Avi Gilburt, Elliott Wave TraderAs the media highlights the potential impeachment process in the coming weeks, many are so concerned that this will be the "cause" of the market drop we are expecting. Yet, history suggests otherwise.The narrative will certainly play out as follows: The market likes certainty and stability within our government. (Please ignore that this was the same reason many cl...Read More
The Dow Industrials ended the week with an 800-point Whoopee Cushion bounce that recouped two-thirds of a 1300-point loss suffered days earlier. The swoon, exhilarating as it may have seemed to traders, will do little to brighten an economic picture that has gone from boom to gloom since mid-summer. One might think that the dark cloud of recession over China and Europe would have caused investor...Read More
By: Ira EpsteinGold's short-term trend is lower, finding support at the 18-week moving average..Read More
Range bound trade in gold and silver should be broken this week and a new range should be formed. There will be good demand in gold as long as it trades over $1480. There will be good demand in silver as long as it trades over $1680. Copper, zinc and nickel are poised for a ten percent one way move. Industrial metal price moves will be dependent on perception of recession among traders. Chinese...Read More
Antimony found support again in Europe over the week ended Friday October 4, with some traders reportedly achieving higher prices in Rotterdam.Fastmarkets assessed the price of antimony, MMTA standard grade II, in-warehouse Rotterdam, at $6,000-6,300 per tonne on Friday, up by 1.8% per tonne from the previous assessment. Despite the absence of Chinese market participants during the week-long...Read More
Chinese cobalt producer GEM Co Ltd has signed a cobalt supply contract with Switzerland-based miner-trader Glencore, locking in cobalt hydroxide supply for the next five years, the companies announced on October 7. Glencore will supply GEM, including four of its wholly-owned subsidiaries, with at least 61,200 tonnes of cobalt hydroxide between 2020 and 2024. According to the agreement, GEM will pu...Read More
Turkish domestic scrap prices were largely stable over the past week, in line with steady imported scrap values, sources said on Monday October 7.Fastmarkets' weekly price assessment for steel scrap, auto bundle scrap, domestic, delivered Turkey, was TRY1,300-1,430 ($229-252) per tonne on Monday, unchanged week-on-week. Almost all steel mills have kept their buy prices flat for the...Read More
Turkish steel mills were silent on the first working day of the week with no deep-sea purchases taking place and prices remaining stable, sources said on Monday October 7. Two cargoes were booked at the end of last week. One Turkish steel mill in the Marmara region booked a UK cargo at $223.50 per tonne cfr for HMS 1&2 (80:20) and another steel mill in the Izmir region booked a US cargo at $228.50...Read More
China is still on holiday this morning, Monday October 7, and quiet trading has resulted in fairly mixed prices across the metals and broader markets. We expect activity to pick up when China's markets reopen on Tuesday, but with United States-China trade talks scheduled for Thursday and Friday, trading is likely to be nervous. Markets quiet with China on holiday for Golden Week until Tuesday...Read More
Chinese cobalt producer GEM Co Ltd has signed a cobalt supply contract with Switzerland-based miner-trader Glencore, locking in cobalt hydroxide supply for the next five years, the companies announced on October 7. Glencore will supply GEM, including four of its wholly-owned subsidiaries, with at least 61,200 tonnes of cobalt hydroxide between 2020 and 2024. According to the agreement, GEM will pu...Read More
On Friday the Trump administration formally announced it will permit the leasing of over 700,000 acres of federal land in central California for new oil and gas development, ending a five-year prohibition on fracking in the state.The Bureau of Land Management has not leased any federal land for oil and gas exploration in California since 2013. That was when a federal judge ruled the agency violate...Read More
Import prices for rebar into Singapore were unchanged over the past week due to limited spot activity during the National Day holiday in China.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar) import, cfr Singapore - which mainly looks at cargoes sold into Singapore on a theoretical-weight basis - was $430-435 per tonne for the week to Monday October...Read More
Here is what's new today on INK Ultra Money.1. There is always a bigger fish: a repo primer and overview of the premium Jeff Snider interview - Real Vision (free content)A quick take on repos madness and on Jeff Snider's premium interview, "The Monetary System is Broken" which is listed below. Looking at the recently roiling repo market, AK asks what it means for the economy at large. Snider: Th...Read More
Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. Last week, the INK CIN slipped heavily falling 33.8 points or 3% to 1093.35.MACD plunged 6.8 points to -8.8. RSI fell 18.3 points or 34% to 35.3.Support is at 1090.36 (lower Bollinger band) and 1080 (which the Index hit and rebounded from). Resistance is now at 1100 and 1120.The INK Canad...Read More
Turkish domestic scrap prices were largely stable over the past week, in line with steady imported scrap values, sources said on Monday October 7.Fastmarkets' weekly price assessment for steel scrap, auto bundle scrap, domestic, delivered Turkey, was TRY1,300-1,430 ($229-252) per tonne on Monday, unchanged week-on-week. Almost all steel mills have kept their buy prices flat for the...Read More
Turkish steel mills were silent on the first working day of the week with no deep-sea purchases taking place and prices remaining stable, sources said on Monday October 7. Two cargoes were booked at the end of last week. One Turkish steel mill in the Marmara region booked a UK cargo at $223.50 per tonne cfr for HMS 1&2 (80:20) and another steel mill in the Izmir region booked a US cargo at $228.50...Read More
Workable prices for pig iron buyers in the United States have declined after first scrap deals were concluded at lower prices, but no reduced offers have been heard, market sources told Fastmarkets on Friday October 4. Fastmarkets' price assessment for pig iron, import, cfr Gulf of Mexico, US, was $290-300 per tonne on October 4, down from $300-315 per tonne the previous week. "I would b...Read More
The CIS export billet market became firmer early in the week following a stabilization of prices in the scrap market as well as fresh billet bookings agreed at higher prices, Fastmarkets heard on Monday October 7.Fastmarkets' daily steel billet index, export, fob Black Sea, CIS, was $352 per tonne on October 7, up by $1 per tonne from Friday.A 50,000-tonnes cargo of Ukraine-origin billet was repor...Read More
"It came with a speed and ferocity that left men dazed. The bottom, simply fell out of the market... The streets were crammed with a mixed crowd agonized little speculators, sold-out traders... inquisitive individuals and tourists seeking ... a closer view of the national catastrophe...Where was it going to end?" account of stock market crash in the New York Times, October 1929 "In this age...Read More
Dave KranzlerOn October 4th, as I expected would happen, the Fed announced that it was extending its overnight and term repo operations out to November 26th (the November 12th two-week term repo matures on the 26th).The Fed added 7 more 2-week "term repos, " plus a 6-day "term repo," with the next three operations upped to $45 billion. It extended the overnight repos until at least November...Read More