Rio Tinto has declared force majeure on shipments of copper cathode from its Kennecott copper mine in the US state of Utah following a 5.7-magnitude earthquake near the site last month.All operations at the site were temporarily halted after the quake, with staff evacuated while an assessment was made. The mine, concentrator and tailings have since resumed operations, but the company has been work...Read More

Black & Decker said it would reduce any non-essential staff and decided to withdraw its 2020 forecast As the impact of COVID-19 continues to expand, Stanley Black & Decker, Inc. (NYSE:SWK) announced it will reduce non-essential staff, cut indirect spending by roughly $1.7 billion, and suspend any acquisition-related activity. The firm also said it will withdraw its previously-announced guidance fo...Read More

Shopify joined the many businesses withdrawing full-year forecasts on coronavirus uncertaintyShopify Inc (NYSE:SHOP) is joining the overwhelming number of businesses withdrawing their full-year forecast over uncertainties surrounding the coronavirus pandemic. The e-tail name said it still expects its first-quarter revenue and adjusted operating income --due out May 6 -- to be well above estimates,...Read More

Guggenheim downgraded DIS to "neutral" from "buy," and cut its price target to $100Entertainment giant Walt Disney Co (NYSE:DIS) is slipping this morning, down 0.8% at $95.65, after Guggenheim came in with a downgrade to "neutral" from "buy," and slashed its price target to a Street-low of $100 from $160. The analyst said Wall Street is "under-appreciating how long the parts and resorts business m...Read More

Here are five Fastmarkets stories you might have missed on Thursday April 2 that are worth another look.Tata Steel has reduced output at its steel production sites in India and Europe due to decreased demand, and to obey the temporary regulations imposed to tackle the spread of the Covid-19 pandemic, the company said on Wednesday April 1.Norsk Hydro has decided to postpone adding 95,000 tonnes per...Read More

Oil prices are also rebounding todayAfter a historically rough start to the new quarter, Dow Jones Industrial Average (DJI) futures are trading slightly above fair value this morning.Futures on the Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) are also up before the open, but have given back more substantial gains as investors unpack weekly jobless claims that soared to 6.6 million, blowing p...Read More

A much vaunted infrastructure bill could be back on the agenda again while the United States moves to shore up its economy and stem job losses amid the Covid-19 pandemic.US President Donald Trump said in a post on social media platform Twitter earlier on Tuesday March 31 that the bill would be the fourth part of the government's stimulus measures to handle the impacts of the virus."With interest r...Read More

David HaggithThe banks that are begging for bailouts still cling to their bonuses. To terrorize us into letting them keep their bonuses, the banksters are threatening to release the button on their suicide vests and blow themselves up by not taking the bailouts if they can't have their bonuses.You would think the response to that would be a no-brainer: "O.K. Go ahead." Then just walk off. Watch,...Read More

By: Ira EpsteinGold's 18-dma at $1584 area, support. Bias in gold is up. Bollinger bands: $1717 / $1450Read More

The Covid-19 pandemic has opened up financing opportunities for metals and mining-focused investment firms. It's also created a problem. The one-two punch demand and supply shock that the virus has created is putting the mining sector under extreme pressure. With banks even more reluctant than before to provide capital to the mining sector amid the tumultuous global financial backdrop, corporates...Read More

Metals, mining and alloy producers have been scenario-planning in response to the novel coronavirus. The South African government appears to have just removed all but one option.President Cyril Ramaphosa ordered the country's mineral resources industry to shut underground mines and furnaces from Thursday March 26, unless they can be operated remotely. The shutdown will last for three weeks an...Read More

The three-month price of zinc on the London Metal Exchange was the standout performer at the close of trading on Thursday April 2, climbing by 1.5% despite a three-month low in turnover, while an afternoon rally did little to push aluminium above nearby resistance.Zinc's outright price on the LME closed at $1,887.50 per tonne at the 5pm London close on Thursday, up from an intraday low of $1,844 p...Read More

Seaborne iron ore prices were stable on Thursday April 2, with futures prices on the Dalian Commodity Exchange and Singapore Exchange registering gains, and active physical trading in the Chinese port market.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $83.72 per tonne, up $1.23 per tonne62% Fe low-alumina fines, cfr Qingdao: $84.63 per tonne, up $0.83 per tone58% Fe fines high-grade pre...Read More

Trading activity in China's domestic hot-rolled coil market rose on Thursday April 2 amid falling prices, but the export market remained quiet despite lower offers.DomesticEastern China (Shanghai): 3,150-3,190 yuan ($444-450) per tonne, down 50-70 yuan per tonneNorthern China (Tangshan): 3,160-3,200 yuan per tonne, down 10-40 yuan per tonneSellers in Shanghai started the day with offers of around...Read More

The latest forecast from Fastmarkets' team of analysts is ready to view.Aluminium: Downside momentum maintainedThe aluminium price has continued to decline, with LME cash even falling below the $1,500 per tonne mark at the start of this week. Downside pressure and momentum remains in the short term while ex-China demand plummets amid auto production line closures and while smelters resist capacity...Read More

The new issue of Aluminium Market Tracker is now online at metalbulletinresearch.com.In this edition, Fastmarkets' research team delivers key insights and forecasts into aluminium markets around the world.Aluminium price down 2.3% week-on-week amid stock market sell-offGlobal markets remain rattled by the spread of the novel coronavirus (2019-nCOV) across Europe and the United States. Panic-sellin...Read More

The latest forecasts from Fastmarkets' team of analysts are ready to view.As oil price stumbles, outlook for welded markets weakensIn February, oil prices, already hit by the economic slowdown in Asia, turned lower on the failure of OPEC+ to reach an agreement on production cuts. This was enough to shake oil markets, but the collapse of global demand due to the pandemic has driven Brent below $30/...Read More

The new issue of the Seamless OCTG & Linepipe Market Tracker is now online at metalbulletinresearch.com.In this edition, Fastmarkets' research team delivers analysis of seamless OCTG and linepipe across international markets:Covid-19 underscores pipe outlookUnsurprisingly, the concern in the seamless pipe markets across the regions is the effect of the spread of Covid-19 on public health and econo...Read More

The new issue of the Steel Market Tracker is now online at metalbulletinresearch.com.In this edition, Fastmarkets' research team delivers key insights and forecasts into the long and flat products markets.This week's risks to our latest flat-rolled forecasts:The Chinese government is stepping up help to the economy, increasing banks' liquidity. But the spread of the coronavirus worldwide is likely...Read More

The latest forecasts from Fastmarkets' team of analysts are ready to view.This month's key ferro-alloy forecast highlights:While the ferro-alloy industry's initial response to the Covid-19 outbreak was marked by rising prices primarily in response to supply-side concerns, focus has now shifted somewhat. As Chinese activity slowly returns to more normal levels, for alloys with a strong Chinese prod...Read More