After an easing on the commodity exchanges was already apparent yesterday, spot prices for nickel and also the nickel contracts on the Shanghai Future Exchange rose again today. Also on the London Metal Exchange, nickel had already reached a value of over $ 17,000 per ton again on Monday.
Steel and stainless steel remain unimpressed
Overall, stainless steel prices were fairly unimpressed by the fluctuations on the commodity exchanges. Hot-rolled coil prices in Europe and the United States also remained stable or increased further.
This confirms the forecasts and outlook of May 21 and May 23, 2021, that the impact of the Chinese measures on the commodity markets and also on steel prices will be limited.
Deutsche Bank: What will be important this week
Deutsche Bank analysts have sent us an overview of expected events and announcements for the current week.
Later this week, Europe – Since yesterday and until today, a special meeting of the European Council is taking place. Markets will be watching closely to see what decisions EU leaders announce on the Covid 19 pandemic, climate change and Russia issues on the agenda.
Tuesday
Germany – ifo Business Climate in May. Business sentiment may have improved further, with economic expectations likely to have risen again after the small setback in the previous month.
USA – New home sales for April. After the boom-like gains in the US housing market, a slight decline is expected, although sales figures are still likely to have remained at a historically above-average level.
USA – Conference Board Consumer Confidence. Here, too, a small setback, as expected for May, would not be an indication of a slowdown in consumer momentum in the USA, given the previous steep rise in consumer confidence.
USA – Richmond Fed manufacturing index in May. The region’s manufacturing sentiment barometer is expected to have risen further, as is its counterpart for the Chicago region due on Friday, pointing to strong growth in the sector.
Thursday
Germany – GfK Consumer Confidence for June. Consumer confidence should have increased given progress on vaccinations and initial easing of coronavirus restrictions.
USA – Durable goods orders in April. A further increase in core capital goods orders would indicate continued strong momentum in U.S. business investment.
Friday
Eurozone – Economic Confidence for May. The index published by the EU Commission is already back above pre-crisis levels, although consumer confidence still lags behind industrial confidence.
USA – Consumer spending in April. Like private income, consumer spending in the USA is subject to strong fluctuations due to the extensive fiscal stimulus, which limits the meaningfulness of the figures. Nevertheless, the upward trend in both data series is likely to be unbroken.
Source: deusche-bank.de
Read also:
- Stainless Espresso: Calming on LME and SHFE over the weekend
- Stainless Espresso: Is a pullback in commodities due?
- Stainless Espresso: The attempt to take pressure off the steel kettle
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