The three-month copper price on the London Metal Exchange was the laggard at the close of trading on Friday August 7, with news of planned restarts at several of Chilean producer Codelco's operating facilities suppressing buying momentum.Meanwhile, lead futures declined by more than 2% but stayed above nearby support levels into the close.Copper's outright price on the LME closed at $6,308 per ton...Read More
Iron ore prices decreased on Friday August 7, with China's strong iron ore imports data for July potentially easing the uptrend and bullish sentiment, resulting in a correction in prices, sources said.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $119.21 per tonne, down $2.06 per tonne62% Fe low-alumina fines, cfr Qingdao: $119.16 per tonne, down $2.02 per tonne58% Fe fines high-grade pr...Read More
Seaborne premium hard coking coal prices went down slightly on Friday August 7 following the latest transactions, while market participants analyzed the possible reasons for the price decrease, Fastmarkets heard.Fastmarkets indicesPremium hard coking coal, fob DBCT: $104.56 per tonne, down $1.35 per tonne Premium hard coking coal, cfr Jingtang: $115.88 per tonne, down $0.50 per tonneHard coking co...Read More
During the bull market years between 2000 and 2011 the US dollar and currencies played a key role in the PM complex bull market. Tonight I would like to go back and visit some of these old charts and see how they pertain to our current bull market.Lets start with a simple GOLD:USD ratio chart that goes back to the 2011 all time high in gold. The bottom for the ratio came in toward the end of 2015...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view. We also review our price forecasting accuracy for the second quarter 2020.Q2 2020 price forecast performance review According to the results of Fastmarkets' Apex for the second quarter of 2020 published this week, Fastmarkets' base metals research team was the second most accurate price forecaster for nickel (99.06%), lead...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.Aluminium: Comfortable consolidationAluminium appears comfortable consolidating for the moment, and this will leave prices in a stronger position to challenge overhanging long-term trend-line resistance from the May 2018 high, which stands at $1,670 per tonne currently.Copper: Consolidation unlikely to lastCopper reached its...Read More
The move we saw in Silver early this week to new 6-year high price levels, above $22.60, is quite likely the biggest upside move in Silver since the bottom in March 2020 – after the US stock market collapsed because of the COVID-19 virus event. This new rally in Silver is likely the move we’ve been suggesting to our followers relating to a series of measured upside price moves totaling...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.Aluminium: Upside breakout last weekThe price of aluminium on the London Metal Exchange surprised us with a break to the upside in the week ended July 10, when prices on the Shanghai Futures Exchange raced to three-and-a-half-year highs. While we think there is more short-term upside potential if technical and liquidity fact...Read More
We tend to spend a lot of timelooking into the rearview mirror, especially when under duress.Connected to this is somethingpsychologists call "recency bias." This simply means that what hashappened in the near to intermediate past tends to inform and influence us asto how we should behave in the future.The 2011 to early 2019 precious metals bear saga was broken only by a six-month bullhi...Read More
European leaders stroke a historic deal that could be a game-changer and provide a support for the euro and gold against the U.S. dollar.Historic deal. Pivotal moment for Europe. On Monday, the EU leaders agreed on a massive economic stimulus plan, after a long and crotchety summit. If passed through the European Parliament and ratified by all EU states, the European Commission could borrow 750 bi...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.Aluminium: Capped by oversupplyA lack of a meaningful supply adjustment to the Covid-19 demand hit is keeping the aluminium physical market oversupplied and weighing on prices, limiting the success of more buoyant macro and technical forces on prices. Our premium forecasts are under review in light of threats from the U...Read More
The torrid rally in thesilver market reached a major milestone this morning as prices hit $21/oz.On Monday, the silverspot price tracked by Money Metals Exchange closed at $20.12 (thefutures market price settled at $20.19).That marks the firstabove-$20 close for silver since 2016.The white-hot silver marketis busting through some resistance levels that should clear the way for higherhighs ahead. S...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.?EUR? US domestic prices for hot-rolled coil have moved down in line with our expectations, averaging $508 per tonne in July compared with our forecast price of $519 per tonne. While we are forecasting coil price increases in August, we have revised our expectations downward. Although steelmakers are reporting improving dema...Read More
It has been quite some time since I have published an article on gold. Unfortunately, we have become so busy at Elliottwavetrader that I simply have not had the time to publish many public articles.So, as we are approaching an inflection point, I thought it would be an appropriate time to publish a public article.Now, I have to be honest. I am quite disappointed at what I am reading publicly about...Read More
Our research team believes Crude Oil and Energy, in general, has stalled near major resistance and maybe setting up a big downside move as the COVID-19 virus continues to roil regional and global economies. The recent news that the COVID-19 virus cases have skyrocketed suggests further economic shutdowns may push oil prices below $35 ppb over the next few weeks and months. Our research...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.The price for steel scrap in China has risen recently, amid high mill operating rates and at a time of heavy rain, but it remains at a premium to hot metal, we estimate. Heavy rains in China tend to increase the moisture content of iron ore stockpiles, which can cause issues during the sintering process, and this may have en...Read More
"...could extend to the $35.00/$36.00 level before it ends."by Captain Ewave of CaptainEwaveCaptain Ewave"Stunning Silver: Big C Wave Action"Email: [email protected]Website: www.captainewave.comAug 6, 2020Silver:Update & Tactics:Our wave -iv- correction ended at the 22.46 low.We are now rallying in wave -v- of (i), which could extend to the 35.00/36.00 level before it ends.We now breaking through...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.Trading activity at a minimumWelded pipe trading activity has been slow globally over July 2020, and while the holiday-period slowdown is partly to blame in several countries, disruptions to projects caused by the Covid-19 pandemic were obviously the main cause. In this context, substrate costs were driving much of the prici...Read More
In this week's advisory, sector expert Michael Ballanger reviews the most recent market news, celebrates old-school communication techniques and offers strategies for investing in the dog days of summer.As the month of July moves into its final ten-day stretch, I see NASDAQ records falling left and right as the drivers of fear that dominated in March are now "yesterday's news." Rising second waves...Read More
We’ve been micro-managing silver lately in NFTRH and NFTRH+ updates and that is for a reason. The reason is that gold’s wild little bro has been rallying – in what is turning out to be 5 clear waves – since the March crash.When that crash reversed, my view, and hence the NFTRH view was that it was likely to have been a horrifying shakeout of the silver bulls that due to its...Read More