A shift in sentiment could spark more headwinds for the struggling tobacco nameThe shares of Altria Group Inc (NYSE:MO) are down 3.1% in early trading at $48.89, after Citigroup downgraded the stock to "sell" from "neutral," while trimming its price target $45 from $47. In addition, Independent Research downgraded MO to "sell" from "hold" and slashed its price target to $47 from $59, and Stifel ch...Read More
A downward GDP revision and durable goods orders are also in focusDow Jones Industrial Average (DJI) futures are trading well above fair value this morning, as a big earnings boost from Nike (NKE) offsets D.C. drama. Futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are also signaling a rebound for stocks, even after the Senate indicated it will not approve a House budget bill that inc...Read More
Traders don't need to wait until the opening bell to start raking in massive wins.In light of the recent market action, many traders are taking time to reevaluate their portfolios...Analyzing their open positions...And getting ready to make any needed changes to their trading in the weeks and months ahead.However, most traders are under the impression that they have to wait until markets open to...Read More
Aluminium billet premiums in Europe and Thailand moved lower on Friday December 21 on weaker demand and bearishness due to news that the US Treasury Department intends to remove sanctions against UC Rusal in January, while the US and Brazilian premiums were flat amid a seasonal pause in trading. European premiums tick lower on bearish view. Weak demand pressures premium in Thailand. US and Brazil...Read More
Brazilian slab export prices remained unchanged this week, with most bookings already pre-arranged due to the end-of-year holiday schedule at many companies.Fastmarkets' weekly price assessment for Brazilian slab exports was unchanged on Friday December 21, at $430-475 per tonne fob.Bookings for February shipment were virtually finished, with most deals closed to the United States near t...Read More
This stunning research revealed by the former hedge-fund who predicted the last NASDAQ crash could have some Americans thinking twice before hoarding cash.Something strange is going on in the financial system.And according to The Wall Street Journal, it's causing some investors- including the biggest banks in the world- to move massive amounts of money out of the banking system.What exactly is go...Read More
The pig iron market in the United States was silent this week because buyers are expecting to see price reductions in early 2019. Fastmarkets' import price assessment for pig iron in the US fell to $360-370 per tonne cfr on Friday December 21, down from $370-380 per tonne cfr a week earlier. "I have not heard any bids or [had any] inquiries from US buyers," one source from the Commonweal...Read More
The latest metal markets news and price moves to start the North American day on Friday December 21. Base metals prices on the London Metal Exchange were mostly lower during morning trading, hindered by weak equity markets and oil futures which have kept investors risk-averse.The S&P 500 Index fell 1.58% this morning amid fears that the US government could face a shutdown and continued economic pr...Read More
Good morning from Fastmarkets MB's offices in Asia as we bring you the latest news and pricing stories on Friday December 21.Most base metals prices on the Shanghai Futures Exchange continued to rise during early Asian trading on Friday after the dollar fell following some disappointing economic data from the United States that stoked concerns of a weakening economy. Check Fastmarket MB's live fut...Read More
Fastmarkets rounds up some of the key news and price moves across the global metal markets this week.Base metals Rio Tinto has concluded the sale of its entire 40% stake in the Grasberg mine in Indonesia for $3.5 billion, as part of a series of transactions involving state-owned PT Indonesia Asahan Aluminium (PT Inalum) and Freeport-McMoRan Inc.Aluminium market participants in the United Stat...Read More
Fastmarkets MB looks back at some of the major changes in the minor metals markets over the course of 2018.China intensified action on antimony smuggling China's growing focus on antimony smuggling along the China-Vietnam border took the market by surprise when it created a sudden shortage of material earlier this year. Chinese customs officials seized over 3,000 tonnes of antimony in a smuggling...Read More
Base metals prices on the London Metal Exchange were predominantly lower at the close of trading on Friday December 21, pressured by a broad sell-off in global stock indices amid fears of a potential US government shutdown. Despite decreasing over 1% this morning, the S&P 500 index is trading 0.50% lower over the afternoon, while a modest recovery in the Dow Jones Industrial Average did little to...Read More
Comex copper prices slipped on Friday morning in the US amid the continued trade war between the US and China and Federal Reserve worries, which are weighing on the equity and commodity markets.The copper price for March settlement on the Comex division of the New York Mercantile Exchange dipped 1.45 cents to $2.6820 per lb.Yesterday, the Federal Reserve lifted interest rates once again and issued...Read More
The London Metal Exchange has amended its metals close-out schedule for the afternoon kerb session, switching the order of copper and lead and extending the zinc close-out on recommendation from the ring dealers committee, it said in a note to members on Friday December 21. From March 18, 2019, the exchange will switch the placement of copper and lead during the afternoon kerb session, with copper...Read More
BMO Capital Markets' metals and mining division faced upheaval this year after losing its two veteran co-heads during an already tough time for the resource industry. Its new leaders aim to prove the investment bank remains as strong as ever in the sector.The Bank of Montreal unit is accelerating lending and adding more bankers, including a sales-and-trading team poached from Bank of Nova Scotia,...Read More
NEW DELHI - An Indian court on Friday said Vedanta cannot reopen its South Indian copper smelter until its hears a case challenging an order by the country's environment court which provided relief to the conglomerate, the petitioner in the case said.The smelter was ordered shut permanently by the Tamil Nadu state government in May following violent protests against its operation, killing 13 and i...Read More
JAKARTA - A special mining permit given to Freeport McMoRan unit PT Freeport Indonesia on Friday is valid up to 2031, and could be extended to 2041, an energy ministry official said.* Copper ore output from Freeport's Grasberg mine is expected to decline in 2019 once open pit mining ends this year, Freeport Indonesia chief executive Tony Wenas said* Output from the mine is expected to increase onc...Read More
Canada's First Quantum Minerals (TSX:FM) became the first top miner with operations in Zambia to react to a planned mining tax increase in the southern African nation by announcing on Friday it would have to lay off 2,500 workers at its local mines.In an internal memo, the Toronto-based miner said the job cuts will be implemented in phases during the first quarter of 2019, adding they'll be equall...Read More
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Access our research platformsSign-in to our platforms to access our extensive research, our latest insight, data and analytics and to connect to our industry experts.India's renewables target of 175 GW capacity (100 GW of solar and 75 GW of wind) by 2022 is an ambitious endeavour. Even with significant cost declines, Wood Mackenzie expects about 76% of the target to be met by 2022 and this would s...Read More