The Big Board tracker is staring up at its 50-day moving averageWhile the widely followed SPDR S&P 500 ETF (NYSEARCA:SPY) couldn't quite finish last week above its 50-day moving average, the broad-based equity tracker did manage six consecutive closes atop this trendline through Thursday's closing bell, following roughly a month's worth of flailing around this benchmark short-term moving average -...Read More
By Ryan WildayIn my last article I stated that we had the potential for a lasting bottom in the crypto market, starting with a low in most coins on February 6th. However, in that article I also gave the conditions for that bottom to fail.Those conditions, unfortunately, became reality. We have since seen both Ether and Verge, highlighted in that article, slide to new lows below the February 6th...Read More
Iron ore prices slipped below $67 per tonne cfr China on Tuesday March 20 following further losses in China's steel and futures markets. Metal Bulletin's 62% Fe Iron Ore Index Today: $66.94 per tonne cfr Qingdao Daily change: down by $0.51 per tonne Month-to-date average: $72.69 per tonne Metal Bulletin's 58% Fe Premium Index Today: $54.58 per tonne cfr Qingdao Daily change: unchanged Month-to-dat...Read More
Facebook remains under pressure, and Oracle is sinking post-earningsDow Jones Industrial Average (DJI) futures are trading above fair value as the Fed prepares to begin its March meeting later in the day. While a policy decision won't be unveiled until tomorrow, Wall Street is fully expecting Jerome Powell's first meeting as Fed chair to result in an increase in interest rates. The S&P 500 Index (...Read More
Peter KrauthThe price of silver today is down 0.34% in morning trading, as the Federal Reserve's next meeting approaches. However, silver prices could be gearing up for a new rally.The grey metal has been consolidating sideways since early February in a narrowing range between $16.20 and $16.85.But this week brings another FOMC meeting, one where the market currently pegs the odds of a rate hike a...Read More
By Ira EpsteinDollar and US stock markets sink. Gold rallies a bit.https://www.iraepstein.com/ Read More
Steel demand in Japan was down across most end-use industries in January, statistics released by the Japan Iron & Steel Federation (JISF) showed.The country's total domestic steel consumption in the month dropped by 2.7% year on year to 3.57 million tonnes.Demand in the manufacturing sector dropped the most, dipping by 7% compared with the corresponding month in 2017 to 1.57 million tonnes. This w...Read More
The pharma stock could be at risk for additional downgradesShares of drugmaker Celgene Corporation (NASDAQ:CELG) have seriously struggled since October's record high above $147, last month breaching the $100 level -- a round-number mark that provided support throughout 2015 and 2016. Then, the Food and Drug Administration (FDA) rejected its multiple sclerosis drug, sending the stock spiraling to b...Read More
China's domestic rebar prices remained in a downward trend on Tuesday March 20 with sellers making more effort to destock.Domestic Eastern China (Shanghai): 3,670-3,730 yuan ($579-589) per tonne, down 60-70 yuan per tonne Northern China (Beijing): 3,850-3,880 yuan per tonne, down 20 yuan per tonne Sellers in the spot market lowered their prices after rebar futures declined in the morning trading s...Read More
Global financial markets steadied Tuesday, although tech shares remained under pressure following yesterday's sell-off on Wall Street, as investors moved cash into heavyweight stocks and defensive sectors amid renewed concerns over a brewing global trade war and ahead of this week's expected rate increase from the U.S. Federal Reserve. U.S. equity futures, however, were softer, with contracts ti...Read More
NEW DELHI (Reuters) - India will bilaterally discuss import curbs on steel with the United States, Trade Minister Suresh Prabhu said on Tuesday, amidst growing concerns of an escalating trade war over tariffs.Prabhu told reporters that the U.S was committed to the World Trade Organisation, even as Washington has raised concerns about the functioning of the WTO and asked for reforms.U.S. President...Read More
- $8.8B Sprott Inc. sees higher gold on massive consumer debt, defaults & bankruptcies - Rising and record U.S. debt load may cause financial stress, weaken dollar and see gold go higher- Massive government and consumer debt eroding benefits of wage growth (see chart)by BloombergRising U.S. interest rates, usually bad news for gold, are instead feeding signs of financial stress among debt-la...Read More
Import prices for steel billet in Southeast Asia softened over the past week with more cargoes of cheaper Chinese product being offered to the region, while offers for slab in the wider region including East Asia are showing signs of declining.BilletMetal Bulletin's assessment of import prices for billet in Southeast Asia was $560-570 per tonne cfr for the week ended Monday March 19, down $5 per t...Read More
SHANGHAI, Mar 20 (SMM) – Base metals rode on momentum from one another and narrowed declines from yesterday. Most nonferrous metals, except nickel, closed lower. Lead fell 0.7%, tin and zinc dipped 0.6%, and copper and aluminium edged down. The ferrous complex rebounded and reduced losses. Iron ore dropped over 2%, coke fell over 1%, rebar and hot-rolled coil ed...Read More
LONDON (Reuters) - Britain will consider any suggestions to give the body in charge of upholding data privacy laws more powers, Prime Minister Theresa May’s spokesman said on Tuesday, responding to concerns about whether Facebook had adequately protected users’ data.“If proposals are put forward for further powers, we can consider them as the bill passes through parliament,&rdquo...Read More
Chinese vanadium suppliers pushed up their offer prices considerably last week, after the market continued to be supported by low availability of stocks. Chinese suppliers elevate offers on thinning inventories European ferro-vanadium market stabilizes temporarily amid spot demand slowdownUS ferro-vanadium market quiet, but further gains expected after strong late week dealsChinese vanadium export...Read More
Cranbrook, B.C., March 20th, 2018: Eagle Plains ("EPL" or "Eagle Plains") is pleased to announce that option partner SSR Mining Inc. (formerly Silver Standard Resources Inc.) ("SSRM") (TSX: SSRM) (NASDAQ: SSRM) has commenced its 2018 drilling campaign on Eagle Plain's 100%-owned Fisher Property. SSRM is planning approximately 18,000m (59,000') of drilling for the property during 2018, with an in...Read More
LUSAKA (Reuters) - Zambia expects to produce more than one million tonnes of copper this year after revising its 2017 copper production upwards on the back of stable power supply, a senior ministry of mines official said on Tuesday.Rising copper prices were also expected to boost revenue collection in Africa’s No.2 producer of the metal, which ranks exports of the metal as its biggest export...Read More
SHANGHAI, Mar 20 (SMM)? 1/4 ?Spot copper in the Shanghai market was offered at a discount of 220-190 yuan/mt on the morning of Tuesday March 20, SMM learned. This compared with discounts of 260-220 yuan/mt on the previous day's morning. For editorial queries, please contact Daisy Tseng at daisy@smm.cn For more information on how to access our research reports, please email service.en...Read More