Elon Musk is an enigmatic billionaire at best. He is a big, bold thinker who produced some incredible technology, from flamethrowers to boring machines.But his bread and butter, Tesla, Inc. (NASDAQ: TSLA), is failing.The electric car tycoon warned us that he might have a bad quarter, but the market was shocked by the size of the loss.Tesla's net loss of $4.10 per share was below the lowest estimat...Read More
Turkey's biggest steel producer, Erdemir Group, has reported earnings before interest, taxes, depreciation and amortization (Ebitda) for the first three months of 2019 of TRY1.733 billion ($291.3 million*).This was up by 3.82% from TRY1.669 billion for the corresponding period in 2018.The group sold 1.888 million tonnes of flat steel products in January-March 2019, down by 2.53% from the 1.937 mil...Read More
Prices for hot-rolled coil (HRC) in China may not have room to move much higher because a further 31.05 million tonnes per year of capacity will come onstream in 2019, market sources in the country told Fastmarkets this week.At least 13 HRC production lines were scheduled for start-up in 2019, and two of these started operations last month at the Hebei Zongheng Iron & Steel Group in northern China...Read More
The steel mills in Turkey have continued to book deep-sea cargoes for June deliveries, although prices were still weakening, sources told Fastmarkets on Tuesday April 30.A steel mill in the Marmara region booked a US cargo, comprising 22,000 tonnes of HMS 1&2 (90:10) at $306 per tonne, 13,000 tonnes of shredded at $309 per tonne and 5,000 tonnes of bonus...Read More
In the latest Canadian Insider Insights we provide our best take on when markets may peak this year. Click here to read our weekly newsletter.Read More
Physical iron ore trading slowed on Tuesday April 30 ahead of the May Day holiday in China on May 1-4, while prices strengthened on news of production restrictions on mills in Tangshan.MB 62% Fe Iron Ore Index: $94.17 per tonne cfr Qingdao, up $0.12 per tonne. MB 62% Fe Pilbara Blend Fines Index: $93.20 per tonne cfr Qingdao, up $0.37 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $97.27 per ton...Read More
Fastmarkets has amended its direct reduced (DR)-grade iron ore pellet premium Middle East reference.Following a one month consultation period and from April 30, Fastmarkets will use its 65% Fe Brazilian Fines Index, cfr Qingdao (MBIOI-65-BZ) as the base price for its direct reduced (DR)-grade iron ore pellet premium Middle East reference.Previously, Fastmarkets' 62% Fe Fines Index, cfr Qingdao (MB...Read More
Domestic rebar producers in the UAE maintained their prices this week while the cost of rebar and billet imports edged up after buyers accepted higher offers due to low stock levels, sources told Fastmarkets on Tuesday April 30.Domestic rebar Local rebar producers in the UAE kept their prices unchanged for May production material, with demand expected to remain poor due to the Islamic holy month o...Read More
China's domestic rebar prices moved up on Tuesday April 30 amid expectations that local authorities in the steelmaking hub of Tangshan would implement a fresh round of production curbs in May.Domestic Eastern China (Shanghai): 4,090-4,140 yuan ($607-615) per tonne, up 40 yuan per tonneNorthern China (Beijing): 3,990-4,030 yuan per tonne, up 30-40 yuan per tonneNews that local authorities in Tangsh...Read More
China's major mills raised their daily output rates for crude steel in mid-April on good demand and healthy profit, while their finished steel inventories also increased.Members of the China Iron & Steel Association (Cisa) produced crude steel at an average rate of 2.01 million tonnes per day during the second 10 days of April, up 2.6% from 1.96 million tpd in early April, according to data releas...Read More
By: Jordan Roy-Byrne CMT, MFTAAs we know, Gold and the US Dollar have an inverse relationship. Gold is priced in US Dollars and the drivers of each are similar (from an inverse point of view). Over long-term periods both trend in the same direction but the magnitude of the moves can vary and be quite different. The standard inverse relationship has not been a perfect one in recent months or yea...Read More
- Stewart Thomson, Graceland Updates 1. Gold stocks tend to become extraordinarily volatile during weeks that feature multiple key fear trade events.2. As the month of May begins, gold stocks are faced with a FOMC meeting and the US jobs report.3. Please click here now. Double-click to enlarge this daily gold chart. 4. Gold itself is quite stable ahead of these key eve...Read More
By: Ira EpsteinGold near resistance area, back to neutral:Read More
"Hey Marin, we don't invest in gold companies for yield. We invest in gold stocks as a hedge to the overall markets. And for leverage on the price of gold."What a bunch of nonsense.Have you ever heard the phrase, "What a gold mine!"?That common, age-old expression was actually a positive reference to having something very valuable. Notably, a gold mine that paid its owners very well by producin...Read More
"Investors" could be pardoned for wondering why IPO underwriters for Lyft and Uber have used accounting trickery that smells worse than ten-day-old fish in order to promote the deals. Is bogus too strong a word? Judge for yourself. In their prospectuses, neither firm subtracted promotional incentives and refunds from sales totals, as is customary. This allowed them to grossly overstate revenues...Read More
The premium paid for European nickel briquettes fell to its lowest level since July 11, 2017 on April 30, amid extremely weakened demand from the stainless steel sector for the material, while European off-warrant supply remains healthy and facilitates the decline.End-user stainless steel demand, which uses nickel and has a direct impact on its consumption, is not perceived as weak by the market,...Read More
George Friedman (@GPFutures), founder and chairman of Geopolitical Futures, calls in to discuss global goings-on and their potential investment implications. Jim identifies a potential long-term inflection point.1:17 Germany's upside-down banking system7:29 Bad loans: A Chinese specialty9:45 What to expect 90 years out?14:28 The "Time Magazine indicator"James "Jim" Grant is an American writer and...Read More
Link to the Slides and Sources: https://www.itmtrading.com/blog/plati...Question 1. Ryne H - If the government can vote to raise property taxes for any reason, wouldn't buying real estate during the crash become a liability?Question 2. John J: Do the companies that sell contracts for gold but that don't possess the physical gold still charge customers fees to store the gold that doesn't exist?Ques...Read More
A listener question triggers an interesting debate about the Commitment of Traders (COT) Report. How can the so-called Speculators keep on losing every month? How do the Commercial Traders always get it right? And who in their right mind is coming back month after month only to lose bigly? John believes that there's a constant supply of new Speculators. But are they really so rich and so dumb to k...Read More
Remember when there was a conversation a couple years ago about police in America buying up armored vehicles?Continue...Read More