The argument over whether we're in for global warming or global cooling and whether what's coming is natural or human-made is fun but totally irrelevant from a financial perspective. The fact is that for whatever reason and in whatever direction, the climate is getting more aggressive. Monster snowstorms and apocalyptic fires are clearly becoming more common: Combine the rising number of bad thing...Read More
(Updates with closing prices)By Eric OnstadLONDON, Nov 29 (Reuters) - Copper and other metals extendedgains on Thursday as investors bought riskier assets onspeculation U.S. interest rates may be near a peak, but tradewas thin ahead of Chinese economic data and the G20 summit.Most metals closed higher on Wednesday after the chairman ofthe U.S. Federal Reserve suggested the central bank could benea...Read More
Metal Bulletin has corrected its UK domestic grade-316 stainless steel scrap solids price, which was published incorrectly on November 23 due to a reporter error. The price was originally published at ?1,230-1,250 ($1,572-1,579) per tonne, delivered to merchant. The price has now been corrected to ?1,220-1,300 per tonne, stable from the week before. Fastmarkets MB's price book and database have...Read More
Diamond drilling at Kintavar Exploration's Mitchi Project, Quebec. Source: Kintavar Exploration Inc.Kintavar Exploration Inc. [KTR-TSXV] shares were active Thursday after the company released assays results from drilling on the Sherlock Corridor area of its Mitchi property in Quebec.The program included 12 drill holes (2,300 metres) that primarily investigated surface exploration targets on the S...Read More
Turkish steel mills extended their absence from the deep-sea scrap market on persistently poor demand for finished steel and with no recovery in sight, sources told Fastmarkets on Thursday November 29.After booking three deep-sea cargoes from the United States and the United Kingdom at the end of the last week, steel mills in Turkey paused their buying activity because of the sluggish demand...Read More
The European molybdenum-oxide market has climbed 20 cents in trading by mid-week, with deals and offer prices reported above $12 per lb and returning to a level unseen since the start of November.Some oxide trading, however, has been in South Korea where major steelmaker Posco settled a tender for around 100 tonnes of oxide last week at about $12-12.10 per lb. The company is due to settle another...Read More
The Thursday Market Minute Global stocks mixed in the wake of a dovish take on U.S. interest rates from Fed Chairman Jerome Powell, with stocks in China held down by trade concerns and U.S. markets losing steam from last night's rally.Fed Chair Powell says U.S. rates "just below" neutral, reversing his October assessment and slowing rate hike bets for 2019, but also raising questions over Fed in...Read More
Comex copper prices were under pressure on Thursday morning in the US, in the aftermath of US Federal Reserve chairman Jerome Powell's dovish comments made on Wednesday.The copper price for March settlement on the Comex division of the New York Mercantile Exchange reversed down 1.55 cents to $2.7980 per lb. Powell said interest rates were, "just below neutral levels" while speaking at the New...Read More
(Updates prices, adds details) * Stronger equities limiting gold's gain - analysts * Fed to release minutes from its Nov. 7-8 policy meeting * Platinum off seven-week lows hit on WednesdayBy Swati VermaBENGALURU, Nov 29 (Reuters) - Gold rose on Thursday afterFederal Reserve Chair Jerome Powell's comments boostedperceptions the central bank would go slow on interest ratehikes next year, while palla...Read More
Three-month base metals prices on the London Metal Exchange were being pushed and pulled by cross currents this morning, Thursday November 29. Nickel, lead and tin showed gains averaging 0.4%, while copper, aluminium and zinc were down by an average of 0.4%. Copper was off by 0.4% at $6,230 per tonne.Volume across the complex has been average with 5,189 lots traded as at 7.33am London time. Wednes...Read More
The London Court of Appeals has upheld Vladimir Potanin, one of two major shareholders in Nornickel, in his attempt to block the other, Oleg Deripaska, from buying more shares in the giant nickel and palladium producer.Deripaska would have gained 6.3 million shares, owned by Crispian Investments, a stake that Russian news agency TASS put at 4%. Deripaska currently has a share of 27.8% through alum...Read More
2018 was a huge year for the cannabis industry.The state of California - the fifth-largest economy in the world - officially began the legal sales of adult-use cannabis.The entire country of Canada officially legalized adult-use cannabis.Mexico began the process of ending the prohibition of cannabis.All across the world, new legalization legislation was introduced, debated, and passed.Make no mist...Read More
All ears were listening to Fed chairman Jerome Powell's comments on monetary policy Wednesday for hints as to whether the central bank would be easing up on its rate hike plans. As explained in yesterday's post, US stocks move into fair-valued territory, stocks are likely to face more downside pressure unless the Fed pulls back on its hawkish path. As it turns out, the Fed chairman suggested that...Read More
Rumors have become stronger recently that discounts are being offered on flat steel prices in Brazil, Fastmarkets heard on Thursday November 29. Imported material has lost value and this has caused competition to intensify in the country, sources reported.Companhia Sider??rgica Nacional (CSN) is the main steelmaker granting price discounts to distributors at an average of 5-6% for all flat product...Read More
European buyers of hot-dipped galvanized (HDG) coil have been watching the market in expectation of a price reduction, sources told Fastmarkets on Thursday November 29.Buyers have mostly been holding back from making purchases while hoping for a clearer market trend to emerge."Prices are under pressure, for sure," a Northern European source said. "Demand from [the] automotive [sector] is slowing d...Read More
Domestic prices for cold-rolled coil (CRC) in the EU have been under pressure from slow trading, sources told Fastmarkets on Thursday November 29.Demand has been reduced by a combination of seasonal de-stocking activity and a general 'wait-and-see' attitude among buyers due to the lack of market clarity about further price trends.European buyers have also been reported to have sufficient stocks of...Read More
Turkish domestic rebar and wire rod prices have continued to decrease amid poor demand and a stronger lira, sources said on Thursday November 29.Fastmarkets' weekly price assessment for domestic rebar in Turkey was TRY2,950-3,085 ($562-588) per tonne ex-works, including 18% VAT, compared with TRY3,080-3,220 per tonne of last week.A steel mill in the Izmir region was heard offering rebar to local.....Read More
Turkish long steel export prices continued to fall over the past week on sluggish demand and a downturn in Asian steel prices, sources said on Thursday November 29.Steel mills in Turkey cut their offers to $490-495 per tonne fob on an actual-weight basis, but had attracted almost no interest at those prices, sources told Fastmarkets."We are trying to keep our offers at $495 per...Read More
CloseGain/LossGold $1223.90+$3.70Silver$14.30-$0.01XAU64.80-1.11%HUI146.40-1.00%GDM534.77-0.25%JSE Gold1124.07+16.97USD96.78-0.05Euro113.89+0.18Yen88.30+0.17Oil$51.45+$1.1610-Year3.029%-0.032T-Bond140.21875+0.28125Dow25338.84-0.11%Nasdaq7273.08-0.25%S&P2737.80-0.22% The Metals: Gold gained $8.70 to $1228.90 by late morning in New York before it drifted lower in afternoon...Read More
By Ira EpsteinHow to play metals going into the G-20 Meeting.https://www.iraepstein.com/ Read More