International nonferrous metal prices are unstable with the strong exchange rate of US dollar. The market players try to find if the prices would keep the adjustment or the prices would try to reach higher level. The foreign exchange rate of US dollar turned into stronger with the news that US non-farm payrolls jumped in February from January. With the stronger dollar, market expects additional interest rate hike. In the interest rate sensitive gold market, profit taking selling increased. The downward move extended to other international commodity market including crude oil. The copper price at London Metal Exchange (LME) rebounded and recovered the 10-day average toward the closing session last weekend due to short covering though the price was expected to decrease more with speculative selling under the higher inventory after the adjustment early last week.A source of Japanese major trading firm said LME price could keep adjusting under the weak precious metal prices with stronger dollar and the weak oil market with higher inventory. However, other trader said LME copper could try to renew the record after the price confirmed strong support line at around 50-day average and recovered 10-day average last weekend.
Japan Steel Scrap Composite Prices (Sangyo Press)11/25/2021
|55200YEN (-)||64600YEN (-)|
|474.51US$ (-0.49)||555.32US$ (-0.57)|
* Average of electric furnaces steel maker's purchasing price in Tokyo, Osaka and Nagoya (per ton)