Cronos reported a surprise profit for its second quarter Canada-basedCronos Group Inc (NASDAQ:CRON) joined this week's earnings parade, posting a surprise second-quarter profit and revenue that beat expectations. What's more, the company said cannabis sales tripled during the last quarter, thanks to last year's legalization of recreational marijuana use in Canada, and it expects the U.S. market to...Read More
The Brazilian scrap market is facing a downturn in prices this year, despite the fact that material generation is currently at a low level, sources told Fastmarkets on Thursday August 8.Prices of ferrous scrap have fallen by around 40-45% from January to date, due to the weak performance of the long steel sector and high scrap inventories in mills, market participants said.In some mills in the sou...Read More
CHK has struggled on the charts long termOklahoma-based Chesapeake Energy Corporation (NYSE:CHK) is moving higher this morning, despite receiving a bear note from Raymond James. The firm downgraded to "market perform" from "outperform," and UBS just came with with its price-target cut to $1 from $1.60 -- though the stock seems unaffected, last seen 1.4% higher right before the open, a move that w...Read More
Oil prices and the 10-year Treasury yield are bouncing back Dow Jones Industrial Average (DJI) futures are comfortably above fair value this morning, with the blue-chip index stabilizing after yesterday's volatile trading day. The upside comes after the People's Bank of China (PBoC) set the yuan's reference point higher than analysts were expecting, though still at its weakest point since 2008, an...Read More
The three-month nickel price on the London Metal Exchange continued its uptrend at the close of trading on Thursday August 8, cooling from an intraday high of $16,690 per tonne to close just short of $16,000 per tonne, while lead's continued rise saw its outright price close at more than $2,000 per tonne.Nickel futures closed at $15,880 per tonne on Thursday afternoon, holding near their highest l...Read More
A simple way to stop picking losers, and start cashing in like Wall Street's elite.Most traders would never believe that 9 out of 10 trades could be winners.But while it may sound impossible, thanks to a research breakthrough, it may not be as far-fetched as many think.JPMorgan's trading desk produced a 99.52% win rate from 2013 through 2017. That includes 2 straight years without a losing day....Read More
Scrap metal cargoes from Japan have been refused entry into South Korea over the past two weeks after the country's customs started asking for certificates to prove radiation levels, sources told Fastmarkets. South Korea has also stepped up radiation checks on Japanese ferrous scrap imports, with inspectors reportedly boarding "every single vessel transporting Japanese ferrous scrap... to carry ou...Read More
Brazilian steelmaker Gerdau has decided to postpone some of its capacity expansion investments expected for 2019 amid a weaker-than-expected local economy, while reporting year-on-year output growth for the second quarter.It has maintained, however, its 7.1 billion Reais ($1.79 billion) total capital expenditure plan through 2021.The company estimated 1.84 billion Reais of investments for 2019, a...Read More
- Gary Christenson, The Deviant InvestorBreaking News: COMEX paper gold contracts closed on Wednesday, August 7, at $1,513, up from $1,274 on May 22. Gold bottomed at $1,045 in December 2015. The S&P 500 Index closed at a new all-time high on July 26.Gold closed at its highest price since 2013.Read: Silver Prices - The Next Five YearsWhat Happens Next?We don't know. Gold has disappointed for...Read More
By: Ira EpsteinBig violent Summer trading day in the general markets. Bonds getting ahead of themselves? 1% US 10-Year Note yields... 0% yields?Gold took off last Thursday, 18-DMA now $1,445 and rising, bias is up:Read More
By Avi GilburtIn 3rd grade, my teacher had a sign up at the front of the class which read: PUT BRAIN IN GEAR BEFORE ENGAGING MOUTHThis made an impression upon me as a 3rd grader. Yet, many adults have yet to learn this lesson.It seems that every single analyst that you read regarding the gold market parrots the exact same thesis: If the dollar rises gold falls, and if the dollar falls gold r...Read More
Gold is over brought and needs to break and trade over $1540 to start another wave of rise. Silver has a massive technical congestion between $1730-$1775. Silver needs to break and trade over $1730-$1775 zone for the rest of the month to rise to $1932 and $2100. Chances of sharp correction will be very high as long as silver does not break $1775. One step at a time for silver bulls. One should u...Read More
Here are five Fastmarkets MB stories you might have missed on Thursday August 8 that are worth another look.The meeting of battery materials market participants at Antaike's Battery Materials conference in Guiyang, China, came just as news broke of Glencore's plan to put one of its copper-cobalt mines on care and maintenance - Fastmarkets covers the Chinese market reaction and other topics of disc...Read More
The bipartisan debt limit and budget deal have ended the treasury drought and herald boom times ahead.The gold rally will soon end as its use as a tier 1 asset alternative is over.The bond supply is restored and so yields will now rise to reflect the abundance.The very generous debt ceiling and budget deal seal in boom times for equities.At present in the bond (TLT) and gold (UGLD) markets is an a...Read More
Shigemoto Toma joined Anglo American in Singapore last week as a senior base metals trader to expand the company's physical and financial trading book and help its shift towards being a miner-trader.Toma has joined the copper trading team, Anglo confirmed on Thursday August 8.Toma, who had been part of Macquarie's base metals trading team since February 2018, had mostly focused on aluminium...Read More
The three-month nickel price on the London Metal Exchange continued its uptrend at the close of trading on Thursday August 8, cooling from an intraday high of $16,690 per tonne to close just short of $16,000 per tonne, while lead's continued rise saw its outright price close at more than $2,000 per tonne.Nickel futures closed at $15,880 per tonne on Thursday afternoon, holding near their highest l...Read More
Gold settled lower Thursday after rallying, along with silver, to multiyear highs a day ago. However, investors remain on edge over trade relations between the U.S. and China, with that conflict serving as a key longer-term support for a climb in precious metals. December gold GCZ19, +0.18% on Comex declined $10.10, or 0.7%, to $1,509.50 an ounce, after marking the highest level for the precious...Read More
Seaborne coking coal prices largely leveled off on Thursday August 8 after some volatility and relatively active trading earlier this week.A Chinese steelmaker is heard to have bought a Panamax cargo of top brand premium hard coking coal at $171-172 per tonne cfr China, compared with a traded level of $173 per tonne cfr late last week.A lower ranked brand of hard coking coal changed hands at about...Read More
Wednesday was a big day in metals; the $30 per ounce rally is just the latest expression of global fear sparked by escalation of the tariff war with China.With Europe flat on its back and the euro weak, gold and (finally!) silver appear to be the only reasonable alternatives left to those wishing to diversify out of the dollar.This is why we expect the rally in both metals to continue.It was a big...Read More
The seaborne iron ore market halted its downward spiral on Thursday August 8, with the return of some buying interest keeping prices from falling for a seventh consecutive trading day. Fastmarkets' index for iron ore 62% Fe fines, cfr Qingdao: $94.12 per tonne, up $0.81 per tonne.Fastmarkets' index for iron ore 62% Fe Pilbara Blend Fines, cfr Qingdao: $92.62 per tonne, up $0.81 per tonne.Fastmarke...Read More