From: Go Desk
Sent: Monday, January 14, 2008 6:50 AM
To: Canaccord - Internal Research Distribution
Subject: Morning Commodities Summary - Monday January 14, 2008
Importance: High
Morning Commodities Summary - Monday January 14, 2008
Commodities Table (Figures in USD)
Change Last
Gold COMEX +9.00 900.76/ounce
Crude Oil NYMEX +1.46 94.15/barrel
Natural Gas NYMEX +0.23 8.44/MMBtu
AECO C Hub Spot +0.20 7.09/MMBtu
Silver COMEX -0.05 16.32/ounce
Nickel Spot LME -0.02 12.87/lb
Tin LME 3-month +0.00 7.39/lb
Zinc LME 3-month -0.02 1.08/lb
Lead LME 3-month +0.02 1.19/lb
Coal Big Sandy +3.00 58.50/tonne
Aluminium LME +0.01 1.14/lb
Copper COMEX +0.05 3.31/lb
Uranium Spot +0.00 90.00/lb
Molybdenum Oxide +0.80 33.70/lb sieht doch gut aus ;-)Cobalt Spot +2.25 45.25/lb
Titanium Unprocessed +0.00 2.03/lb
Lumber OSB 7x16 -12.00 133.50/1,000 sqft
Corn CBOT +0.16 5.11/bushel
Wheat CBOT +0.13 9.22/bushel
Soybean CBOT +0.08 12.94/bushel
Lean Hogs MERC -0.02 0.54/lb
Sugar MERC +0.09 11.41/lb
Summary
Energy: Qatar's Energy Minister Abdullah al-Attiyah said OPEC is not
able to lower near-record crude prices (Note: Qatar is one of OPEC's
smaller members, but that comment is similar to recent statements by
OPEC's new President. OPEC next meets on 2/1 in Vienna and it appears
the cartel feels there is plenty of crude in the mkt and they will
remain idle on production). Feb crude oil is up $1.46 to $94.15pbl; Feb
natural gas is up 23.2 cents to $8.442mbtu. Crude has support at $93.22
and resistance at $95.56; natural gas has support at $8.230 and
resistance at $8.560. Feb heat cracks are up 92.1 cents to $14.739 and
Feb gas crack are up 21.4 cents to $4.976...
Metals: Gold prices are surging this morning and the psychological level
of $900 was taken out easily. There is some speculation the Fed could
cut interest rate by a whopping 75 basis points (this is driving gold
prices higher this morning. The Fed is scheduled to meet next on 1/29).
The U.S. dollar is at 7-wk lows vs the euro (1.4914) on higher
expectations the U.S. will fall into a recession. Feb gold is up $9.00
to $900.760 (next resistance is $918.13). Mar silver is off 4.5 cents to
$16.325 (overnight high was $16.715; the highest level since Nov '80).
Sources: Bloomberg, Briefing.com, Canaccord Adams, Dow Jones,
StreetAccount, Ux Weekly, WSJ
mfg
me