Week In Review - LME spreads take a hit while the industry braces for Inauguration Day!

Market Movement: Stocks are mixed this week bond yields are up after a strong jobs report on Friday.
Job Numbers: Non-farm payrolls added 256k jobs, unemployment’s down to 4.1%, but inflation’s still stubborn—Fed might hold off on rate cuts.
Upcoming Data: PPI and CPI reports drop this week—watch for inflation updates.
Port Strike Avoided: Strike was called off after both sides reached a deal.
US Steel Sale Drama: Cliffs and Nucor are teaming up to bid on US Steel. CEO wants Trump to reverse Biden’s block on Nippon Steel deal.
Executive Orders Incoming: Expect a flurry of executive orders next week.
LME Update: LME’s steady at $2,560. March-April spread is in a backwardation at 10b, the MW Premiums down and thus MWTP under $1.40.

The London Metal Exchange (LME) & The COMEX (CME group) will be closed on Monday, January 20th in observance of Inauguration Day.

Job numbers are solid, inflation’s sticky, and the Fed might hold rates. Watch PPI and CPI this week. Scrap and LME prices are tightening. US Steel sale drama and executive orders are coming, so stay tuned.

Economics highlights

Inauguration Day	Monday, Jan 20	LME & COMEX will be closed
Federal Holiday – Martin Luther King Jr.	Monday, Jan 20
U.S. leading economic indicators (LEI) – Dec	Wednesday, Jan 22	10 a.m. Eastern
Initial jobless claims	Thursday, Jan 23	8:30 a.m. Eastern
Existing home sales, Consumer sentiment	Friday, Jan 24	10 a.m. Eastern