A general correction in commodities prices as a result of the plunge in oil prices pressured the steel sector, with Friedman Industries (AMEX:FRD), Gibraltar Industries (Nasdaq:ROCK) Commercial Metals (NYSE:CMC) and Sutor Technology (Nasdaq:SUTR) all closing down Tuesday.
Crude oil prices for May delivery were down as much as 63 cents, or 0.6 percent, to $105.62 a barrel in electronic trading on the New York Mercantile Exchange. The contract was at $106.01 at 10:14 a.m. Sydney time. Yesterday, it dropped $3.67 to $106.25. Prices fell 5.9 percent on April 11 and 12.
The U.S. raised its crude-oil price estimate for 2011 to an average $106.38 a barrel from $101.77 in March, according to the Energy Department’s Short-Term Energy Outlook.
Friedman Industries closed Tuesday at $10.43, falling $0.07, or 0.67 percent. Sutor Technology closed at $1.62, down $0.02, or 1.22 percent. Commercial Metals closed at $16.42, dropping $0.06, or 0.36 percent. Gibraltar Industries ended the session at $11.48, declining $0.59, or 4.89 percent.
Wednesday, April 13, 2011
Friedman (FRD) (ROCK) (CMC) (SUTR) Drop as Commodities Correct
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