* Premium for cash over 3-month copper reverses to adiscount * Eyes on surveys of China's manufacturing sector (Updates prices, adds dollar impact)By Pratima DesaiLONDON, Sept 28 (Reuters) - Copper prices firmed on Mondayas expectations of robust demand from top consumer Chinasupported sentiment, but doubts about longer-term prospects anda jump in London Metal Exchange stocks capped gains.Benchmar...Read More
After 15 years, we are discontinuing our free basic registered account service. While many pre-login features of the website will still be available to the public, over the next two weeks, we will be closing all basic Canadian Insider accounts. If you would like to keep access to your account (including blog alerts), please join us now as a Canadian Insider Club or Canadian Insider Club Ultra mem...Read More
European buyers of hot-rolled coil have become more cautious about further price increases, while steelmakers continued to push for higher prices, sources told Fastmarkets on Monday September 28.Fastmarkets calculated its daily steel hot-rolled coil index, domestic, exw Northern Europe, at ?,?486.79 ($566.03) per tonne on Monday, down by ?,?1.23 per tonne from ?,?488.02 per tonne on September 25.T...Read More
Prices for domestic and imported merchant bar quality (MBQ) steel in the United States rose by $1.50 per hundredweight ($30 per short ton) in response to a round of price increases by domestic mills.Fastmarkets' monthly assessment for steel bar 2 x 2 x 1/4 -inch angle merchant products, fob mill US rose by 4.4% to $35.30 per cwt ($706 per ton) on Friday September 25 from $33.80 per cwt pre...Read More
Domestic steel rebar prices in Russia's Central Federal District around Moscow were steady in the week to September 28, supported by seasonally good demand from the construction sector, sources told Fastmarkets on Monday.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), domestic, cpt Moscow, Russia held at 40,000-41,000 roubles ($512-524) per tonne on September 28, inclu...Read More
China's domestic rebar prices gained some upward momentum on Monday September 28 on a strengthening of demand.DomesticEastern China (Shanghai): 3,620-3,650 yuan ($530-535) per tonne, up by 10-20 yuan per tonneBuyers raised procurement rates during the day to stock up on materials for consumption during the Golden Week. The October 1-8 break marks China's National Day.A trader in eastern China said...Read More
Turkish steel mills skipped the first working day of the week, with no deep-sea bookings completed amid signs of a downward correction in the market, sources said on Monday September 28.There were talks of a cargo from the United States being sold to a steel mill in the Iskenderun region at $293 per tonne cfr for HMS 1&2 (80:20), $298 per tonne for shredded and $303 per tonne for bonus.Althou...Read More
Cleveland-Cliffs has reached a definitive agreement to buy ArcelorMittal USA and its subsidiaries for around $1.4 billion, which will make it the largest flat-rolled steel producer in the country, the company said on Monday September 28.The deal included the steel making operations of Indiana Harbor, Burns Harbor, Cleveland, Coatesville, Steelton, and Riverdale, as well as finished steel units Col...Read More
ArcelorMittal resumed operations at blast furnace (BF) No1 at its Fos-sur-Mer plant in France last week, the company told Fastmarkets on Monday September 28. The steelmaker stopped BF No1 at Fos-sur-Mer as well as the converter and continuous caster on March 23 due to falling demand caused by Covid-19 lockdown measures across Europe. ArcelorMittal Fos-sur-Mer has two BFs...Read More
Gold rallied more than 1% on Monday, bouncing back from last week's declines. Equities markets are also seeing gains.Gary Wagner, editor of TheGoldForecast.com, said that he prefers to buy into strength.Gary Wagner has been a technical market analyst for 25 years. A frequent contributor to STOCKS & COMMODITIES Magazine, he has also written for Futures Magazine as well as Barrons. He is the executi...Read More
Mohamed El-Erian is the Chief Economic Adviser of Allianz, a multinational financial services company. He is the former CEO and co-Chief Investment Officer of PIMCO, a global investment firm and one of the world's largest bond funds in the world. Dr. El-Erian also served as a member of the faculty of Harvard Business School. Before joining PIMCO, Dr. El-Erian was a managing director at Salomon Smi...Read More
About a week ago BuzzFeed News supposedly broke a story about how large banks like HSBC Bank and Deutsche Bank have been knowingly laundering potentially trillions for drug cartels, organized crime and terrorist organizations for decades.Jason Burack is an investor, entrepreneur, financial historian, Austrian School economist, and contrarian. Jason co-founded the startup financial education compan...Read More
Editor's note: After last week's health scare Dr. Paul is already back to work. The man is a true liberty warrior!The Centers for Disease Control have come out with a new estimate of the Covid infection fatality ratio and the numbers will shock you. No wonder the Florida governor has said "enough is enough" and decided to open his state up completely. We are told to trust the CDC, so why is the ma...Read More
The CIS export market for steel billet has turned quiet at the end of September with a growing difference between mills' offers and customers' bids, Fastmarkets has heard.Mills continued to insist on offers within the range of $415-420 per tonne fob Black Sea on Monday September 28, according to market sources. There was reduced availability of material due to maintenance work at some assets, as w...Read More
We have been deceived by public health authorities about Covid, partly from public authorities' ignorance of the virus, its spread and treatment, but mainly on purpose. Continue...Read More
The precious metals sector is now confirmed to be in correction and consolidation mode. This started about a month and a half ago. In the big picture, these periods are choppy. My thinking could change but it appears to me the sector will consolidate for the remainder of this year. Maybe the larger consolidation will end around the holidays.Jordan Roy-Byrne, CMT is a Chartered Market Technician an...Read More
David Stockman is asked how important of a role he thinks the economy and a continued rally in the stock market will play in the outcome of the presidential election.Continue...Read More
During the FOMC's September press conference, Fed Head Jerome Powell managed to communicate three big lies in the space of an hour. The fact that bile spews from the mouth of a central banker isn'tContinue...Read More
Velocity is a useless, inconsistent measure of something that has morphed over time yet never had an independent existence of its own. Attempting to predict prices from velocity or velocity from prices is a fool's mission.Continue...Mike "Mish" Shedlock is a registered investment advisor and representative for Sitka Pacific Capital Management. His articles about the the economy and investing onlin...Read More
Coddled investors, not taxpayers, should step up to the plate and fund the "daily cash burn."Continue...Read More