The Friday Market Minute Global stocks trade firmly higher on hopes of near-term support from major central banks as the U.S.-China trade war takes it toll on world economic growth.Federal Reserve officials Williams and Clarida hint at proactive rate cuts to prevent a slowing global economy from derailing the longest U.S. expansion on record.Japan's core inflation rate rises at the slowest pace...Read More
Flat-rolled steel prices mostly moved upward in South America during the week ended Friday July 19, following the persistent Chinese uptrend, but the prices for hot-dipped galvanized coil (HDG) and Galvalume were unchanged.Fastmarkets' assessment of the price for steel hot-rolled coil, import, cfr main ports South America, was $540-550 per tonne on July 19, compared with $520-545 per tonne a week...Read More
Offer prices for South Korea-origin hot-rolled coil (HRC) exported to India have increased by at least $5 per tonne to $535-540 per tonne cfr Mumbai for shipments in August, Fastmarkets heard on Friday July 19.HRC from South Korea was last booked about a month ago at $530-535 per tonne cfr Mumbai.Importers, however, were currently not keen on booking HRC shipments for fear of the imposition of a s...Read More
Domestic rebar prices in Poland have moved up due to an expected rise in scrap costs, sources told Fastmarkets on Friday July 19.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), domestic, exw Poland, was 2,070-2,120 zloty ($546-559) per tonne on July 19, compared with 2,000-2,100 zloty per tonne a week earlier.The assessment reflected deals and offers heard in the market.Pol...Read More
European apparent steel consumption will decrease by 0.4% year-on-year over the full 12 months of 2019, according to a forecast by European steel association Eurofer published on Thursday July 18.Apparent steel consumption will fall to 163 million tonnes in 2019, from 164 million tonnes a year earlier, it said. In the first quarter of the year, it declined by 2.5% year-on-year, to 42.6 million ton...Read More
China's rebar prices dipped on Friday July 19 after selling pressure picked up in the market. Domestic Eastern China (Shanghai): 3,960-3,990 yuan ($576-580) per tonne, down 10 yuan per tonneNorthern China (Beijing): 3,880-3,920 yuan per tonne, down 10-20 yuan per tonneSellers lowered their prices during the day in an attempt to secure more orders ahead of the weekend, sources said.A trader in Shan...Read More
Swedish steelmaker SSAB expects demand for heavy steel plate to remain strong in the United States during the third quarter of 2019 but sees demand for flat steel in Europe decreasing due to seasonal reasons. Shipments of steel products from SSAB's Americas division totaled 909,000 tonnes in the second quarter, down by 6.54% year on year, the steelmaker said on Friday July 19. Shipments from SSAB...Read More
Scrap prices in most global markets pushed upward in the week ended Friday July 19, in line with stronger Turkish import prices. But this excluded the Indian market, which was hurt by limited trading activity. Turkish import prices up week-on-week, bookings resume US export prices flat on East Coast, up on West Coast Asian import prices up on steady demand but upside limited Indian prices down on...Read More
Several deals for pig iron were heard in the United States at higher prices during the week ended Friday July 19, mainly due to reduced availability of material from the Commonwealth of Independent States, sources said.Fastmarkets' price assessment for pig iron, import, cfr Gulf of Mexico, US, was $360-365 per tonne on Friday, widening upward from $360 per tonne a week before.Several deals for Ukr...Read More
Export prices for Brazil-origin slab remained stable for a second consecutive week on Friday July 19, with raw materials costs still high and deals sparse amid weak demand.Fastmarkets' weekly price assessment for steel slab export, fob main port Brazil, $/tonne, was $420-430 on Friday July 19, unchanged from the previous week.Offers for Brazilian slab remained at $420-430 per t...Read More
Gold COT Report - Futures Large SpeculatorsCommercialTotal LongShortSpreadingLongShortLongShort 309,53564,03448,434175,785453,193533,754565,661 Change from Prior Reporting Period 3,4302,692-14,09511,83010,8221,165-581 Traders 22067805963312183 Small Speculators LongShortOpen Interest 68,14636,239601,900 1,7583,5042,923 non reportable positionsChange...Read More
The gold miners' stocks continue to rally on balance, after a major upside breakout extended their strong upleg. That's driving mounting interest in this recently-forsaken sector. With the latest quarterly earnings season underway, traders will soon enjoy big fundamental updates from the gold miners. They are likely to report good Q2 results, with improving operational performances suppo...Read More
Bob Hoye & Chris Waltzek Ph.D. - July 17th, 2019. * .Mp3 HighlightsBob Hoye, Editor & Chief Investment Strategist of Bob Hoye.com rejoins the show with his view on why gold is the "go to" asset of the next decade.Bob Hoye notes authoritarian forms of governance are struggling to salvage the global economy using outdated draconian economic measures.He and his colleague define 3 key measures...Read More
For years, gold's corrections have been brutal, and that is why many erstwhile bulls have not rushed to buy this rally. They have instead been waiting for a nasty pullback in order to load up at bargain prices. But Mr. Market has not obliged. Instead, retracements have been shallow and rallies steep. The latter have often occurred after-hours, but in one recent instance via a trampoline bottom t...Read More
By: Gary Savage Dollar propped up before the start of the rate cutting cycle:Read More
Prices in Southeast Asia's steel billet market declined on July 19 because of lower offers caused by a lack of demand amid the ongoing rainy season in the region's major import market of The Philippines.Although producers lowered their offer prices, Southeast Asian buyers remained on the sidelines due to expectations that prices could fall further, market sources said. Billet from Japan...Read More
Eric Sprott discusses the renewed and surging bull market in the precious metals as well as the intriguing profit potential offered by the mining shares.Eric Sprott has more than 40 years of experience in the investment industry. In 1981, he founded Sprott Securities (now called Cormark Securities Inc.), which today is one of Canada's largest independently owned securities firms. In 2001, Eric est...Read More
Jim's new book: Aftermath: Seven Secrets of Wealth Preservation in the Coming ChaosJim Rickards is a lawyer, investment banker and economist with over thirty years' experience in capital markets. He is currently Chief Global Strategist at Meraglim. He advises the Department of Defense, the U.S. intelligence community, and major hedge funds on global finance, and served as a facilitator of the firs...Read More
Gregory Mannarino started his financial career working for the securities and trading arm of the now defunct Bear Stearns before the dot-com bubble. He is an active trader of the capital markets and has published several books pertaining to finance, global economics, and equity trading; His most recent book is titled Ultimate Guide To Money and The Markets (free ebook). Gregory currently hosts a b...Read More