By: Ira EpsteinGold price action has tightened up, where next?Read More
[The following was contributed by Farmer, a subscriber from Nairobi who is active in the Rick's Picks chat room.] Of all the lies we read reported without question by the news media, one of the most egregious is that of China's GDP is still running hot at over 6% annually. It's an astonishing number for such a large economy and even more incredible during a global economic slowdown. With s...Read More
First Cobalt Corp has agreed on a term sheet with Glencore AG, outlining the framework for a phased approach to recommission a cobalt refinery in Ontario, Canada, in less than a year with an expansion to 55 tonnes per day in 2021. The framework remains subject to a number of conditions and outline the key milestones to a long-term strategic relationship that could bring a reliable source of domest...Read More
Turkish steel producers remained quiet in the deep-sea scrap markets, awaiting some signs of recovery in the finished steel sector, sources said on Tuesday July 16.The last verified scrap deal was on July 9 when a steel mill in the Iskenderun region booked a UK cargo at $288 per tonne cfr for HMS 1&2 (80:20).Since then, Turkish steel mills have stayed away from the deep-sea markets...Read More
The Turkish domestic scrap markets remained mostly quiet last week due to the subdued finished steel markets and the seasonal summer slowdown, sources said on Tuesday July 16.Steel mills have kept their buy prices for auto bundle scrap flat, but ship scrap prices increased slightly due to expectations of a rebound in the price...Read More
Gold ended lower on Tuesday as a rise in U.S. retail sales contributed to a stronger U.S. dollar, pressuring prices for the precious metal. The upbeat retail sales number, however, also lifted prices for silver, brightening the metal's industrial demand prospects. A stronger U.S. dollar against both the euro EURUSD, +0.0357% and British pound GBPUSD, +0.0403% "have dampened whatever bullish edge...Read More
First Cobalt Corp has agreed on a term sheet with Glencore AG, outlining the framework for a phased approach to recommission a cobalt refinery in Ontario, Canada, in less than a year with an expansion to 55 tonnes per day in 2021. The framework remains subject to a number of conditions and outline the key milestones to a long-term strategic relationship that could bring a reliable source of domest...Read More
Hanging cockeyed off a ladder with an impact driver in one hand and a socket wrench in the other, sweat dripping in my eyes and the dogs running off with my instructions, I wondered, not for the last time, what I was doing...My beautiful wife has recently discovered the bargains available on Facebook (NASDAQ: FB) marketplace. If you don't know, Facebook has usurped the Craigslist space for classif...Read More
Chinese flake graphite export prices will face headwinds in the near term due to a slowdown in its traditional downstream supply chain and a surge of imported materials, delegates said on the sidelines of an industry conference in Qiandaohu, China, on July 11-12. In the fourth quarter of 2018 and the first quarter of 2019, Chinese flake graphite producers in production hubs, such as Shandong and H...Read More
* GRAPHIC-2019 asset returns: (Updates with closing prices)By Eric OnstadLONDON, July 16 (Reuters) - Nickel prices surged to theirhighest in a year on Tuesday, propelled by buying fromspeculators and industrial consumers worried about potentialfuture shortages.A key ingredient in batteries for electric vehicles (EVs),nickel could be subject to increasingly heavy demand with anexpected shift from d...Read More
In the latest Canadian Insider Insights newsletter, we look what could confirm that global growth is about to re-accelerate. In addition, our broadcast of the week takes a bite into meat alternatives while our insider of the week has been gobbling up shares of a junior gold producer. Read our July 15th newsletter here (registration not required).Read More
Czech steelmaker Liberty Ostrava is increasing its steel prices by ?,?20 ($23) per tonne to partially offset an increase in production costs, the company told Fastmarkets on Tuesday July 16. "Recent increases in raw materials and energy costs and the prevailing steel prices in Europe necessitate an immediate response to avoid further margin squeezes for our steel business," the company said.O...Read More
Prices for flat steel imports to the United Arab Emirates and Saudi Arabia fell this week, with demand remaining weak because of the seasonal summer lull.UAE Offers for hot-rolled coil imports from China to the UAE came in at $510-520 per tonne cfr, while buyers were bidding $500 per tonne cfr.No major deal was heard.Working hours in the UAE are limited from June 15 until September because of...Read More
Reduced availability of materials for August shipments of hot-rolled coil and cold-rolled coil (HRC, CRC) from the Commonwealth of Independent States (CIS) was supporting the prices for the commodities, sources told Fastmarkets on Monday July 15.Fastmarkets' weekly price assessment for steel HRC, export, fob Black Sea, CIS, was $485-500 per tonne on July 15, up by $5 per tonne week on week.Ukraini...Read More
Turkish suppliers had already used up 70.43% of the annual EU steel import quota for Turkey-origin rebar by Monday July 15, just two weeks after the annual quota period began on July 1.Only 89,178 tonnes of the annual quota volume of 301,538 tonnes for Turkish rebar remains to be allocated. The current quota period will run until June 30, 2020.As of July 15, no further tonnes were awaiting allocat...Read More
Egypt's Administrative Court has refused an appeal against the suspension of a safeguard duty on imports of steel billet and rebar, sources in the country told Fastmarkets on Tuesday July 16.Some Egyptian steel mills appealed on July 7 against the decision by the Administrative Court, taken on July 4, to suspend the safeguard duties on steel billet...Read More
Prices for imported and domestic rebar in the United Arab Emirates have increased over the past seven days, but billet import prices have decreased, sources said on Tuesday July 16.The reason behind the higher price for rebar was that local prices have been low in the UAE since late May but demand has now become stronger in the country.Domestic rebarThe domestic rebar market in the UAE has improve...Read More
Turkish steel producers remained quiet in the deep-sea scrap markets, awaiting some signs of recovery in the finished steel sector, sources said on Tuesday July 16.The last verified scrap deal was on July 9 when a steel mill in the Iskenderun region booked a UK cargo at $288 per tonne cfr for HMS 1&2 (80:20).Since then, Turkish steel mills have stayed away from the deep-sea markets...Read More
- Dave Kranzler"I don't think it's any coincidence that gold runs from $1285 to as high as $1445 around the time that all the news about Deutsche Bank started coming out" [the failure to merge with Commerzbank followed by the "good bank / bad bank" split announcement].It was reported by Bloomberg that Deutsche Bank clients - mostly hedge funds - are pulling $1 billion in capital per day from t...Read More
The market is now at record highs, and unemployment is way down. Even so, a U.S. rate cut is expected as early as this week. During his congressional testimony last week, Federal Reserve Chairman Jerome Powell raised concerns over slower global growth and trade tensions, which in turn have contributed to weaker demand and manufacturing activity. The most recent Global Manufacturing Purchasing Ma...Read More