Domestic prices for rebar and wire rod in Turkey have increased over the past seven days on a weakening lira and rising costs for imported scrap, sources said on Thursday February 13.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), domestic, exw Turkey, was 3,000-3,040 lira ($497-504) per tonne on Thursday, up from the 2,940-2,950 lira per tonne of last week, including 18% V...Read More
Turkish export prices for steel rebar and wire rod have increased over the past week in line with the latest rebound in the cost of imported scrap, sources said on Thursday February 13.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), export, fob main port Turkey, was $410-420 per tonne on Thursday, widening upward slightly from the $410-415 per tonne of last week.The mills i...Read More
Whilst it must be frustrating for Precious Metals sector investors to watch Tech stocks continuing to "shoot the moon" while PM stocks have mostly done nothing, the chart presented below suggests that this situation won't persist for much longer.The 7-month chart for GDX shows it probably completing the Handle of a sizeable Cup & Handle continuation pattern. GDX has stayed above the support leve...Read More
Yesterday from Fed Chairman Powell...Powell says Fed will aggressively use QE to fight next recessionFederal Reserve Chairman Jerome Powell said Wednesday the central bank would fight the next economic downturn by buying large amounts of government debt to drive down long-term interest rates, a strategy that has been dubbed quantitative easing, or QE.Of course they will. The fix is always in, i...Read More
By Carolyn BorodenGold has a rather important decision zone in the 1580.30-1581.70 area. This zone is the high that gold futures (GC) reached on February 3 in a .618 Fibonacci retracement off its low, and it also constitutes a 100% projection of the prior rally swing. Note that on the first test of this key resistance gold has failed to clear the hurdle and has pulled back just over $16.00 s...Read More
By: Ira EpsteinGold market - best to watch the sideways action, watch out for the pot holes..Read More
Turkish deep-sea scrap import prices have continued to increase with the news of a fresh cargo being sold on Thursday February 13.A steel mill in the Izmir region booked a Baltic Sea cargo, comprising 25,000 tonnes of HMS 1&2 (80:20) at $273.50 per tonne and 5,000 tonnes of bonus at $283 per tonne cfr.This compared with a US cargo sold on early Wednesday at $268 per tonne and a Baltic Sea cargo so...Read More
Seaborne iron ore prices were rangebound on Thursday February 13 amid higher steel inventories and weak demand.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $88.56 per tonne, up $0.88 per tonne.62% Fe Pilbara Blend fines, cfr Qingdao: $87.89 per tonne, up $0.88 per tonne.62% Fe low-alumina fines, cfr Qingdao: $89.74 per tonne, up $0.81 per tonne.58% Fe fines high-premium, c...Read More
Brazil-based miner Vale has lowered its iron ore fines production guidance for the first quarter of 2020 after its operations were adversely affected by heavy rain, the company said on Tuesday February 11.Vale said it was expecting to produce 63-68 million tonnes of iron ore fines in the January-March period, down by 5 million tonnes from an earlier estimate of 68-73 million tonnes.The miner suffe...Read More
Weak demand has pushed the domestic price for rebar in Egypt down by as much as $16 per tonne over the week ended Thursday February 13, even though the import price for steel billet has increased, sources have told Fastmarkets.Some Egyptian rebar producers lowered their prices on February 10, when billet costs were falling with the help of a strong Egyptian pound.Domestic producers were offering r...Read More
China's domestic rebar prices dropped slightly on Thursday February 13 on persistently weak demand while the export segment tumbled after cargoes were sold much lower than prevailing rates. Eastern China (Shanghai): 3,370-3,400 yuan ($483-488) per tonne, down 10-20 yuan per tonneNorthern China (Beijing): 3,420-3,450 yuan per tonne, down 10-20 yuan per tonneMost construction projects are delaying t...Read More
Results from drill and water well testing at Minera Alamos' project and their implications are reviewed in a Haywood research report. Haywood analyst Kerry Smith reported in a Feb. 6 research note that drilling and water testing yielded positive results at Minera Alamos Inc.'s (MAI:TSX.V; MAIFF:OTCQB) Santana open-pit, heap-leach gold project. Results are in for the first two follow-up holes dril...Read More
More cases of coronavirus were reported todayDespite paring steeper losses, the Dow ultimately closed in the red. Renewed coronavirus fears and weak guidance from Cisco Systems (CSCO) weighed heavy on investors, although the blue-chip index did bounce off its more than 200-point session lows. The S&P 500 and Nasdaq nabbed fresh record highs and worked their way into positive territory in the after...Read More
TDOC stock has been on fireThe shares of Teladoc Health Inc (NYSE:TDOC) have been red hot, hitting fresh highs today and last seen up 2.2% at $112.39. Call traders aren't shying away, with call volume running in the 93rd annual percentile. This is mostly due to heavy activity at the February 110 call, where almost 3,000 contracts have traded, compared to fewer than 300 at the next most popular. Si...Read More
The equity just pulled back a historically bullish trendlineWaste Management, Inc. (NYSE:WM) has been on a roll recently, stringing together an eyebrow-raising nine weekly wins, and up 26% year-over-year. But while a fourth-quarter revenue miss has shares of environmental services concern selling off today -- down 1.6% to trade at $123.50 at last check -- just one day after hitting an all-time hig...Read More
Walmart will be the single blue chip posting earnings next week While next week will be a short one due to Monday's market closure in honor of President's Day, there will be plenty of economic data and earnings stuffed into those next four trading days. The most notable name to enter the earnings confessional is Walmart (WMT) which will post its quarterly report on Tuesday, while quarterly reports...Read More
SunTrust initiated coverage with a "buy" rating and a $50 price target Constellation Pharmaceuticals Inc (NASDAQ:CNST) is bucking the broad-market trend today, and surging after SunTrust Robinson initiated coverage with a "buy" rating and a $50 price target -- a roughly 43% premium to last night's close. The analyst said Constellation's myelofibrosis drug candidate CPI-1610 showed promised, callin...Read More
Coronavirus fears are sparking a sell-off from yesterday's record highs The Dow Jones Industrial Average (DJI) is continuing its tumble off yesterday's record highs, down more than 150 points as coronavirus fears begin to swirl back up and Cisco Systems' (CSCO) third-quarter guidance cut continues to weigh heavily on the index. The S&P 500 Index (SPX) and Nasdaq Composite Index (IXIC) are be...Read More
Both stocks have started 2020 off with modest gainsThe20 stocks listed in the table below have attracted the highest weekly options volume during the past 10 trading days, with data courtesy of Schaeffer's Senior Quantitative Analyst Rocky White. The stocks highlighted in yellow are new to the list. Below, we're going to take a closer look at social media stalwarts Twitter Inc (NYSE:TWTR) and Sn...Read More
The China Iron & Steel Association (Cisa) is seeking the Chinese transport ministry's help to solve logistical problems experienced by steelmakers in recent weeks, especially those affecting the delivery of raw materials, market sources told Fastmarkets.Various transportation restrictions have been put in place throughout China since late January as a result of the outbreak of the novel coronaviru...Read More