Traders will prefer to be long gold than short gold. I was hoping that sense will prevail in Trump and that a trade deal would be done with China on the weekend. Trump tweets suggest that he has refused to budge and will not budge for the rest of the his term which ends in January 2021. It is very difficult to predict the real long term impact of the US-China trade on China and rest of the wor...Read More
Key data from the pricing sessions in Asia and Europe for the week-long period to Friday May 10.China The Chinese domestic antimony price fell significantly on an increase in supply after almost all the private antimony producers in Lengshuijiang city resumed their production after the May Day holiday (May 1-4). Chinese antimony suppliers cut their offers last week to encourage sales in a weak mar...Read More
* GRAPHIC-2019 asset returns: (Updates with closing prices)By Eric OnstadLONDON, May 13 (Reuters) - Lead prices sank to the lowest innearly three years on Monday on worries that industrial metalsdemand would suffer from renewed U.S.-Chinese trade tensions.Aluminium saw the lightest losses after reports of reducedsupply of raw material alumina from China.Metals slid along with other financial marke...Read More
Turkish steel producers continued to book deep-sea scrap cargoes with the help of falling prices, sources said on Monday May 13.A steel producer in the Izmir region booked a Baltic Sea cargo, comprising 10,000 tonnes of HMS 1&2 (80:20) at $286 per tonne, 12,000 tonnes of shredded at $291 per tonne and 3,000 tonnes of bonus at $296 per...Read More
The depreciation of the Turkish lira has continued to drive the prices for domestic ship scrap and auto bundle scrap in opposite directions over the past week, sources said on Monday May 13.All four steel producers in the Izmir region have reduced their buy prices for domestic shipbreaking scrap by $10 per tonne over the past seven days.Three steel mills cut their buy prices for the material to $2...Read More
The lack of any last minute breakthrough in US-China trade talks has led to risk-off this morning, Monday 13 May, with money moving into haven assets.Lack of a US-China trade deal prompts risk-off European equities follow Asian equities lower, US treasury yields weaken Base metals In line with the escalation in trade tensions between the United States and China, most of the three-month base metals...Read More
I had to pay $0.05 for this plastic bag...Freakin' liberals, right?Well, I'm pretty sure this stupid plastic bag that the liberals forced me to buy has been the single best investment I've ever made in terms of percent gains.Let me tell you the story...A few weeks ago, I was down in Washington, D.C. While there I went to a grocery store to buy a snack and something to drink. Finishing up at the se...Read More
The market for exports of hot-rolled coil (HRC) and cold-rolled coil (CRC) from the Commonwealth of Independent States (CIS) was moderate during the week ended Monday May 13, with prices falling slightly.Prices went down with lower offers being heard and deals being agreed at reduced levels.The main export markets for CIS-origin flat steel were Turkey and the Middle East-North Africa (Mena) region...Read More
Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. The INK Canadian Insider Index began with some weakness but held the 1101-1102 level three times during the week before rebounding on Friday to close at 1108.84, for a modest 1.1 point loss. MACD improved nearly 2 points to -2 while RSI gained 5.8 points or 19.7% to 35.24. RSI hit a low...Read More
How many bulls does it take to change a light bulb? None, says Bob Hoye from ChartsandMarkets.com, "Because light bulbs never burn out and neither do bull markets". In his May 10th broadcast, the market historian suggests we are seeing signs of a top in the market, including a recent headline, "The US stock market can't stop, won't stop its endless rally".Hoye: Do light bulbs and bull markets g...Read More
China's domestic hot-rolled coil market fell further on Monday May 13 after trading activity fell, while exporters too lowered their prices.DomesticEastern China (Shanghai): 4,020-4,030 yuan ($589-590) per tonne, down 10-20 yuan per tonneNorthern China (Tianjin): 3,890-3,900 yuan per tonne, down 10 yuan per tonneHRC prices in China's major markets fell on Monday after mills lowered their offers by...Read More
The current trading environment would support higher domestic steel prices in Brazil, but low demand and a decrease in the cost of ferrous scrap were being considered before any adjustments were announced, steelmaker Gerdau has said."We will continue to watch how consumption evolves in the country to decide whether or not to increase prices," chief executive officer Gustavo Werneck told investors...Read More
Long-steel export prices from the Commonwealth of Independent States remain under pressure this week amid a lack of demand from importers and low competing offers from other export markets, Fastmarkets heard on Monday May 13.Fastmarkets MB's weekly price assessment for CIS export rebar was $460 per tonne fob Black Sea on May 13, unchanged week on week."The rebar price could drop by a further $5-10...Read More
The start of the Islamic holy month of Ramadan and a weak Turkish lira have made Turkey-origin rebar the most economical choice for Singaporean buyers, market sources said.Fastmarkets MB's weekly import price assessment for rebar into Southeast Asia - which mainly looks at cargoes sold into Singapore on a theoretical-weight basis - was $490 per tonne cfr for the week to May 13, down from $505 per...Read More
Turkish steel producers continued to book deep-sea scrap cargoes with the help of falling prices, sources said on Monday May 13.A steel producer in the Izmir region booked a Baltic Sea cargo, comprising 10,000 tonnes of HMS 1&2 (80:20) at $286 per tonne, 12,000 tonnes of shredded at $291 per tonne and 3,000 tonnes of bonus at $296 per...Read More
The depreciation of the Turkish lira has continued to drive the prices for domestic ship scrap and auto bundle scrap in opposite directions over the past week, sources said on Monday May 13.All four steel producers in the Izmir region have reduced their buy prices for domestic shipbreaking scrap by $10 per tonne over the past seven days.Three steel mills cut their buy prices for the material to $2...Read More
Seaborne iron ore pellet transaction volumes and prices remained robust in the week ended Friday May 10, while the corresponding figures for iron ore concentrate remained weak.PelletsThe weekly Fastmarkets MB 65% Fe Blast Furnace Pellet Index was $128.58 per tonne cfr China on May 10, up by $0.40 per tonne from a week earlier.A cargo of 64% Fe Indian Jindal pellet traded at $121-122 per tonne cfr,...Read More
StrengthsThe best performing metal this week was gold, up 0.54 percent. Gold traders ended the week neutral on the price of gold as many are awaiting more details on the trade talks between the U.S. and China, according to the weekly Bloomberg survey. The BullionVault gold index measuring the balan...Read More
By: David HaggithSo much for the trade war being "good and easy to win." Let's be honest. Trump has been grinding away on it for almost a year now, and China has barely flinched in its negotiations. On Friday the tariff war became personal because it will now tap your own budget and every business budget in town.If you think Trump's boosting of the amperage means China will settle quickly, you m...Read More
My minimum upside target for the S&P 500 is still 3095, about 7.4% above these levels, and I am sticking with it. A corresponding rally in the Dow Industrials would leave them just shy of 28,000. Let me also mention that last week's nasty selloff would have tripped a 'mechanical' buy signal if the S&Ps had fallen just a little farther. The rally targets are purely technical and go directly aga...Read More