U.S. equity index futures were higher this morning. S&P 500 futures were up 12 points in pre-opening trade. Coca Cola (KO $46.46) is expected to open higher after reporting higher than consensus third quarter sales and earnings. Under Armour advanced $1.81 to $20.00 after reporting higher than consensus third quarter sales and earnings. The company also raised guidance for the fourth quarter....Read More
(Kitco News) - Despite this October yielding one of the worst stock market performances since 1987, Janet Yellen, former Chair of the Federal Reserve, remained optimistic in her economic outlook. "At least in regards to the United States, I really think conditions are excellently excellent," she said during a live interview held at the 2018 Canada FinTech Forum in Montreal on Monday, "we haven't h...Read More
It was another wild roller coaster ride today with U.S. equities going through tremendous price swings and closing dramatically lower on the day. Officially, today’s closing price in the Dow puts that index into corrective territory. The Dow Jones Industrial Average traded to a high with gains of 352 points. It also traded to a low, which resulted in a 566-point drop only to recover slightly...Read More
NEW YORK (Reuters) - Global stocks pared their gains Monday as investors remained cautious despite IBM’s $34 billion deal to purchase Red Hat Inc and Standard & Poor’s decision to keep Italy’s credit rating unchanged.The Dow Jones Industrial Average .DJI rose 133.78 points, or 0.54 percent, to 24,822.09, the S&P 500 .SPX gained 19.91 points, or 0.75 percent, to 2,678....Read More
(Kitco News) - Gold prices are moderately lower in early-afternoon U.S. trading Monday. Some profit taking from the shorter-term futures traders is featured. The stronger U.S. dollar index today that is hovering near last week’s nine-week high also worked against the precious metals market bulls today. There is also less risk aversion in the marketplace early this week as world stock markets...Read More
(Kitco News) - The consultancy Metals Focus says gold’s recent “relief rally” has more room to run and could carry the metal over $1,300 an ounce in the months ahead, yet analysts also do not project a sustained rally over the next year due to a number of potential headwinds.Spot gold hit a three-month high just below $1,242 an ounce Friday, continuing a rally from a series of da...Read More
(Kitco News) - Large speculators have continued to exit from their one-time large net-bearish post in gold futures, trimming this by roughly two-thirds over the course of the last two reporting weeks for data compiled by the Commodity Futures Trading Commission.“The gold price continued to recover accordingly in the period under review,” said analysts with Commerzbank. The move has occ...Read More
Goldcorp Inc. (TSX: G, NYSE: GG) announces plans to buy back shares for cancellation. The company says it has received approval from the Toronto Stock Exchange for its “notice of intention to make a normal course issuer bid." This would allow Goldcorp to purchase for cancellation up to 43.5 million common shares, representing 5% of its 869.5 million outstanding shares as of Oct. 26 over...Read More
(Kitco News) - Gold prices remained slightly softer, moving little after the government reported U.S. personal spending rose 0.4% in September, while the core personal consumption price index rose 0.2%. Spot gold was last down $2.60 to $1,230.20 an ounce. The government also reported that income also rose by 0.2% in September. Ahead of time, most consensus forecasts compiled by news organizations...Read More
I started scrolling through the pieces and they are edgy cool and current. (Kitco News) - I vividly remember during a summer vacation when I swapped with a best friend of the moment, my gold bracelet for a silver one. I thought a bracelet, was a bracelet - a gesture of friendship. Only until I got home and shared the news, did I learn (or more like, I was scolded) -- on how in the world could I...Read More
Gold’s near-term fortunes may well hinge on U.S. equities, says INTL FCStone. The metal closed higher last week for the fourth straight week for the longest such winning streak since January, the firm points out. Meanwhile, stocks were on pace for their worst monthly decline in October in eight years, although the futures market is pointing to a higher open for equities on Wall Street Monday...Read More
Editor's Note: Welcome to Kitco's new Bitcoin Daily Technical Alert. Every trading day veteran Kitco technical analyst Jim Wyckoff will provide you with a concise and easy-to-understand near-term technical brief on Bitcoin. Importantly, Jim will glean the short-term charts and technical studies, and then alert you to the signals he sees regarding upcoming potential bigger price moves or price tren...Read More
The downward trend continued to prevail in the global steel billet market in the week from Monday October 22 to Friday October 26, with buying activity remaining muted amid a lack of support from the finished long steel sector.Some markets started to show the signs of optimism, however. In particular, in the CIS, some market participants hoped that the rise in import scrap prices in Turkey would h...Read More
The downward trend continued to prevail in the global steel billet market in the week from Monday October 22 to Friday October 26, with buying activity remaining muted amid a lack of support from the finished long steel sector.Some markets started to show the signs of optimism, however. In particular, in the CIS, some market participants hoped that the rise in import scrap prices in Turkey would h...Read More
U.S. equity index futures were higher this morning. S&P 500 futures gained 26 points in pre-opening trade. Index futures were virtually unchanged following release of economic news at 8:30 AM EDT. Consensus for September Personal Income was an increase of 0.3% versus an upwardly revised gain of 0.4% in August. Actual was an increase of 0.2%. Consensus for September Personal Spending was an inc...Read More
An overview of the battery raw materials markets and their price moves from the past week.Read More
Base metals prices on the London Metal Exchange were mixed at the close of trading on Friday October 26, with a continued downtrend in the three-month nickel price coming amid better-than-expected third-quarter GDP figures from the US.Reaching an intraday low of $11,810 per tonne on Friday afternoon, the three-month nickel price was trading at a 10-month low amid mounting pressure from a strong US...Read More
Brazilian copper producer Paranapanema normalized its production and sales volumes during the third quarter after a scheduled maintenance brought volumes down in the April-June period, the company's earnings report shows.Paranapanema produced 82,000 tonnes in total during July-September, up by 2.5% from 80,000 tonnes a year before. This volume was composed of 43,400 tonnes of cathodes, a 1.81% fal...Read More
An overview of the battery raw materials markets and their price moves from the past week.Read More
Key data for the pricing session in the week ending Friday October 26.China The domestic ferro-chrome spot market was stable from the past week but few deals were done. UG2 prices were stable, while the imported charge chrome index eased slightly. Chinese stainless steel mills lowered their tender prices for November delivery...Read More