Base metal prices were little changed in early trading this morning with LME 3-mo. copper and aluminum edging up to around $6,460/mt and $1,898/mt, respectively, while 3-mo. nickel was holding up around $12,955/mt.

On the U.S. economic calendar this week, the Fed’s Open Market Committee will take center stage as investors will be paying close attention to the Fed chairman’s press conference, even as rates are widely expected to remain on hold for now.

There were a number of positive U.S. economic reports out last week as retail sales increased 0.2% in January, inflation readings remained in check, durable goods orders increased 0.4% in January, construction spending advanced 1.3%, and the University of Michigan’s reading on consumer sentiment improved to 97.8.

Despite a sharp decline in U.S. exports to China, total U.S. scrap exports increased 13 percent by value to $20.3 billion and were up 7 percent by volume to 40.6 million metric tons in 2018.

There is simply no better way to get a leg up on the key scrap and commodity market developments than by attending this year’s 2019 ISRI Convention & Expo in Los Angeles.