US construction spending up in November, metals mixed

Construction spending grew by 0.4pc to a seasonally adjusted annual rate of $2.05 trillion in November, with private investment driving the growth, according to the latest data from the US Census Bureau.

The aluminum 6063 billet delivered US premium differential to P1020 midwest transaction remained flat at 9-10¢/lb in November from the end of October, while the 6063 transaction price fell to $1.25-1.27/lb from $1.29-1.30/lb as aluminum exchange prices on the London Metal Exchange declined.

US Midwest rebar remained steady at $830-840/short ton in November as demand was unchanged. Import prices began moving higher from a price floor of $750-770/st as overseas pricing rises.

The next active Comex (CME) copper price averaged $3.72/lb in November, up by 3pc from October's average of $3.6062/lb that had set a 13-month low.

• Total construction spending was 11.3pc higher than November 2022.
• Total private construction spending was at a rate of $1.595 trillion, 0.7pc higher than October and 10pc higher than November 2022.
• Private residential spending in November was 1.1pc higher than October and 3.7pc higher year-to-year, with monthly and yearly increases for both single-family and multifamily spending.
• Private manufacturing spending grew 0.5pc from October to November, and 59.4pc from November 2022.
• Private commercial spending was down 0.5pc from October to November but grew 4.2pc from November 2022.
• Public spending was at a rate of $455bn in November, 0.7pc lower than October but 16.2pc higher than November 2022.
• Spending on highway and street construction and maintenance grew 0.1pc from October to November and 15.2pc year-to-year.
• Spending on the water supply and waste in November 2023 fell 1.5pc from October but grew 22pc from November 2022.

By Aaron May and Marialuisa Rincon