the European session, indecision prevailed on both sides of the Pond, with markets still in two minds on the issue of the latest extension of Bush-era tax cuts. The consensus seems to be one of risk-appetite in the short term with regards to business growth, however in the long term risk-aversion dominates sentiment, with further debt issuance anticipated on the horizon. Meanwhile, the issues of Eurobond issuance and Eurozone stability fund extension continued to divide Europe, with France joining the rank of Germany in opposing both these issues.
The indecision was reflected in the European markets, as European bourses continue to trade in minor positive territory, and the strength in financials buoying FTSE MIB and IBEX 35 indices in turn. Also, in fixed income, bunds and Gilts traded higher throughout the European session, with European peripheral 10-year government bond yield spreads lacking any real direction.
US stocks started mildly up on Thursday after the government offered better-than-expected data on the labor market. The Dow Jones Industrial Average stood at 11,396, +23.20, +0.20%) while the S&P 500 traded 1,234, +5.56, +0.45%). The Nasdaq was quoted 2,620, +11.29, +0.43%). For every three stocks on the decline 10 were ahead on the New York Stock Exchange in early morning trade. Equities firmed with financial and technology issues finding favour by mid session listing the broad averages off their intraday lows. The mood was generally quiet.
In the FX market, the strength in the USD-index weighed upon EUR/USD and GBP/USD, with the EUR also under pressure due to indecision persisting in Europe, whereas a weaker than expected Halifax Housing data from the UK weighed on GBP/USD. It is also worth noting that Fitch downgraded Ireland to BBB+ from A+; outlook stable from negative, which saw EUR/USD falling more than 25pips, however the move was short-lived as the move was expected. Moving into the North American session, markets look beyond the BOE's rate announcement of no change in either the benchmark interest rate or the size of the asset purchase facility. Also, weekly jobless figures from the US were better than forecast. Later in the session, and the Fed is conducting another outright Treasury coupon purchase, in the maturity range of Jun'16 - Nov'17, where it expects to buy in the range of USD 7-9bln. Allied with these, there is a 30-year Note auction from the US with a size of USD 13bln.
Gold (Spot) $1,388.50
Silver (Spot) $28.75
Crude Oil $89.45
PolyProp $1, 345
Currencies USD Majors
Nanomaterials - Majors
N330 Carbon Black $1.20 lb
N774 Carbon Black $1.08 lb
* Quotes for N900 Thermal Grades to be listed in due course.
25nm Ag Powder $4.05 (g)
50nm Ag Powder $3.95 (g)
Au Nanoparticles 50nm $6.00 (ml)
C60 Fullerence 99.5% $70.25g
MWCNT (Industrial0 $112.47 (KG)
NGP (Industrial) $51.50 (KG)
Ti02 (Bulk Rutile) $2,025 (MT)
ZnO 20nm $137.50 (KG)
Tio2 Rutile 250nm $171.00 (KG)
The LME (London Metal Exchange) reported November trade volumes in Steel Billet, Rebar and Recycled scrap steels with Billet exceeding 10 million Metric Tons. Average Billet prices for November came in at $507 versus current price levels for Cash Buyers at $519. Italian Steel producer Acciaierie di Calvisano S.p.a. became the latest brand listing supplier approved for delivery against the LME Steel Billet contract. More than 450 brands of material from over 60 countries are approved as ‘good delivery' against LME contracts. Material stored in LME warehouses must be of an LME-approved brand or production of an LME-approved producer, conforming to the specifications covering quality, shape and weight as defined by the special contract rules of the LME. Source: LME www.lme.com
INSCX exchange sign off an approve for storage of Carbon Blacks and Bulk Polymers former Cabot Corporations Ellsemere Port warehousing contractors with facilities based in Cheshire, United Kingdom. Details of the provider will be made public in due course. Commenting a spokesperson for the exchange logistics committee went on to add: "This facility means INSCX can accept physical delivery to an industry standard facility and offer customers storage for EU supply. It also greatly assists the physical inspection service we contract from Intertek plc in nanomaterial and traditional commodities. The UK facility will also compliment our efforts to conclude discussions with a leading provider of Carbon Black storage and logistics based in Holland. In due course details of approved storage and logistics for nanomaterials proper will be announced also."
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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