$CMC
Commercial Metals Co.
PRICE
$53.8 -
Extented Hours
VOLUME
855,837
DAY RANGE
53.76 - 54.39
52 WEEK
39.56 - 57.64
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By Colleen Howe BEIJING (Reuters) -Oil prices extended losses on Wednesday in Asian trade, after falling by more than 3% to six-month lows in the previous session on oversupply and demand concerns. Brent crude futures for February fell 33 cents, or 0.45%, to $72.91 a barrel by 0621 GMT. U.S. West Texas Intermediate crude futures for January dropped 29 cents, or 0.42%, to $68.32 a barrel. The market stumbled in overnight trade as firmer-than-expected U.S. inflation readings for November bolstered the view the Federal Reserve was unlikely to cut interest rates early next year, which would weigh on consumption. Meanwhile, the weekly average of Russian crude exports jumped to the highest since July, ANZ analysts said, compounding oversupply concerns and further throwing doubt on the recent output cut agreement by the Organization of the Petroleum Exporting Countries and allies, together called OPEC+. The U.S. Energy Information Administration also raised its forecast for supply in 2023 by 300,000 barrels per day to 12.93 million barrels per day from its previous report, in its most recent Short-Term Energy Outlook report. The bearish outlook puts oil on track to continue falling on the week, continuing the trend of seven straight weeks of declines. A policy meeting by the U.S. central bank that concludes later on Wednesday will determine the direction of markets, said Tina Teng, a market analyst with CMC Markets (LON:CMCX). "A more hawkish-than-expected stance by the Fed may cause a further drop in crude prices," Teng said. The Federal Reserve is widely expected to keep rates on hold. However, investors will focus on Fed officials' views on the economy and where they see interest rates in the coming quarters. Markets are hoping for and have largely priced in "aggressive rate cuts" for 2024, said Yeap Jun Rong, market strategist at IG. "Any disappointment on that front could strengthen the U.S. dollar and weigh on the risk environment," which could push down oil prices, Yeap said. Suvro Sarkar, an analyst at DBS, said the Fed discussions were unlikely to elicit any surprises and that prices could recover somewhat in a "relief rally" after the meeting. The United Nations on Wednesday passed a resolution calling for an immediate ceasefire in Gaza, with President Joe Biden warning that Israel was starting to lose international support because of the killing of civilians. The cost of shipping through the Red Sea is also rising as Houthis in Yemen have stepped up attacks on ships they believe are connected to Israel, with industry sources warning of disruptions to global shipping in the region. The Iran-aligned group have waded into the Israel-Hamas conflict - which has spread around the region - attacking vessels in vital shipping lanes and firing drones and missiles at Israel more than 1,000 miles from their seat of power in the Yemeni capital of Sanaa. COP28 entered the final hours of negotiations on Wednesday morning as governments continued to wrangle over the future of oil and other fossil fuels. China's former vice minister Liu Zhenmin said on Wednesday morning in Dubai that some sticking points remained. A draft deal on Monday had been criticised for failing to call for a phase-out of fossil fuels.
47 Replies 8 π 6 π₯
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By Colleen Howe and Muyu Xu BEIJING/SINGAPORE (Reuters) -Oil prices reclaimed some ground on Thursday after tumbling to a six-month low in the previous session but investors remained concerned about sluggish demand and economic slowdowns in the U.S. and China. Brent crude futures rose 27 cents, or 0.4%, to $74.56 a barrel by 0613 GMT. U.S. West Texas Intermediate crude futures rose 24 cents, also 0.4%, to $69.62 a barrel. "Oil markets may have been oversold," which could mean the recovery is a "short-term rebound", Tina Teng, a markets analyst with CMC Markets (LON:CMCX), said in a note. In the previous session, the market was spooked by data showing U.S. output remains near record highs even though inventories fell, analysts at ANZ said in a note. Some of the bearishness was also a result of higher product fuel inventories, the ANZ analysts said. Gasoline stocks rose by 5.4 million barrels in the week to 223.6 million barrels, the EIA said on Wednesday, far exceeding expectations for a 1 million-barrel build. For the first time in a year, the market structure for Brent contracts switched to trade in contango, with contracts for near-term delivery cheaper than six months later. WTI contracts have also switched to trade in contango over six months out. A market moving back into contango suggests there is less worry about the current supply situation and encourages traders to put barrels in storage. Oil prices have fallen by about 10% since the Organization of the Petroleum Exporting Countries and allies, together called OPEC+, announced a combined 2.2 million barrels per day voluntary output cuts. "Oil markets seem to completely sideline producer's cartel manoeuvres aimed at keeping oil prices elevated," said Priyanka Sachdeva, analyst from Phillip Nova, in a note. "The sign of easing inflation is (also) feeding into fears of a global economic slowdown and in turn dented demand for fuel globally," Sachdeva said. A Reuters survey found that OPEC oil output fell in November in the first monthly drop since July, as a result of lower shipments by Nigeria and Iraq as well as ongoing market-supporting cuts by Saudi Arabia and other members of the wider OPEC+ alliance. Meanwhile, Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman met to discuss further oil price cooperation on Wednesday as members of OPEC+, which may strengthen the market's confidence in the impact of output cuts. Kuwait and Algeria also reaffirmed their support and commitment to the voluntary cuts. Russia has pledged to disclose more data about the volume of its fuel refining and exports after OPEC+ asked Moscow for more transparency on classified fuel shipments from the many export points across the country, sources at OPEC+ and ship-tracking firms told Reuters. Concerns about China's economy also put a lid on oil's price gains. Chinese customs data showed that crude oil imports in November fell 9% from a year earlier, as high inventory levels, weak economic indicators and slowing orders from independent refiners weakened demand. While China's total imports dropped on a monthly basis, exports grew for the first time in six months in November, suggesting the manufacturing sector may be beginning to benefit from an uptick in global trade flows. Ratings agency Moody's (NYSE:MCO) put Hong Kong, Macau and swathes of China's state-owned firms and banks on downgrade warnings on Wednesday, just one day after it put a downgrade warning on China's sovereign credit rating.
108 Replies 10 π 6 π₯
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By Natalie Grover London (Reuters) -Oil prices were little changed on Tuesday against a backdrop of uncertainty over voluntary output cuts by the OPEC+ group of producers, tensions in the Middle East and some encouraging economic signals in Europe. Brent crude futures edged down by 25 cents, or 0.3%, to $77.78 a barrel by 1301 GMT. U.S. West Texas Intermediate crude futures lost 21 cents, or 0.3%, to $72.83. Comments by Saudi Arabia's energy minister that OPEC+ production cuts could continue past the first quarter of 2024 lent some price support, said OANDA analyst Kelvin Wong. Oil prices had declined on Monday on doubts that OPEC+ supply cuts would have a significant impact, said CMC Markets (LON:CMCX) analyst Tina Teng. On Tuesday, however, the Kremlin said that the cuts agreed by the OPEC+ group will take time to kick in. The Organization of the Petroleum Exporting Countries and allies including Russia, together known as OPEC+, agreed on Thursday to voluntary output cuts of about 2.2 million barrels per day (bpd) for the first quarter of 2024. At least 1.3 million bpd of those cuts, however, were an extension of voluntary curbs that Saudi Arabia and Russia already had in place. The additional cuts were below the 1 million bpd reduction that was already baked into market expectations in the run-up to the OPEC+ meeting, FGE analysts wrote in a note, adding that in practice they expect the overall OPEC+ cut to be closer to 500,000 bpd more than the reductions to fourth-quarter output. Meanwhile, the resumption of fighting in the Israel-Hamas war has stoked supply concerns, as did attacks on three commercial vessels in international waters in the southern Red Sea. There was a bright spot on the demand side, with European Central Bank board member Isabel Schnabel telling Reuters the bank can take further interest rate hikes off the table after a "remarkable" fall in inflation. In the United States, however, data on Tuesday showed factory orders fell by more than analysts had expected in October and the most in more than three years, raising concerns about the health of U.S. demand. That bolstered the view that increases to interest rates are beginning to limit spending, analysts said.
138 Replies 10 π 10 π₯
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By Paul Carsten and Natalie Grover LONDON (Reuters) -Brent crude futures hovered above $81 a barrel on Friday as traders kept their powder dry ahead of next week's OPEC+ meeting, which could bring some kind of agreement on output cuts in 2024. Brent crude futures were up 42 cents at $81.84 a barrel by 1459 GMT, having settled 0.7% down in the previous session. U.S. West Texas Intermediate crude were down 33 cents from Wednesday's close, dropping to $76.77. There was no settlement for WTI on Thursday owing to a U.S. public holiday. Both contracts were on track for their first weekly gain in five weeks as OPEC+ prepares for a meeting that will have output cuts high on the agenda after recent oil price declines on demand concerns and burgeoning supply, particularly from non-OPEC producers. The OPEC+ group comprising the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia surprised the market with an announcement on Wednesday by announcing that its Nov. 26 meeting would be postponed to Nov. 30 after producers struggled to reach a consensus on production levels. OPEC+ has moved closer to a compromise with African oil producers on 2024 output levels, three OPEC+ sources have told Reuters. "The most likely outcome now appears to be an extension of existing cuts," said IG analyst Tony Sycamore. The surprise delay had initially brought Brent futures down as much as 4% and WTI by as much as 5% in intraday trading on Wednesday. Trading remained subdued during Thursday's Thanksgiving holiday in the United States. A bright spot came in the form of the near-term economic outlook in China. Recent Chinese data and fresh aid to the indebted property sector can be "positive for the oil market's near-term trend", said CMC Markets (LON:CMCX) analyst Tina Teng. Yet those gains could be capped by higher U.S. crude stockpiles and poor refining margins, leading to weaker demand from U.S. refineries, analysts said. "Fundamentals developments have been bearish with rising U.S. oil inventories," ANZ analysts said in a note. Still, China's longer-term outlook remains lukewarm. Analysts say oil demand growth could weaken to about 4% in the first half of 2024 as the property sector crunch weighs on diesel use. Non-OPEC production growth is set to remain strong, with Brazilian state energy company Petrobras planning to invest $102 billion over the next five years to boost output to 3.2 million barrels of oil equivalent per day (boepd) by 2028, up from 2.8 million boepd in 2024.
67 Replies 8 π 12 π₯
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By Emily Chow and Trixie Yap SINGAPORE (Reuters) -Oil prices inched up on Tuesday on expectations of healthy market fundamentals, following an OPEC report saying demand remains strong, and concerns that supplies might be disrupted as the U.S. cracks down on Russian oil exports. Brent crude futures gained 23 cents, or 0.28%, to $82.75 a barrel by 0722 GMT. U.S. WTI crude futures climbed 21 cents, or 0.27%, to $78.47 a barrel. "Following the heavy sell-off in the market over the last three weeks, oil has managed to find some support ... While fundamentals may not be as bullish as initially thought, they are still supportive, with the market likely to be in deficit for the remainder of this year," ING analysts said in a email note. "The surplus we see early next year could even be erased if the Saudis roll over their additional voluntary supply cuts," they added. In its monthly report, the Organization of the Petroleum Exporting Countries blamed speculators for a recent drop in prices. It also slightly raised its 2023 forecast for growth in global oil demand and stuck to its relatively high 2024 prediction. Last week, oil prices slid to their lowest level since July, hurt by concerns that demand could wane in in top oil consumers U.S. and China. Chinese consumer prices swung lower in October to levels not seen since the COVID-19 pandemic and exports for the month contracted more than forecast. The U.S. energy department plans to buy 1.2 million barrels of oil to help replenish the Strategic Petroleum Reserve after selling the largest amount ever from the stockpile last year, which could further buoy demand. A U.S. crackdown on Russian oil exports could potentially disrupt supply, supporting prices further. The U.S. Treasury Department has sent notices to ship management companies requesting information about 100 vessels it suspects of violating Western sanctions on Russian oil, the biggest step by Washington since an imposed price cap to restrict oil revenues to Moscow. Discussions currently underway in Iraq to resume oil flows from an oil pipeline, which will increase crude supplies, could weigh on fundamentals, some analysts say. Iraq's oil minister expects to reach an agreement with the Kurdistan Regional Government and foreign oil companies to resume oil production from the Kurdish region's oilfields and resume northern oil exports through the Iraq-Turkey pipeline. Turkey has halted 450,000 barrels per day (bpd) of northern exports through the Iraq-Turkey pipeline since March 25 after an International Chamber of Commerce arbitration ruling. Focal points for the market include the International Energy Agency's latest monthly oil market report later in the day. U.S. inflation data will also be published on Tuesday, while U.S. producer price index data is due on Wednesday. Some factors such as whether the APEC summit will improve Sino-U.S. relations, and if China will further cut interest rates to support the economy, may also be supportive of oil prices, said CMC Markets (LON:CMCX)' Shanghai-based analyst Leon Li.
91 Replies 15 π 8 π₯
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By Vidya Ranganathan and Rae Wee SINGAPORE (Reuters) -Major global currencies were steady on Monday with investors preparing for the U.S. dollar to extend declines from late last week after the Federal Reserve dialled down its hawkish rhetoric. The dollar index slipped 0.08% to 104.99, with the euro gaining 0.08% to $1.0738. The dollar index declined more than 1% last week, its heaviest fall since mid-July and hit a six-week low. World stocks too had their strongest week in a year as expectations the Fed was done raising rates gathered steam. Other indicators such as weakness in U.S. jobs data, softer manufacturing numbers from around the world and a decline in longer dated Treasury yields also hurt the dollar, while stoking rallies in sterling, the Aussie dollar and causing the yen to bounce from the weaker side of 150-per-dollar. "We always say bad news is good news," said Tina Teng, a market analyst at CMC Markets (LON:CMCX) in Auckland. "So it's good then there is expectation for the Fed and other central banks to end the rate hike cycle sooner." She expected the dollar to remain on weaker trend through November. However, analysts at J.P.Morgan Securities sounded cautious. "Dollar bears would be well served to temper their enthusiasm," they wrote. "This is because, the pillars of USD strength have diluted, but not completely faded and are likely to eventually re-emerge over the medium-term as USD-supportive factors." Moreover, besides more evidence of a slowing U.S. economy, J.P.Morgan analysts say a sustained dollar selloff needs signs of improvement in the euro zone, China and other regions which it says are "still tenuous". Latest manufacturing surveys from China and Europe's GDP and inflation data bear that out. Treasury yields slumped last week after softness in U.S. jobs and manufacturing data and after Fed Chair Jerome Powell spoke of 'balanced' risks. Also, the U.S. government cut its refinancing estimate for this quarter, and announced lower increases in long-dated debt auctions than expected. Yields on 2-year notes have dropped 25 basis points in roughly two weeks, while 10-year yields languished near a five-week low and last stood at 4.5891%. The front end of the curve remains deeply inverted. Futures markets swung to imply a 90% chance the Fed was done hiking, and an 86% chance the first policy easing would come as soon as June. Markets also imply around an 80% probability the European Central Bank will be cutting rates by April, while the Bank of England is seen easing in August. The Japanese yen weakened 0.1% to trade at 149.48 per dollar. CMC Markets' Teng said the turnaround in the dollar's direction and the yen's recovery from lows last week suggested Japanese authorities probably need not intervene in the currency. The yen hit 151.74 per dollar last week, edging close to last October's lows that spurred several rounds of dollar-selling intervention by the Bank of Japan. Sterling was last trading steady at $1.2373. Britain's GDP data for the fourth quarter is due this week and, while sterling rallied strongly last week in a market that is heavily short the currency, it is still down about 6% in four months. The drop in the dollar and yields helped underpin gold at $1,984, within striking distance of the recent five-month peak of $2,009. [GOL/] In cryptocurrencies, bitcoin (BTC=BTSP) was steady at $34,847. The risky asset has been buoyed by the expected end of central bank policy tightening cycles. The crypto industry has also become focused on the prospect of new spot bitcoin exchange-traded funds (ETFs), which would throw open the market to more investors. Though none have been approved, several firms have filed for such a product.
53 Replies 14 π 13 π₯
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By Trixie Yap (Reuters) -Oil prices rebounded in Asian trade on Tuesday, after a drop of more than 3% in the previous session, as worries over supply stirred by conflict in the Middle East offset dismal China data. December Brent crude futures, set to expire on Tuesday, rose 65 cents, or 0.74%, to stand at $88.10 a barrel by 0637 GMT. The more heavily traded January Brent crude futures climbed 63 cents, or 0.73%οΌto $86.98. U.S. West Texas Intermediate crude increased 67 cents, or 0.81%, to $82.98. Oil tumbled on Monday as investors grew cautious ahead of Wednesday's U.S. Federal Reserve meeting, despite an escalation of Israel's attacks on Gaza. "Although it implemented a ground attack, it also retreated very quickly and Iran is currently only resorting to verbal deterrence," said CMC Markets (LON:CMCX)' analyst Leon Li, who is based in the Chinese commercial hub of Shanghai. "If this evolves into a full-scale invasion and there is involvement from Iran, tighter supply worries could resurface." Prices had rebounded on a technical correction earlier on Tuesday and market upside now hangs on whether Israel expands its ground offensive, he added. In a note, ING analysts said, "Disruptions to Iranian oil flows remain the most obvious risk to the market." Such lost supply could range between 500,000 barrels per day (bpd) and 1 million bpd if the United States strictly enforces sanctions once again, they added, although Middle East developments had yet to affect oil supply. In China, weaker-than-expected manufacturing and non-manufacturing activity data stoked fears of slowing fuel demand from the world's No. 2 oil consumer. Its official purchasing managers' index missed a forecast and dipped back below the 50-point level separating contraction from expansion. Prices gained some support on concern over prospects for crude exports from Venezuela, riven by election uncertainty. The Supreme Court's suspension of the results of this month's opposition presidential primary is likely to call into question whether the United States will keep up its relief from sanctions for Venezuela, the ING analysts said. The U.S. had recently decided to ease sanctions in return for the promise of fairer elections in 2024, they added. Markets were also keeping a close eye on the U.S. central bank meeting ending on Wednesday, despite a high likelihood it will keep interest rates steady, according to a poll by CME's Fedwatch tool.
61 Replies 15 π 7 π₯
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By Rae Wee SINGAPORE (Reuters) - The dollar rose to a 10-month high against its major peers on Wednesday, toppling the euro and sterling to 6-month lows and pushing the yen deeper into intervention territory, as the prospect of higher-for-longer U.S. rates gripped markets. U.S. Treasuries stabilised after a heavy selloff in recent days, though yields remained elevated and kept the greenback solidly bid. [US/] The euro was last 0.14% lower at $1.05575, after slumping to a six-month low of $1.05555 earlier in the session. The single currency was on track to lose more than 3% for the quarter, its worst quarterly performance in a year. Sterling was similarly down 0.09% at $1.2146 after hitting a six-month trough of $1.2141 earlier on Wednesday, and was headed for a quarterly loss of more than 4%. The U.S. dollar index meanwhile peaked at a 10-month high of 106.30. "The U.S. dollar is stickier to the upside than the downside," said Tina Teng, market analyst at CMC Markets (LON:CMCX). "It's (been) a shock for markets since last week because the Federal Reserve's rhetoric was more hawkish than expected ... I think it's more likely they would hike rates for one more time." Fed officials have in recent days flagged the possibility that the central bank would need to raise interest rates further, after it kept rates steady last week but stiffened its hawkish monetary policy stance. That has sent U.S. Treasury yields scaling multi-year highs in recent days as money markets adjust their expectations of where U.S. rates could peak, and for monetary conditions to remain tighter for longer than initially thought. The benchmark 10-year yield was last at 4.5255%, after hitting a 16-year high of 4.5660% in the previous session. The two-year yield stood at 5.0644%. The elevated U.S. yields have spelt trouble for the yen, which edged marginally higher to 149.03 per dollar, after having slipped to a 11-month low of 149.185 on Tuesday. The dollar/yen pair tends to be extremely sensitive to changes in long-term U.S. Treasury yields, particularly on the 10-year front. The yen's slow-but-steady decline to the psychological level of 150 per dollar has kept traders on high alert for any signs of intervention from Japanese authorities, as officials ramp up their rhetoric against the sliding currency. The 150 zone is seen by some as a red line that would spur Japanese authorities to intervene, like they did last year. "The fundamental upside pressure (to dollar/yen) from bond yields is simply too great to ignore," said Alvin Tan, head of Asia FX strategy at RBC Capital Markets. "Even if there were intervention, it won't drive dollar/yen down permanently unless bond yields start to retreat in earnest too." Minutes of the Bank of Japan's July meeting out on Wednesday showed that policymakers agreed on the need to maintain ultra-loose monetary settings but were divided on how soon the central bank could end negative interest rates. Elsewhere, the Aussie fell 0.20% to $0.6385, barely blinking to Wednesday's data pointing to an acceleration in Australia's inflation last month, matching expectations. "Today's report does nothing to change the dial for the (Reserve Bank of Australia) in my view, who will likely hold rates at 4.1% at their next meeting," said Matt Simpson, senior market analyst at City Index. The New Zealand dollar slipped 0.23% to $0.5931.
119 Replies 13 π 15 π₯
Key Metrics
Market Cap
6.28 B
Beta
1.34
Avg. Volume
841.08 K
Shares Outstanding
116.39 M
Yield
1.18%
Public Float
0
Next Earnings Date
2024-03-21
Next Dividend Date
Company Information
at cmc, we firmly believe that our people are the key to our success. our energetic and entrepreneurial spirit has enabled us to remain a leader in the metals industry for over 100 years, and we believe our success is a direct result of the contributions and work ethic of the most talented work force in the industry. we take pride in recruiting and developing the best talent for every facet of our business and encourage that each job is done the right way - correct, consistent and safe. the safety and well-being of our employees is our number one priority. learn more about the cmc family and discover the world of possibilities that awaits when you have a career with a spark!
CEO: Barbara Smith
Website: https://www.cmc.com
HQ: 6565 N Macarthur Blvd Ste 800 Irving, 75039-6283 Texas
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