J.P. Morgan Securities just added Nike to its focus list and lifted its price target Blue chip and shoe manufacturer Nike Inc (NYSE:NKE) has been no stranger to the coronavirus-induced headwinds stocks have faced in the past few weeks, coming in to today with a nearly 5% year-to-date loss. However, J.P. Morgan Securities just added the stock to its focus list and lifted its price target to $111 fr...Read More
How high could the VIX go next time volatility picks up?"...take advantage of cheaper index and equity benchmark exchange-traded fund (ETF) options and hedge your portfolio with puts. Or, given the heightened risk of a volatility pop, purchase calls on VIX futures options or another volatility benchmark."- Monday Morning Outlook, January 21, 2020"While not all standard VIX expirations are followed...Read More
Competition in the global steel markets remains fierce and here Fastmarkets provides an update on the new, progressing and closed trade cases from around the world in January 2020.1. Turkey: rebar, pig iron, cold-rolled coil2. China: copper, aluminium and ferrous scrap3. Morocco: HRC from Turkey4....Read More
"When I have to depend upon hope in a trade, I get out of it." Jesse Livermore, American stock trader, speculator, How to Trade in Stocks; 1877-1940 "The most important lesson from investing is humility." Sir John Templeton, American born British investor, banker, fund manager, philanthropist; 1912-2008 "Any fool can buy. It is the wise man who knows how to sell." Albert W. Thomas, trader, inv...Read More
Coronavirus anxiety has replaced trade war anxiety as the one-size-fits-all explanation for the stock-market's bad days. Wall Street initially thumbed its nose at the virus threat, staging a strong rally early last week even as the death toll mounted in China. But when a few cases turned up in the U.S. and airlines started canceling flights in and out of China, investors took notice. Their a...Read More
Massive Chinese central bank intervention has resulted in gold trading flat, silver falling and copper rising. Chinese evening session will be closed in metals and energy futures. 1. China's central bank said it will inject 1.2 trillion yuan ($173.8 billion) worth of liquidity into the markets via reverse repo operations today. 2. China's central bank unexpectedly lowered the interes...Read More
Eastern China's Shagang has rolled over the prices for its long steel products booked over the February 1-10 period, according to a company announcement on Saturday February 1.HRB400 rebar (16-25mm): 3,880 yuan ($559)...Read More
Hot-rolled coil prices in the United States have remained broadly stable despite increasing market jitters about downside risks from lower raw material costs and the potential fallout from the Wuhan coronavirus outbreak in China.Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $29.75 per hundredweight ($595 per short ton) on Monday February 3, nearly unchange...Read More
The three-month aluminium price on the London Metal Exchange settled at a three-year low at the close of trading on Monday February 3, below the $1,700 per tonne support level against a 16-month high in turnover, while lead's price decline over the day was the starkest in the base-metals complex.Aluminium's outright price on the LME closed at $1,686.50 per tonne on Monday afternoon, its lowest lev...Read More
StrengthsThe best performing metal this week was gold, up 1.12 percent. The majority of gold traders and analysts were bullish in the weekly Bloomberg survey as concerns mount regarding the coronavirus spreading out of China. The yellow metal had a second monthly gain as investors flock to safe havens amid the global health emergency. China's gold imports rose in December to the highest level...Read More
"When I have to depend upon hope in a trade, I get out of it." Jesse Livermore, American stock trader, speculator, How to Trade in Stocks; 1877-1940 "The most important lesson from investing is humility." Sir John Templeton, American born British investor, banker, fund manager, philanthropist; 1912-2008 "Any fool can buy. It is the wise man who knows how to sell." Albert W. Thomas, trader, inv...Read More
Coronavirus anxiety has replaced trade war anxiety as the one-size-fits-all explanation for the stock-market's bad days. Wall Street initially thumbed its nose at the virus threat, staging a strong rally early last week even as the death toll mounted in China. But when a few cases turned up in the U.S. and airlines started canceling flights in and out of China, investors took notice. Their a...Read More
Massive Chinese central bank intervention has resulted in gold trading flat, silver falling and copper rising. Chinese evening session will be closed in metals and energy futures. 1. China's central bank said it will inject 1.2 trillion yuan ($173.8 billion) worth of liquidity into the markets via reverse repo operations today. 2. China's central bank unexpectedly lowered the interes...Read More
The seaborne prices for both high and low-grade manganese ore in China ticked down in the week to Friday January 31 in response to weakening sentiment amid the worsening coronavirus outbreak.Fastmarkets' manganese ore index 37% Mn, cif Tianjin declined by 2 cents per dry metric tonne unit (dmtu) or 0.5% week on week to $4.27 per dmtu on January 31.Fastmarkets' manganese ore 37% Mn, fob Port Elizab...Read More
Domestic prices for hot-rolled coil in Northern Europe increased again on Monday February 3 due to mills' good order books and a lack of competitive imports, sources have told Fastmarkets.Fastmarkets' daily steel hot-rolled coil index, domestic, ex-works Northern Europe, was ?,?479.66 ($531.95) per tonne on Monday, up by ?,?5.64 per tonne day on day from ?,?474.02 per tonne on January 31.The index...Read More
Here are five Fastmarkets MB stories you might have missed on Monday February 3 that are worth another look. The sell-off of Chinese steel futures this morning is a sign that "worse is to come" for global steel prices, market sources told Fastmarkets on February 3.Canadian copper producer Taseko has decided to take action to protect itself against the tumbling London Metal Exchange copper pri...Read More
The sell-off of Chinese steel futures this morning is a sign that "worse is to come" for global steel prices, market sources told Fastmarkets on Monday February 3.Expectations of a rosy second quarter fueled by seasonal demand have crashed on the pandemic, which broke out on the first day of the Lunar New Year holidays in China."With the current situation, the world can forget about steel prices i...Read More
The three-month aluminium price on the London Metal Exchange settled at a three-year low at the close of trading on Monday February 3, below the $1,700 per tonne support level against a 16-month high in turnover, while lead's price decline over the day was the starkest in the base-metals complex.Aluminium's outright price on the LME closed at $1,686.50 per tonne on Monday afternoon, its lowest lev...Read More
Canadian copper producer Taseko has decided to take action to protect itself against the tumbling London Metal Exchange copper price.Vancouver-listed Taseko placed put options for 22.5 million lbs of copper (10,206 tonnes) - equivalent to 75% of February, March and April production at its British Colombia-located Gibraltar mine - it said in a notice on Monday February 3.Read More
Seaborne coking coal prices were down on Monday February 3, although trading activity was relatively muted with participants awaiting Chinese buyers' next moves to gauge market direction.Fastmarkets' indicesPremium hard coking coal, fob DBCT: $150.79 per tonne, down $1.50 per tonnePremium hard coking coal, cfr Jingtang: $162.73 per tonne, unchangedHard coking coal, fob DBCT: $127.01 per tonne, unc...Read More