Eastern China's rebar prices dropped slightly on Friday November 22 - the first downward movement in 10 days - amid concerns over high production rates, though futures picked up. Eastern China (Shanghai): 4,070-4,100 yuan ($579-583) per tonne, down 10-20 yuan per tonneNorthern China (Beijing): 3,780-3,820 yuan per tonne, up 20-30 yuan per tonneTraders in eastern China cut prices slightly to genera...Read More
Technical analyst Clive Maund examines the data and answers the question. The precious metals sector has been on the defensive since gold's COTs reached extreme readings in August, and silver broke down from its parabolic uptrend in September. Many think that the sector correction has now run its course, but has it? That is the question that this update is intended to answer. On gold's latest six...Read More
Claims of the two companies are adjoining and, thus, allow for potential synergies. Granite Creek Copper Ltd. (GCX:TSX.V) announced in a news release it entered an agreement to acquire about 30% of the outstanding shares of Canada's Copper North Mining. For 26,146,233 Copper North common shares, Granite Creek will pay 10,529,663 of its own common shares."We believe this acquisition will be accret...Read More
Stainless steel prices in the European domestic market have been stable over the past week, with market participants waiting for mills to announce their December surcharges, sources told Fastmarkets on Friday November 22.Finnish stainless steel producer Outokumpu announced this week that its alloy surcharge for grade-304 flat products will be ?,?1,608 ($1,780) per tonne for December, down by&...Read More
Key data from the pricing sessions in Europe, Asia and the United States for the week ending Friday November 22. China The domestic Chinese ferro-silicon price remained unchanged after producers refused to lower offer prices despite slow trades. Export price was also steady on firm offer prices from major suppliers, but persistent weak demand has resulted in some lower offers among tra...Read More
Diplomats at the World Trade Organisation's goods council have attacked the European Union over its plans to integrate titanium dioxide and cobalt into its health and safety laws, claiming this could impose unnecessary restrictions on exporting certain stainless steels to the EU.The European Parliament is considering regulating these steel inputs under its classification, labeling and packaging of...Read More
Buying in equities picked up after the halfway point todayAfter a slow first half of the day, stocks came alive in afternoon trading, with the Dow notching a triple-digit win. But while the S&P 500 and Nasdaq also both ended in the black, the major indexes all closed the week in the red, snapping their respective weekly winning streaks. The retail sector remained in focus due to Nordstrom's blowou...Read More
BABA has added 34% year-to-dateChinese multinational conglomerate Alibaba Group Holding Ltd (NYSE:BABA) is down 0.2% at $184.49 this morning, with traders seemingly brushing off the stock's latest bull rating from Macquarie. The brokerage firm earlier initiated coverage with an "outperform" rating and $231 price target, saying they are "holistically positive as Alibaba continues to build...users...Read More
Bear notes and bad earnings have weighed heavy on WORKSlack Technologies Inc (NYSE:WORK) is up 1.6% at $21.34 this afternoon, a rare shift higher for the software stock. In fact, following a disappointing quarterly report, bear notes, and uninspiring user stats, the security has shed more than 45% since its public trading debut in late June. Pressuring the shares has been the newly formed 40-day t...Read More
SPLK and HIBB stocks both soared after posting well-received third-quarter resultsWhile the Dow is eyeing a weekly loss amid murky U.S.-China trade sentiment, two stocks are bucking the broad-market trend following impressive earnings reports are software concern Splunk Inc (NASDAQ:SPLK) and retailer Hibbett Sports, Inc (NASDAQ:HIBB). Below we'll look into how SPLK and HIBB are faring today. SPLK...Read More
There's potential spread activity taking place on GM todayGeneral Motors Company (NYSE:GM) is trading up 2.2% today at $35.42, bouncing back after yesterday's one-month low that had the shares' flirting with oversold conditions, based on their 14-day Relative Strength Index (RSI) of 32. Plus, traditional automakers could simply be seeing a boost since none of their executives smashed a metal ball...Read More
Stocks started strong this week but eventually slid into a three-day losing streak The week looked promising for stocks on Monday, as the Dow Jones Industrial Average (DJI), S&P 500 Index (SPX), and Nasdaq Composite (IXIC) all managed to grab fresh highs as investors brushed off ongoing trade uncertainties. The mood on Wall Street shifted on Tuesday, however, after highly anticipated earnings fro...Read More
President Xi suggested China will not be a pushover in trade negotiationsThe Dow Jones Industrial Average (DJI) has explored both sides of breakeven today, as traders digest mixed messages on the U.S.-China trade front. While both President Donald Trump and Chinese President Xi Jinping waxed optimistic about a "phase one" trade deal, the latter also said that Beijing would "fight back," if necessa...Read More
Stifel upgraded the ride share concern, while Zephirin Group slashed its price target Uber Technologies Inc (NYSE:UBER) is on several analysts' radars this morning, and is inching higher in response, last seen slightly higher, up 1.02% at $29.79. Specifically, Stifel lifted its rating to "buy" from "hold, " citing "signs of sustainable improvement" and calling the equity's current valuation a "rea...Read More
ZM shares have moved past their 50-day moving averageRemote conferencing specialist Zoom Video Communications Inc (NASDAQ:ZM) has seen its stock struggle in recent months, hitting fresh lows near $60 a month ago. But while the 50-day moving average was seemingly set to act as resistance, marking a top in yesterday's session, the shares are trading 2.9% higher today at $71.96 after Guggenheim gave...Read More
The firm's eye gel showed promise in patients with eye wounds over those treated with standard care The shares of Eyegate Pharmaceuticals Inc (NASDAQ:EYEG) are surging this morning, just after the drugmaker said its experimental Ocular Bandage Gel (OBG) eye drop showed greater improvement in patients with eye wounds than those met with standard care. The firm said it will submit the treatment for...Read More
Mike Gleason: It is my privilege now to welcomeback our good friend David Morgan of The Morgan Report. David, it'sgood to have you on as always and we appreciate the time today. How are you? David Morgan: Mike, I'm well. Thank you forhaving me.Mike Gleason: Well, we've had a significantcorrection in precious metals prices, especially in silver, and I wanted to getyour thoughts...Read More
Gold COT Report - Futures Large SpeculatorsCommercialTotal LongShortSpreadingLongShortLongShort 337,29651,437109,736206,626525,721653,658686,894 Change from Prior Reporting Period 14,107-4,6862,250-3,44114,18612,91611,750 Traders 20355775458284171 Small Speculators LongShortOpen Interest 65,55332,317719,211 -2,168-1,00210,748 non reportable position...Read More
- David Smith, The Morgan ReportSince the Federal Reserve detached the dollar from the gold standard in 1971, the world's central bankers - with the Fed leading the charge, have flooded the world with fiat currency to the point of diminishing its purchasing power to shadow status.A common belief during the early decades of the former Soviet Union's rise after 1917 was that, according to Marxis...Read More
By: Avi GilburtMany people feel that the metals are too hard to trade. Personally, I view them as much easier to trade since they are a rather pure sentiment trade. And, they have acted almost perfectly within our expectations of late.On Friday, one of our members pointed out to me that the GLD fund has seen its largest withdrawal since late 2016. And, as we now know, that was right before t...Read More