Trading across most of the base metals is leading to price weakness - this despite record-setting levels seen in the S&P 500 and Nasdaq Composite on Tuesday. The exception is aluminium, where prices have been edging higher in recent days.Asian equities give up early gains; in the US, earnings and dovish Federal Reserve sent shares to, or near to, record highsTop US officials travel to Beijing to c...Read More
High prices are luring Africans into prospecting for gold. But huge volumes are smuggled out through the Middle East.By DAVID LEWIS in Nairobi, RYAN McNEILL and ZANDI SHABALALA in LondonFiled April 24, 2019, 6 a.m. GMTBillions of dollars’ worth of gold is being smuggled out of Africa every year through the United Arab Emirates in the Middle East - a gateway to markets in Europe, the U...Read More
The Wednesday Market Minute Global stocks edge higher, following last night's record closes on Wall Street, as investors regroup for another wave of earnings on Wall Street.A muted outlook from chipmaker Texas Instruments holds down tech stocks in Asia, while concerns over a pause in stimulus from Beijing clips markets for a second consecutive session in China.European auto stocks drift lower am...Read More
DRYDEN - Ontario's government is working for the people by holding consultations to hear from businesses firsthand on industrial electricity pricing and programs.Greg Rickford, Minister of Energy, Northern Development and Mines met with forestry sector stakeholders in Dryden today. This session is one of several in-person consultations to be held with key industry stakeholders across the province....Read More
Ontario's Government for the people is supporting education-based tourism in Northern Ontario by investing in two Science North exhibits, creating four full-time jobs and retaining another 48 full-time jobs.Today, Greg Rickford, Minister of Energy, Northern Development and Mines, was at Lake of the Woods Discovery Centre to welcome Science North's Beyond Human Limits travelling exhibit to Kenora....Read More
China's hot-rolled coil prices dropped on Wednesday April 24 after mills lowered offers amid weak demand and concerns over rising supply.DomesticEastern China (Shanghai): 3,990-4,000 yuan ($594-595) per tonne, down 20 yuan per tonneNorthern China (Tianjin): 3,900-3,920 yuan per tonne, down 10-20 yuan per tonnePrices dropped after mills lowered offer prices in the morning session.A mill i...Read More
* SPDR gold holdings fall to six-month low * Asian shares fall, European markets splutter * Gold to find support at $1,264, resistance at $1,284 (Updates prices)By Sethuraman N RApril 24 (Reuters) - Gold prices edged up from the previoussession's four-month low as a dollar rally relented and equitiessoftened on Wednesday.Spot gold was up 0.1 percent at $1,273 an ounce by1248 GMT after hitting its...Read More
Export prices for Chinese cold-rolled coil were down slightly during the week to Tuesday April 23 due to limited demand in overseas markets, while export prices for hot-dipped galvanized coil rose amid a lack of availability in spot supply.Market sources said the recovery in CRC and HDG prices in 2019 could be halted in the next few weeks. Cold rolled coilFastmarkets MB's weekly export price asses...Read More
When oil prices crashed below $50 per barrel last November, I told you that oil looked cheap and that every one of you needed to prepare for the next run higher.Given the strength of global demand, it was inevitable that crude prices were going to head higher.A few weeks later, oil prices started making a huge comeback.So far in 2019, WTI prices have increased nearly 50%.It wasn't a surprise, dear...Read More
Chinese steel plate export prices were largely stable over the past week in moderate trading.Fastmarkets MB's assessment for June shipments of commercial-grade, chromium-added plate was $545-550 per tonne fob for the week ended Tuesday April 23, narrowing downward from $545-555 per tonne fob the week prior.Trading was sparse with Pakistan buyers last week, but Vietnamese buyers bought around 3,000...Read More
We experienced the dangers associated with a stalled INK Indicator last year. Will it all happen again? Will we see a move up in stock prices in the first part of the year, only to see those gains evaporate in the fall?We tackle that question and more in the latest Canadian Insider Insights. Click here to read this week's newsletter (registration not required).Read More
The price for rebar produced and delivered in Southern Europe was unchanged over the past week, amid low market activity during the Easter holidays, market participants told Fastmarkets on Wednesday April 24.Fastmarkets' weekly price assessment for domestic rebar in Southern Europe was ?,?500-510 ($562-573) per tonne delivered on Wednesday, unchanged from April 17."The market is stable at that pri...Read More
The price of hollow steel sections in both the Northern and Southern European domestic markets has remained stable this week amid heavily subdued market activity caused by the Easter holiday.The majority of market participants were absent leaving trading activity thin as a result, sources told Fastmarkets. Yet despite the stable price assessment, the market fundamentals are not perfectly balanced,...Read More
The price range for rebar produced and delivered in Northern Europe has remained unchanged week on week on limited market activity, sources told Fastmarkets on Wednesday April 24.Fastmarkets' weekly price assessment for domestic rebar in Northern Europe was ?,?535-550 ($601-618) per tonne delivered on Wednesday, unchanged from April 17.Following the long Easter weekend, a number of countries...Read More
The Turkish steel producers have continued to stay away from the deep-sea scrap markets due to weak demand for finished steel, sources said on Wednesday April 24.Demand in the country's export markets was still limited because of the safeguarding imports quotas impose by the EU, the doubled Section 232 import tariffs in the United States, and import duties in Egypt.Suppliers in the Baltic Sea regi...Read More
Iron ore prices retreated on Wednesday April 24 following a downturn in the futures and steel markets.MB 62% Fe Iron Ore Index: $93.55 per tonne cfr Qingdao, down $0.98 per tonne. MB 62% Fe Pilbara Blend Fines Index: $92.33 per tonne cfr Qingdao, down $0.98 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $95.94 per tonne cfr Qingdao, down $0.94 per tonne. MB 58% Fe Premium Index: $83.70 per tonne...Read More
Iranian export slab prices have increased on higher offers over the past week, while billet prices and demand both fell in the wake of a renewed focus on sanctions by the United States, sources told Fastmarkets.Earlier this week, US president Donald Trump announced that he would not be renewing the exemption from sanctions on Iranian oil imports granted to several countries, in...Read More
China's domestic rebar prices maintained their downward trend on Wednesday April 24 as buyers lowered procurement rates. Domestic Eastern China (Shanghai): 4,050-4,100 yuan ($604-610) per tonne, down 20-30 yuan per tonne Northern China (Beijing): 3,950-4,000 yuan per tonne, down 40-50 yuan per tonneRebar futures dropped further on Wednesday amid lower buying interest in the spot mar...Read More
Having artfully freaked out a whole bunch of investors by breaching nearby support and dropping quite sharply, so that they have panicked and scurried over to the wrong side of the boat again, the PM sector appears to be in the process of reversing to the upside now right where we would expect it to - at the lower boundary of its main upside channel, which we can see to advantage on the 1-year c...Read More
By: Stewart Thomson, Graceland Updates1. The weak physical demand season continues to cause gold to drift with a clear but modest downside bias. 2. Despite the swoon, most top bank analysts are extremely positive in their outlook for gold in the second half of the year. 3. Please click here now. Standard Chartered analyst Suki Cooper notes a high correlation between the Fed's a...Read More