China's finished steel exports fell in May on both a year-on-year basis as well as when compared with the preceding month. The country shipped 5.74 million tonnes of finished steel abroad last month, down 16.5% from a year earlier, according preliminary Chinese customs data released on Monday June 10.Last month's exports are also...Read More
Americans' trust in institutions, from the federal government to banks to the news media, has been deteriorating for decades. Sixty years ago, three quarters of Americans expressed faith in the government to do the right thing "most of the time" or "just about always." Today, only one in five people, a near-record low, believes our leaders make decisions in the country's best interest.The news m...Read More
Domestic rebar prices in Brazil fell during May as leading steelmakers battle with new participants for market share amid low domestic demand, retreating from announced price increases.Fastmarkets' domestic rebar price assessment was 2,450-2,600 Reais per tonne delivered on June 7, down from 2,600-2,720 Reais per tonne a month prior. The bottom of the price range is at its lowest for this year.Lon...Read More
Dear Friend of GATA and Gold:Responding to your secretary/treasurer's observation Sunday that central bank and government interventions against gold have been becoming more obvious --http://www.gata.org/node/19134-- our friend C.W. writes that the more obvious interventions against gold become, the more effective they are."As more investors see that the gold market is relentlessly and successful...Read More
By: Clint SiegnerA "perfect storm" is brewing for midwestern farmers. Unending rains have led to the flooding of tens of millions of acres of farmland. The deluge comes on the heels of years of low crop prices.It has the makings of an agriculture disaster on a scale never seen before.The nation may see a "perfect storm" in terms of food inflation. Prices for some farm commodities figure to be a...Read More
By: Ira EpsteinHow dovish will the FOMC be next week? Gold lost its trend, support in lower $1,300's:Read More
Although the S&P 500 and the Dow Industrials have been in explosive rallies for the last five days, traders appear skeptical, if not to say skittish. As the take-no-prisoners short squeeze has unfolded, a widely watched 'fear indicator' has refused to give ground; this, despite a 700-point burst in the Dow Industrials and a corresponding gain in the S&Ps over the last three days. The VIX Volatil...Read More
Gold needs to trade over $1339-$1345 zone to start another wave of rise. Chances of correction will be high as long as gold does not break this zone. Silver needs to fall below $1445 or break and trade over $1492 for direction. Momentum is down for silver. Copper can see a temporary rise. Crude oil can fall first and then rise. Trend is still down for gold and silver. Buyers and investors will...Read More
The duty-paid aluminium premium in Rotterdam edged higher on Tuesday June 11, supported by an uptick in demand. Sustained wide contango levels on nearby London Metal Exchange spreads motivated traders to hold on to metal, keeping premiums flat elsewhere. Duty-paid Rotterdam premium ticks higher, sentiment bullish US Midwest premium holds on steady fundamentals Premiums flat across Asia Brazil prem...Read More
A summary of base metals premiums from across the globe for the week to Tuesday June 11.Please click...Read More
Prices for flat steel products imported into the United Arab Emirates and Saudi Arabia remained steady over the past week during the Eid al-Fitr holiday, which marked the end of the Islamic holy month of Ramadan, sources said on Tuesday June 11.The observance of Ramadan among Muslim communities typically results in shorter working days and reduced demand for materials. Ramadan began early in May a...Read More
Base metals on the London Metal Exchange mostly traded up during afternoon trading on Tuesday June 11 amid rumors that the United States Federal Reserve will cut interest rates as early as July 2019.This move should shore up central banks in a weakening global economy and support the equities markets that the metals seem to be following, which is facilitating price rises across the complex."The me...Read More
Here are five Fastmarkets MB stories you might have missed on Tuesday June 11 that are worth another look.Operations at the Nchanga copper smelter, the largest in Zambia by capacity, have been completely suspended during a dispute between the country's government and Indian company Vedanta, the majority owner of smelter operator Konkola Copper Mines, local media reported on Tuesday June 11. G...Read More
The recent headwind from the possible implementation of 2.75% royalty on Australia-based mine looks manageable for the company.Some investors are more focused on limited growth in the foreseeable future as a grade of Australia-based asset has already got to the unbelievable level in the 2018 report (above 30 g/t).It is time for investors who value experienced management, cash flow generation (FCF...Read More
South32's decision to review the future of its manganese alloy assets comes as little surprise to fellow manganese alloy producers because they are likely to be considering similar options. The review, which could result in the divestment of the assets, reflects a wider predicament affecting alloy producers struggling with historically high ore prices and a subdued market for their own product. So...Read More
The London Metal Exchange has decided on a dispute over when the load-in, load-out (LILO) rule should have been activated, ruling in favor of warehouse company Istim. People familiar with the situation said that the warehousing firm had been found to have acted vigorously and without delay in its dealings with Glencore at its warehouses in Port Klang, Malaysia, following large cancellations of alu...Read More
Gold investors should love presidential hopeful Elizabeth Warren. Her plan to lower the value of the dollar will likely cause inflation, capital flight, and a currency war -- any of which have the potential to boost gold prices. And if all happen together, then bullion will do even better. If Warren eventually gets elected to the White House and then enacts that policy, investors shoul...Read More
Seaborne iron ore prices soared on Tuesday June 11 in line with spikes in the futures prices amid bullishness triggered by more supply issues in Australia and economic stimulus in China.MB 62% Fe Iron Ore Index: $106.61 per tonne cfr Qingdao, up by $5.10 per tonne. MB 62% Fe Pilbara Blend Fines Index: $105.41 per tonne cfr Qingdao, up by $5.10 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $109....Read More
Economic Activity The ECRI Weekly Leading index dropped 1.1 this week and is down -1.26% year over year. ISM Manufacturing dropped to 52.1 from 52.8 previously. ISM Non-manufacturing picked up to 56.9 from 55.5. Non-farm payrolls grew by only 75k from 224k in the previous month. Equity Markets Broad markets had a good week. The Dow was the leader, gaining 4.85% (DIA). The VIX...Read More
Jeffrey writes:So, in the last year I have dumped years' worth of financial and economic data into my head. Last December I bought my first silver, and about 2 weeks ago I found your site via ZeroHedge.com. I think from day 1 I started checking your site every couple hours. (Okay, enough with the boot kissing on to my question) I am trying to understand the silver market and what goes into the p...Read More