This morning in metals news: U.S. import prices gained in November; meanwhile, U.S. construction starts surged in November; and, lastly, the Energy Information Administration forecasts record monthly natural gas production in 2022.
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Import prices rise 0.7%
According to the Bureau of Labor Statistics, U.S. import prices gained by 0.7% in November. The rise follows a 1.5% increase in October.
The index for U.S. imports rose by 11.7% over the last 12 months. Import fuel prices rose by 2.0% in November after a jump of 11.1% in October.
“Prices for nonagricultural industrial supplies and materials advanced 2.0 percent in November, driven by higher prices for fuel, nonferrous metals, and chemicals,”
Construction starts jump in November
U.S. privately owned construction starts reached a seasonally adjusted annual rate of 1,679,000 in November.