Malaysia has increased its anti-dumping duties imposed on cold-rolled coil imported from China.The new import tax rates will be in effect from Wednesday May 8, 2019 to May 23, 2021, Malaysia's Ministry of International Trade & Industry (MITI) said this week.The ministry began its review of the existing tariffs imposed on Chinese, South Korean and...Read More
US President Donald Trump issued an executive order on Wednesday May 8, slapping sanctions on Iran's aluminium, copper and steel sectors."Today, I am signing an executive order to impose sanctions with respect to Iran's iron, steel, aluminum, and copper sectors, the regime's largest non-petroleum-related sources of export revenue," Trump said in a statement through the White House on May 8.The exe...Read More
Lead's three-month price on the London Metal Exchange had tumbled by 2.5% by the close of trading on Thursday May 9, reaching its lowest level since August 2016 at an intraday low of $1,830.50 per tonne.Three-month lead prices were down by just under 10% since late-February, when prices last exceeded $2,000 per tonne. The price of lead spent most of 2018 above that threshold level, and while LME s...Read More
Trade-sensitive chip stocks took a beatingThe Dow pared some of its earlier losses, but still ended well below breakeven, as traders brace for a possible tariff increase on $200 billion in Chinese goods. President Donald Trump earlier said that China "broke the deal" and will pay, but later said it's still possible Washington and Beijing could strike a deal ahead of the midnight deadline. Meanwhil...Read More
ZUMZ was among Wedbush's retail victimsTrade fears continue to push stocks further into a steep sell-off, with all three major indexes trading in the red. Three stocks investors are paying close attention to this afternoon are cannabis producer Cronos Group Inc (NASDAQ:CRON), Houston-based Occidental Petroleum Corporation (NYSE:OXY), and retailer Zumiez Inc. (NASDAQ:ZUMZ). Below, we will dive i...Read More
Turkish steel producers remained silent in the deep-sea scrap markets on Thursday May 9 because of the low levels of finished steel demand in both their domestic and export markets, sources said.Since booking a US cargo on May 7, the mills have stopped their deep-sea scrap purchases and no significant imports have been heard.A steel mill in the Iskenderun region booked the US cargo on Tuesday, com...Read More
The "Amazon of Africa" is pacing for its worst day everThe shares of African e-commerce issue Jumia Technologies (NYSE:JMIA) are getting destroyed this afternoon, after short seller Citron Research weighed in on the shares. Specifically, Citron said, "In 18 years of publishing, [we have] never seen such an obvious fraud as Jumia," claiming the company inflated numbers and removed key metrics from...Read More
Verizon stock just pulled back to a historically bullish indicator on the chartsThe shares of blue-chip name Verizon Communications Inc (NYSE:VZ) have taken a breather since nearly taking out theirall-time high in late March, trading up to $61.58. The telecom concern has been bouncing atop the $56 region of late, and VZ just pulled back to a long-term bull signal on the charts that could send the...Read More
CHL is about to wrap up its eighth straight weekly lossChina Mobile Ltd. (NYSE:CHL) is in the news today, after the Federal Communications Commission (FCC) voted unanimously to deny the Chinese state-owned firm's application to provide U.S. telecommunication services. The FCC expressed concern that the Chinese government could use the approval to spy on the U.S. government.The decision comes amid...Read More
Comex copper prices failed to recover on Thursday May 9 morning in the United States amid persistent worries over the Sino-US trade talks.The copper price for July settlement on the Comex division of the New York Mercantile Exchange tumbled 3.70 cents to $2.7375 per lb"The intense selling pressure in the copper market since the start of May is...Read More
It took just four days for subscribers to double their investment Subscribers to Schaeffer's Option Advisor newsletter managed to double their money in just a matter of days with the EOG Resources Inc (NYSE:EOG) July 105 Put. Below, we will dive into why we anticipated a downside move from the oil concern, and how the options trade unfolded. When we first recommended the put option on Friday...Read More
Three weeks after I projected a fall to 53.60, Lyft has touched that number and gone as low as 52.78. The stock will have another chance to pick up support slightly below, at 52.27, a midpoint Hidden Pivot, but a decisive breach would put a 41.54 target in play. That would represent a 53% drop from the opening day high of 88.60 and a 21.5% drop from the current price of 52.90.Uber is unlikely...Read More
Over the past two years, direction of a nation's currency has had a bigger impact on gold, silver and all metal prices. Gold and silver have been trading in a wider range. Winning bets are those who are able to correctly forecast the trend of their national currencies. Gold and silver are not rising (in US dollar quote) despite all the positive factors. Central banks are buying gold. There is tr...Read More
Thestock market took a dive, and gold with silver barely moved higher. Miners hadlittle reason to rally, especially that they have been underperforming gold formany days now. And yet, gold stocks and silver stocks moved visibly higher.What if it isn’t just a bluff? What if it’s the first sign that the near-termbottom is already in? Well,if this is the case, then the upside for the mine...Read More
Fastmarkets will launch a Chinese export price assessment for electrolytic manganese flake on Friday May 10.After a consultation period, Fastmarkets will launch a weekly price assessment for electrolytic manganese flake, 99.7% basis, fob China, $/tonne. The introduction of the price will expand Fastmarkets' current price coverage for electrolytic manganese flake, providing the marke...Read More
Sector expert Michael Ballanger suggests investors "never underestimate the replacement power of stocks within a Fed-induced credit bubble" and provides other observations on the markets. Looking back at the events of last week, the S&P 500 finally took out the October highs at 2,941 intraday, making the 2018 bear market one of the shortest on record at 93 days (Sept. 21–Dec. 2...Read More
Here are five Fastmarkets MB stories you might have missed on Thursday May 9 that are worth another look.Aluminium traders in Europe have been switching business to the Italian port of Trieste in the past month, due to high stock levels leading to opportunistic trading. Market sources told Fastmarkets that the port is ideal for sending material into neighboring Central and Eastern Europe, with tru...Read More
U.S.Representative Alex Mooney (R-WV) introduced legislation this week to providefor the first audit of United States gold reserves since the EisenhowerAdministration.The Gold Reserve Transparency Act (H.R. 2559) – backed bythe Sound Money Defense League and government accountability advocates –directs the Comptroller of the United States to conduct a “full assay,inventory, and a...Read More
CRM shares are lower today on broader tech headwindsCloud name Salesforce.com, Inc. (NYSE:CRM) trading down 1% at $155.33 -- on track for a fourth straight loss -- as a big post-earnings slide for Intel (INTC) weighs on the broader tech sector. Despite this downside, CRM options traders are unusually active today, with speculators rushing to place bullish bets on the stock.Most recently, 26,730 ca...Read More
The SPX went two months without a three-day losing streakThe major stock market indexes have been slaughtered this week, with all signs pointing to increased tariffs on $200 billion in Chinese goods tomorrow. In fact, the S&P 500 Index (SPX) yesterday suffered its third straight loss, marking its longest losing streak in two months. Below, we take a look at how the SPX performs after going at leas...Read More