CIS rebar and wire rod producers increased offers in the first half of June, supported by strengthening import scrap prices in Turkey as well as increased finished long steel prices. The Turkish market is considered indicative of price momentum because the country is one of the world's major scrap importers and long steel exporters. Fastmarkets' daily index for steel scrap, HMS 1&2 (80:20 mix...Read More
Turkish deep-sea scrap import prices continued to rise on Tuesday June 9, with mills continuing to book more cargoes for July, sources told Fastmarkets.A steel mill in the Iskenderun region booked a European cargo, comprising 10,000 tonnes of HMS 1&2 (75:25) and 30,000 tonnes of a mixture of shredded, plate & structural (P&S) and busheling at an average price of $265 per tonne cfr.The cargo w...Read More
Seaborne iron ore prices eased on Tuesday June 9 amid announcements from the Dalian Commodity Exchange of efforts to stamp out market rumors and strengthen regulation. Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $104.60 per tonne, down $1.07 per tonne 62% Fe low-alumina fines, cfr Qingdao: $107.30 per tonne, down $1.35 per tonne 58% Fe fines high-grade premium, cfr Qingdao: $93.39 per...Read More
By: Hubert MoolmanThe US Dollar index is not a true measure of value of the US dollar. It just tracks an "exchange rate" between the US dollar and a basket of significant fiat currencies.For a true measure of value of the US dollar it is better to look to Gold and Silver. However, there is a relationship between significant Gold rallies and the US Dollar index.Gold has a tendency to rally at a c...Read More
Steve St. Angelo, SRSrocco Report If Americans thought the U.S. Government would be in serious trouble as its ability to service its ballooning debt would become unmanageable, guess again. After the U.S. Government added nearly $3 trillion more debt in just the past eight months (fiscal year), the interest paid on the public debt actually declined versus last year. According to TreasuryDirec...Read More
By Clive MaundThe 6-month chart for GDX shows it completing what looks like a Head-and-Shoulders top at a quite a high level, and with this morning's drop it could soon break down from the pattern leading to a potentially steep drop.On the 13-month chart for GDX we can see that there is plenty of room for it to drop, and the minimum objective in the event of it breaking below nearby support is...Read More
By Avi GilburtRarely do you enter a market environment when the fear is as palpable as it was in the middle of March of this year. The world was coming to an end based upon most of what I was reading. And, as we were approaching the market lows (and even all throughout the 45%+ rally we just experienced), many continued to call for further crashes with many targets being noted at 1800, 1600, and...Read More
Strengths? The best performing precious metal for the week was palladium, up 0.77 percent. ETFs added 241,076 troy ounces of gold to their holdings on Monday, bringing net purchases for the year to 17.2 million ounces, according to Bloomberg data. Total gold held by ETFs rose 21 percent this year to 100.2 million ounces - the highest level since June 2019. However, on Thursday th...Read More
By: Ira EpsteinGold needs to get above $1729 to swing the trend, the August gold contract. Supports around $1688 then towards $1,660s:Read More
There will be short covering in gold if it rises today and till Thursday. In my view, most people are waiting to buy gold @1650. If gold prices manages to trade over $1700 till Thursday, then laggards will start to invest and gold price could be easily break past $1800. Bond yields, stocks and commodities can all rise at the same time. Free money supply is the key reason. Positive economic growt...Read More
Money manager Adrian Day reviews the prospects of two of his favorite resource companies and comments briefly on the pullback in gold prices. Following the strong rally in gold and gold stocks since the March low, we expect a pullback over coming weeks. It is already underway. We do not expect it to be particularly long or deep, and will present opportunities to buy. For now, however, patience is...Read More
Millrock Resources CEO Gregory Beischer speaks with Maurice Jackson of Proven and Probable about his company's drill program in the shadow of the Pogo gold mine. Maurice Jackson: Welcome to Proven and Probable. Joining us for a conversation is Gregory Beischer of Millrock Resources Inc. (MRO:TSX.V; MLRKF:OTCQB). Gregory for someone new to Millrock Resources, please introduce the opportunity the c...Read More
China's rebar prices retreated on Tuesday June 9 in both domestic and export markets due to softer demand. Domestic Eastern China (Shanghai): 3,590-3,620 yuan ($507-512) per tonne, down by 40 yuan per tonne at the midpoint Heavy rains in eastern and northern regions have disrupted construction work and reduced rebar demand, weighing on prices. Meanwhile, rebar futures dropped in last night's tradi...Read More
The future of the global long steel market remains uncertain because of both the impact of the covid-19 pandemic and rising protectionism, with no recovery expected in the third quarter of this year, the International Rebar Producers & Exporters Association (Irepas) said last week.A gradual slowdown in the construction industry in Europe due to Covid-19 is restraining steel long consumption, with...Read More
Polish coal miner Jastrzebska Sp??lka Weglowa (JSW), the largest coking coal producer in Europe, has suspended production at two of its mines following the steep increase in new Covid-19 cases among its workers, the company said on Monday June 8.JSW will temporarily halt coal production at the KWK Budryk and KWK Knur??w-Szczyglowice mines from June 9 to June 28 due to the worsening of the epidemic...Read More
The Nasdaq broke above 10,000 for the first timeThe Nasdaq rallied to another record high today, and briefly broke above the 10,000 level for the first time ever. The index's rise was bolstered by traders that loaded up on big technology names, particularly FAANG stocks Amazon.com (AMZN) and Apple (AAPL), both of which notched record highs. Despite this impressive news, the Dow slid today, ending...Read More
OXY is down alongside the rest of the oil and gas sector todayThe shares of Occidental Petroleum Corp (NYSE:OXY) are down 7.7% at $22.51 at last check, amid news that the oil and gas company is reviewing and possibly selling its Middle East assets in order to reduce debt. Meanwhile, BofA Global Research upgraded the stock to "buy" from "neutral," and hiked its price target to $32 from $18. Today's...Read More
An unwinding of pessimism could provide even more tailwindsThe last time we checked in with Teladoc Health (NYSE:TDOC), the telehealth provider was facing off with a key trendline. However, TDOC took a deeper dive than anticipated, shedding 4% in the last 30 days. Now, this extended pullback has brought the stock to another area that, if past is precedent, could halt the skid in its tracks.More sp...Read More
Diving into where last week's tech rally could goFor a while, the stock market highs of February seemed like they would be wistful ancient history during the coronavirus-induced doldrums of March. But U.S. equities -including the Nasdaq-100 Index (NDX) - have been on a breakneck pace sincethose March bottoms. The NDX in particular has had a stellar week; two straight record closes (Tuesday and Wed...Read More