Base metals prices on both the London Metal Exchange and Shanghai Futures Exchange were mixed on the morning of Thursday March 17, with one noticeable feature being that volumes on the LME have been very light.• LME extends daily limit on nickel to 8% for Thursday’s trading• Market takes Federal Reserve’s 25 basis point rate rise in its stride• Hope emerges for Russian-Ukr...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 14 points at 7:30 AM EDT.. U.S. economic news to be released at 8:30 AM EDT includes February Housing Starts and the March Philly Fed Index. Consensus for February Housing Starts is an increase to 1.683 million units from 1.638 million units in January. Consensus for March Philly Fed Index is a slip to 15.0 from 16.0...Read More
The three-month nickel price on the London Metal Exchange reached its downward limit soon after the opening on Wednesday March 16, while the rest of metals were generally firmer, as were the base metals on the Shanghai Futures Exchange.* China announces measures to boost the economy and support markets...* ...as the spread of Covid-19 surges.* Markets seem ready for Federal Reserve’s rate ris...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 46 points in pre-opening trade. Index futures responded to encouraging overnight news from Ukraine and China. The Shanghai Composite Index advanced 106.75 to 3,170.71. Index futures moved lower following release of February Retail Sales at 8:30 AM EDT. Consensus was an increase 0.4% versus a gain of 3.8% in January. Ac...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 25 points in pre-opening trade despite weakness in Far East markets. The Shanghai Composite Index plunged 159.57 to 3,063.97 after the government shut down Shenzhen affected by a COVID 19 outbreak.Futures moved higher following release of economic news at 8:30 AM EDT. Consensus for the February Producer Price Index was...Read More
Base metals prices on the London Metal Exchange were mixed on the morning of Monday March 14, albeit with nickel still suspended from trading on the exchange, while prices on the Shanghai Futures Exchange were all weaker.* US dollar holding at close to 2022 high* US 10-year treasury yields back above 2%* Markets bracing for interest rate rises this weekBase metalsThree-month base metals contracts...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 14 points in pre-opening trade. Index futures responded to a drop in crude oil prices. WTI crude oil fell $4.41 to $104.89 in pre-opening trade. Loblaw Companies' Shoppers Drug (L Cdn$114.38) subsidiary announced purchase of Lifemark Health Group for Cdn$845 million.FedEx slipped $6.03 to $213.08 after KeyBanc Capital...Read More
Base metals on the London Metal Exchange were up across the board on the morning of Friday March 11, albeit with nickel on the LME still suspended.On the Shanghai Futures Exchange most of the metals were stronger, although August nickel was down by 9.6%. On balance, the metals seem to be taking a timeout after all the recent gyrations.• US CPI rises 7.9% in February, compared with February 20...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 45 points in pre-opening trade.The Canadian Dollar added 0.23 to US78.54 cents following release of Canada's February Employment Report at 8:30 AM EST. Consensus was a drop in the February Unemployment Rate to 6.2% from 6.5% in January. Actual was a drop to 5.5%. Consensus was an increase in February employment was an...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 34 points at 7:30 AM EST. Index futures responded to failed negotiations between Ukraine and Russia to halt the conflict.Much of the early advance by the S&P 500 Index can be attributed to overnight news from Amazon. The company announced plans for a 20/1 stock split. The company also announced a $10 billion share...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 77 points in pre-opening trade. Booking gained $66.47 to $1,966.00 after Oppenheimer upgraded the stock from Perform to Outperform.Campbell Soup slipped $0.10 to $42.20 after reporting less than consensus fiscal second quarter revenues. General Electric advanced $1.49 to $89.64 after the company announced a share buyba...Read More
The focus on the London Metal Exchange on the morning of Tuesday March 8 is the short squeeze that has sent the nickel market wild - prices were up by over 100% at one stage on Tuesday morning from Monday’s close, at $101,365 per tonne, this after Monday’s 72.7% rise.• Nickel experiencing panic short-covering as some major longs, shorts battle it out• Russia threatening to cut...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 5 points in pre-opening trade. Index futures were virtually unchanged following release of the January U.S. Trade Deficit at 8:30 AM EST. Consensus was an increase to $87.00 billion from $80.70 billion in December. Actual was an increase to $89.7 billion. The Canadian Dollar was virtually unchanged at US 77.89 cents f...Read More
U.S. equity index futures were sharply lower this morning. S&P 500 futures were down 23 points in pre-opening trade. Index futures are responding to the growing conflict in Ukraine. Commodity prices were sharply higher again this morning in response to the Ukraine conflict. Gold added $9.70 to $1,976.30. Crude oil gained $2.90 to $118.58. Bed Bath & Beyond advanced $10.75 to $26.93 on news...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 23 points in pre-opening trade. Index futures responded to weakness in European equity indices related to the expanding Ukraine conflict. Tensions escalated last night after Russian troops took control of Europe's largest nuclear power complex located in south Ukraine. U.S. equity index futures recovered following rel...Read More
London and Shanghai Metal Exchange base metals prices, with the exception of lead, were higher again on the morning of Thursday March 3, building on the gains seen earlier in the week as the markets adjust to the loss of supplies from Russia.* Spot Brent crude oil trading at more than $118 per barrel* US Federal Reserve gave more clarity over its interest agenda, focus on inflation* Western divest...Read More
U.S. equity index futures were mixed this morning. S&P 500 futures were unchanged at 7:30 AM EST. Investors are waiting for the U.S. fourth quarter Non-farm Productivity report to be released at 8:30 AM EST. Consensus calls for a 6.5% increase versus a 6.6% gain in the third quarter. MGM Resorts International added $0.37 to $44.10 following approval of a $2 billion share buyback program.Victor...Read More
London Metal Exchange base metals prices and spot gold were consolidating in London on the morning of Wednesday March 2, following average gains of 2.6% across the base metals on Tuesday as the market prepared for likely supply losses from Russia.* United States 10-year treasuries rates were recently at 1.73%, down from more than 2% on Friday, as haven demand rises* Spot Brent crude oil trading at...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 16 points in pre-opening trade. Index futures responded to President Biden's State of the Union address released last night.The Canadian Dollar was quiet at U.S.78.81 cents prior to news from the Bank of Canada at 10:00 AM EST. Consensus calls for an increase in the Bank of Canada's interest rate to major Canadian bank...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 11 points in pre-opening trade. The Canadian Dollar was virtually unchanged at US78.80 cents following release of Canada's December GDP at 8:30 AM EST. Consensus was unchanged versus a gain of 0.6% in November. Actual was unchanged . Consensus for fourth quarter real GDP was an annualized increase of 6.5% versus an an...Read More