When weak instruments within the same asset class start to show strength, there is a good Continue...Read More
The collapse in air travel that's grounded passenger jets - frequently used to transport gold products Continue...Read More
The price of containerized ferrous scrap imports into India inched lower this week while the market continues to grapple with the fallout of the lockdown period in the country, sources told Fastmarkets on Friday April 24.Fastmarkets calculated the steel scrap, shredded, index, import, cfr Nhava Sheva, India, at $269.13 per tonne on Friday, down from $272.50 per tonne a week earlier.Since lockdown...Read More
No uptick required for short selling! It's total insanity..... Shorting with no uptick required...creating chaos and damaging marketsThis first paragraph is a letter we received from a professional investor and money manager for many decades. As follows:The question is and always has been are the stock markets primarily for the investing public or for the banks' and brokerage houses' pr...Read More
Brazil's slab export prices were stable this past week, with few volumes offered and costs continuing to pressure steelmakers' margins.Fastmarkets' weekly assessment for steel slab, export, fob main port Brazil was at $320-345 per tonne on Friday April 24, unchanged from the previous week.Prices near the lower end of the range corresponded to offers and consultations in Asian countries,...Read More
CIS export billet prices lost their upward momentum this week, with demand in most outlets turning weak. Turkish customers that had been particularly active recently were now showing less interest in billet imports, having booked enough material earlier."I expect the market to turn quiet by the end of the week," one trader said at the start of the week. "On Wednesday, Turkey will be on holiday, on...Read More
Vietnamese integrated steelmaker Hoa Phat plans to raise its long steel capacity by installing a new wire rod rolling mill at its Dung Quat site, located some 700km south of capital city Hanoi. The announcement of further long steel capacity at the sprawling Dung Quat complex follows a rise in steel sales for the company during the month of March. Hoa Phat's new rolling mill will have a capacity o...Read More
Key data from Fastmarkets' pricing session in Shanghai, New York and Galway on Friday April 24. China The lower end of domestic prices widened downward due to producers' attempts to destock. Export market dropped after suppliers slashed their offer prices to attract...Read More
British Steel is set to restart production at its North Yorkshire special steel mill, on Monday April 27, following a three-week shutdown the company announced on April 24.In addition to the 240,000 tonnes-per year special steel mill at Skinningrove in Redcar & Cleveland, the company said it also plans to reopen its Lisburn service centre in Northern Ireland."Whi...Read More
Oil suffered its biggest one-week decline in historyThe Dow finished the day up over 250 points after rebounding from its midday lows, but still ended the week lower, its first weekly decline for April. Sentiment was boosted by U.S. President Donald Trump signing the long-awaited $484 billion coronavirus aid package. However, this sour session of earnings and economic data quickly provided a mark...Read More
Oil prices collapsed into negative territory for the first time ever this week To no one's surprise, it was another wild week on Wall Street, with oil's historic nosedive front and center. Stocks started the week in a downward spiral after oil futures for May delivery collapsed into negative territory for the first time ever on Monday. Things improved slightly by mid-week, as crude futures began t...Read More
A summary of Spain-based stainless steel producer Acerinox's financial results for the first quarter of 2020. In brief The company said the stainless steel market recovery in the first quarter was cut short by the impact of the Covid-19 coronavirus, with profits down 14% year on year. The company had paused operations in Spain for four days in April and will resume...Read More
No less than three analysts raised their price targetsE*TRADE Financial Corp (NASDAQ:ETFC) is down 0.2% to trade at $38.14 today, after the firm reported adjusted first-quarter earnings of 74 cents per share, well below the 91 cents per share anticipated by analysts. E*TRADE's $707 million in revenue also came in lower than expected. Analysts chimed in optimistically, however, as no less than thr...Read More
J C Penney is currently discussing filing for bankruptcy The plight of J C Penney Company Inc (NYSE:JCP) continues; as of today the department store chain name is in advanced talks for bankruptcy funds. According to a Wall Street Journal report, the retailer is seeking a debtor-in-possession loan from big banks somewhere in the ballpark of $800 million to $1 billion so the company can remain oper...Read More
Oil prices are extending their rally as rumors of a production cut circulate The Dow Jones Industrial Average (DJI) is lower at midday, having pared away triple-digit gains from the morning. The Nasdaq Composite (IXIC) and S&P 500 Index (SPX) have also traded on both sides of the aisle today, while all three benchmarks cruise toward sizable weekly losses. Oil prices are so far clinging to gain...Read More
L Brands has filed a complaint against Sycamore Partners for deal gone awryShares of L Brands Inc (NYSE:LB) are down 1.5% to trade at $10.46, after receiving no fewer than four bear notes, including a downgrade out of Barclaysto "equal weight" to "overweight," and price-target cut to $10 from $30. This slam comes after news that L Brands filed a complaint against Sycamore Partners for backing out...Read More
Gold COT Report - FuturesLarge SpeculatorsCommercialTotalLongShortSpreadingLongShortLongShort282,26332,69240,929116,808396,881440,000470,502Change from Prior Reporting Period -4,354-1,4247,591-31-3663,2065,801Traders19960705759287160 Small Speculators (C) GoldSeek.com LongShortOpen Interest 53,15822,656493,158 -13-2,6083,193 non reportable positionsChange from the pre...Read More
By: Gary SavageEquity markets are going to keep rallying, $ES / SP500 upside targets, see where our intermediate-top will be:Gary SavageRead More
By: Ira EpsteinYou need to take gold one step of a time. Gold $3,000 target.. Read More
A break of key technical resistances will result in another wave of rise in all metals and energies. Do not short crude oil. I expect crude oil prices to rise to $80 (nymex) next year once world gets over corona virus crisis. Crude oil producers and large speculators will more than make up for their current losses next year. Buy crude oil call options for August 2021 with a strike price of $70.0...Read More