It’s an over obsessed upon commodity, previously hyped for its (Hubbert’s) “peak” status by “experts” like T Boone Pickens and a whole clown show of promoters amplified by the media at the time.Now WTI Crude Oil has reached a thick resistance zone (as managed in NFTRH for the last couple of years) and may be breaking down from a peak of a whole other kind. Here...Read More
BRUSSELS (Reuters) - The European Commission said on Wednesday it had adjusted its recommendation for the euro zone as a whole to have a stronger focus on what it said were the key challenges of boosting growth and shoring up public finances.“The recommendation calls for policies that support inclusive and sustainable growth, and improve resilience, rebalancing and convergence within the eur...Read More
TOKYO (Reuters) - Japan must maintain its ultra-loose monetary policy and proceed with gradual hikes in the consumption tax, including a scheduled increase next year, the Organisation for Economic Cooperation and Development (OECD) said on Wednesday.The country’s ageing population also requires labor market reforms such as abolishing the mandatory retirement age and promoting female employme...Read More
ATHENS (Reuters) - The European Union’s executive approved Greece’s first post-bailout budget on Wednesday, but said the country had to speed up reforms if it hoped to qualify for any future disbursements under debt relief measures.The European Commission said it had adopted its first report for Greece under an enhanced surveillance framework put in place after the concusion of its bai...Read More
* EU Commission rejects Italian budget* Yields down as much as 16 bps on day* Salvini may be open to review budget -La Stampa* Salvini not seeking budget deficit changes (Adds Salvini, European Commission comment)By Virginia FurnessLONDON, Nov 21 (Reuters) - Italian government bond yields fell on Wednesday as some signs of a compromise from Rome on its 2019 budget boosted investor confidence, even...Read More
ANKARA, Nov 21 (Reuters) - Turkey's interest rates arefalling and the lira is firming, giving concrete reason to beoptimistic about the economy, President Tayyip Erdogan said onWednesday.Erdogan added that shops that keep food items like onionsand potatoes in stock, causing prices to increase, will beraided if complaints are received about them. (Reporting by Ece Toksabay and Tuvan GumrukcuEditing...Read More
Base metals price changes on the London Metal Exchange were mixed at the close of trading on Wednesday November 21, with positive moves in copper, lead and zinc futures contrary to the continued slide in nickel, while the complex remained broadly impervious to continued strength in the US dollar index.Lead futures improved amid a nine-year low in total LME inventory, rising by 2.2% over the day's...Read More
The London Metal Exchange is planning to launch a lithium contract in the second half of 2019 to meet growing demand from the electric vehicle industry, Fastmarkets learned during Asia Copper Week in Shanghai. The contract, announced as part of the exchange's Strategic Pathway in September 2017, will be settled against an index price, with Fastmarkets MB's lithium spot price index one of those bei...Read More
* Euro rises before European Commission responds to Italybudget * Italy Deputy PM open to reviewing fiscal plans, newspapersays * Dollar falls amid fears of global growth * Yen down, sterling up as investors await Brexitdevelopments* Graphic: World FX rates in 2018 By Tom Finn LONDON, Nov 21 (Reuters) - The euro rose on Wednesday,buoyed by reports that Italy may be open to reviewing its draftbudge...Read More
MOSCOW, Nov 21 (Reuters) - Russia's central bank mayconsider cutting the key interest rate in late 2019, the bank'sGovernor Elvira Nabiullina said on Wednesday.She said that the neutral level for the bank's key rateremained at between 6 and 7 percent and added that currencycontrols, which Russia does not have now, would have a negativeimpact on the economy.The key rate is now at 7.50 percent. (Rep...Read More
Base metals on the London Metal Exchange were all higher during morning trading on Wednesday November 21, with risk-averse investors capitalizing on lower prices earlier in the week amid a slight downturn in the US dollar and continued uncertainty over US-China trade relations.Climbing just under 1% over the morning, copper's three-month price pushed back above $6,200 per tonne while volumes remai...Read More
JOHANNESBURG, Nov 21 (Reuters) - South Africa's rand rose inearly trade against a softer dollar on Wednesday, in line with arise in local bonds and stocks as investor appetite for riskierassets was boosted. * At 0650 GMT, the rand traded 0.25 percent firmerat14.0600 per dollar, after closing at 14.0950 in New York. * The currency is expected to trade in a range of 13.9500 to14.2000 to the dollar o...Read More
SHANGHAI, Nov 21 (Reuters) - China's yuan was little changedagainst the dollar on Wednesday as corporate dollar sellingoffset the drag from a weaker official midpoint. Traders expect the yuan will be kept relatively steady aheadof a high-stakes meeting between U.S. President Donald Trump andChinese President Xi Jinping at the end of the month. Just a few weeks ago markets had hoped the meeting may...Read More
LUSAKA - Zambia's annual copper output rose 10.4% in September to 631,359 tonnes, the central bank in Africa's second-biggest producer of the industrial metal said on Wednesday.Some mining companies operating in Zambia include NFC Africa, majority owned by China Non-ferrous Metals Company Limited (CNMC), Canada's First Quantum Minerals, Glencore, Barrick Gold and Vedanta Resources.(By Chris Mfula;...Read More
World's largest miner BHP (ASX, NYSE, LON, JSE:BHP) told investors on Wednesday that it has learned from its past mistakes and is now spending its money more wisely.Explaining BHP's fresh strategy to seek growth while maintaining a healthy balance sheet, chief financial officer Peter Beaven said in a briefing the company has learned to assess both risks and returns, actively manage threats and thi...Read More
Following a revision of its extraction plan, Canada's Altiplano Metals (TSXV: APN) tested the viability of continuing operations in the current environment of lower copper prices and obtained positive results.In a media statement, the Edmonton-based miner explained that results from the latest 2,445 tonnes extracted in October from the historic Farellon copper-gold mine in Chile show considerable...Read More
Shares in Canadian miner Northern Dynasty Minerals (TSX:NDM) were up Wednesday following an agreement announced late Tuesday between its subsidiary Pebble Limited Partnership (PLP) and the Alaska Peninsula Corporation (APC) that lets the company use defined portions of lands to build and operate roads for the stalled Pebble copper-gold-silver project.If the proposed mine makes it through the le...Read More
* U.S. crude stocks rise more than expected -EIA* Fearing a glut, OPEC pushes for supply curb* Trump praises Saudi Arabia for helping to lower oil prices (New throughout, updates prices, market activity and comments to settlement)By Stephanie KellyNEW YORK, Nov 21 (Reuters) - Oil prices rose about $1 a barrel a barrel on Wednesday, bouncing from the lowest levels in months, after U.S. government d...Read More
* NSE index down 0.53, BSE index down 0.77 pct* Nifty IT index end 2.8 pct lowerNov 21 (Reuters) - Indian shares ended lower on Wednesday in line with broader Asian markets, weighed down by a renewed bout of selling on Wall Street overnight that mounted uncertainty about global economic growth.The broader NSE index .NSEI closed 0.53 percent lower at 10,600.05, while the benchmark BSE index .BSESN...Read More
Investing.com - U.S. crude oil inventories rose more than expected last week, paring earlier price gains as the larger-than-forecast build reinforced concerns of oversupply.The EIA data showed that crude oil inventories increased by 4.85 million barrels in the week to Nov. 16.That was compared to forecasts for a stockpile build of 2.50 million barrels, after a build of 10.27 million barrels in the...Read More