China will implement import tariffs on over 5,000 types of United States' goods starting June 1, 2019, marking an escalation in the trade war between the two countries, the government announced on May 13.Last August, China said it would apply import tariffs of 25% on a series of US metal products including zinc and copper concentrates. Yet, at that time no timetable was confirmed. Starting ne...Read More
Zinc's three-month price on the London Metal Exchange fell by more than 2% at the close of trading on Monday May 13 following the fresh inflow of more than 8,000 tonnes into LME-registered warehouses in Europe. Total on-warrant LME zinc stocks are now above 90,000 tonnes for the first time since January and are trending higher after falling to a record-low of 41,900 tonnes in March. More than 30%...Read More
May 13, 2019 Guest(s): Michael Danov President & CIO, SBP Management As capital deployed in the gold space is thin, investors should allocate assets in their portfolio to make the best of the current gold price instead of constantly wishing for higher price levels, this according to Michael Danov, president and CIO of SBP Management. "There's momentums when you can come in and invest, but people...Read More
Fastmarkets reporters present 12 key things we learned at LME Asia Week 2019 in Hong Kong during May 6-9. 1. LME is in talks with Guangdong local authority to establish warehouses in China Charles Li, chief executive officer of Hong Kong Exchanges & Clearing (HKEX), said the London Metals Exchange is in talks with the Guangdong government to pilot establishing LME warehouses in mainland China. Li...Read More
Here are five Fastmarkets MB stories you might have missed on Monday May 13 that are worth another look.China will implement import tariffs on more than 5,000 types of goods from the United States starting June 1, 2019, marking an escalation in the trade war between the two countries, the government announced on Monday May 13. Fastmarkets reporters present 12 key things le...Read More
China will implement import tariffs on over 5,000 types of United States' goods starting June 1, 2019, marking an escalation in the trade war between the two countries, the government announced on May 13.Last August, China said it would apply import tariffs of 25% on a series of US metal products including zinc and copper concentrates. Yet, at that time no timetable was confirmed. Starting ne...Read More
The junior recently reported samples taken by an arm's length company from potential bulk tonnage targets at the project yielded up to 1,278g/t silver-equivalent.Read More
The global alumina market may tighten in the coming month after around 1.7 million tonnes of Chinese alumina production was suspended on environmental infringements this month, sources told Fastmarkets on Monday May 13. Xinfa Group has closed two production lines out of four at its Jiaokou alumina plant, removing 1.3 million tonnes per year of alumina output after the local authorities launched a...Read More
Key data from the pricing sessions in Asia, Europe and the United States for the week-long period to Friday May 10.ChinaThe Chinese silicon export market's price range tightened with downstream buyers refusing to pay higher prices amid bearish sentiment. Concurrently, dip-buying and tight upstream supply boosted the low end of the range. The biggest producer in northern China has halted around hal...Read More
By: David Chapman "Peace, commerce, and honest friendship with all nations...entangling alliances with none" Thomas Jefferson, U.S. president 1801-1809, 1743-1826 "Every man lives by exchanging." Adam Smith, Scottish economist, moral philosopher, pioneer of political economy, author, known as the ''Father of Economics,'' 1723-1790 "Sooner or later every war of trade becomes a war of blood....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
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