The Bloomberg Commodity Index was little changed in early trading this morning (+0.11%), however year-to-date the index is down 14.03%.

The week’s big economic release is the July jobs report, with consensus forecasts for nonfarm payrolls to increase by 2 million and the unemployment rate to decrease to 10.5%

Real Gross Domestic Product (GDP) plummeted 32.9 percent in the second quarter of 2020 according to the Bureau of Economic Analysis advance estimate reported last week.

Macquarie reports that “Turkey’s HMS (75:25) steel scrap prices have extended their gains this week rising to $270/t (+$25/t since early June) according to the latest Platts’ assessment. With the easing of lockdowns in Europe and U.S., we had expected scrap prices to fall as collection and production from manufacturing plants improved.