German steelmaker ThyssenKrupp approved investment funds to build a new chromium coating line for packaging steel at its Rasselstein site in Andernach, western Germany, it said late in the week ending on July 19.The new coating line will be a replacement for the current line, following a change in European Union (EU) regulations. ThyssenKrupp declined to provide the value of the investment but sai...Read More
HUI Gold Bugs index is up +40% since the end of May.Centerra Gold is a low-cost producer with a strong balance sheet.Risk factors that weighed on the stock are vanishing. August Comex gold (GLD) hit a new high last week at $1,454. Below is a chart of the HUI gold bugs index. The index has crossed the 200-day MA and heading toward a break out that I show with the red line. So far this summer rally...Read More
Here are five Fastmarkets MB stories you might have missed on Tuesday July 23 that are worth another look.Russian producer UC Rusal has completed the installation of a new aluminium smelter with capacity for 120,000 tonnes per year at its Boguchansky plant at Krasnoyarsk in Russia, it said on Tuesday July 23. Rising freight rates offset the benefit of a 3.5% increase in chrome ore prices ...Read More
In the last one hundred years there havebeen some great silver rallies. Some have been greater than others though.The economic conditions underlying thedifferent silver rallies were not all the same. Obviously those that occurredduring conditions most conducive to silver rallies were the great performers.The coming silver rally could be thegreatest especially since it potentially has most conditio...Read More
It was a huge week for the gold stocks. GDXgained nearly 7% while GDXJ surged over 10%. Gold hit $1450/oz after Thursday beforeselling off Friday. Silver met the same fate on Friday but managed to close theweek up over 6% and at a new 52-week high. Let’s take a look at the current technicals.Gold closed the week just below $1427/oz. If itremains above $1420-$1425, then it is likely to trend...Read More
Short-term options are pricing in low volatility expectations right nowImmunomedics, Inc. (NASDAQ:IMMU) stock topped out at an annual high of $26.99 on Sept. 4, before sliding to a 13-month low of $11.55 by mid-January. A rebound attempt was quickly rejected by the drug stock's 160-day moving average, with IMMU falling all the way back near their January bottom by early June. A bounce off here has...Read More
The retailer just pulled back to a historically bullish signal on the chartsThe shares of Target Corporation (NYSE:TGT) have come a long way since last April's huge bear gap and subsequent three-month bottom just atop $70 -- up roughly 25% off their low to trade at $87.21. And while the stock has found its footing atop support at the 30-day moving average, the $89-$90 region has put a stiff lid on...Read More
Hasbro reported second-quarter earnings and revenue that exceeded expectations Toy name Hasbro Inc (NASDAQ:HAS) is popping in early trading after reporting second-quarter earnings and revenue that topped analysts' expectations. The firm cited a huge demand for Disney's "Avengers: Endgame" toys, with revenue from partner brands rising 3% during the second quarter. In the earnings call, executives a...Read More
Analysts remain skeptical of the beverage giant, thoughA big earnings winner this morning is The Coca-Cola Co (NYSE:KO), up 4.9% to trade at $53.71, and earlier tapped a new record high of $53.71. The beverage giant reported second-quarter adjusted earnings of 63 cents per share on $10 billion in revenue, both topping analyst expectations of 61 cents and $9.9 billion, respectively. Coca-Cola als...Read More
SPOT options traders are heavily call-skewedSpotify Technology SA (NYSE:SPOT) just received a bullish note from brokerage firm Macquarie. Analysts there began coverage with an "outperform" rating and $200 price, well above Monday's close of $146.76. The note suggested SPOT shares are undervalued and the streaming music company has been underestimated by Wall Street. While most analysts covering Sp...Read More
Conagra stock has struggled on the charts over the past yearPackaged foods name Conagra Brands Inc (NYSE:CAG) has struggled to grasp a positive footing on the charts. The security has shed 20% over the past 12 months, and is trading near its pre-earnings gap close from late June, as well as its 2013 highs. In other words, now looks like the perfect time to buy puts. More than 8,400 July 28 puts ex...Read More
Dow stocks Coca-Cola and United Technologies posted quarterly earnings beatsDow Jones Industrial Average (DJI) futures are trading more than 100 points above fair value this morning on a flurry of impressive earnings reports from blue chips. Specifically, Coca-Cola (KO) announced a top- and bottom-line beat for the second quarter and lifted its full-year revenue forecast, while United Technologies...Read More
Jordan Roy-ByrneIt was a huge week for the gold stocks. GDX gained nearly 7% while GDXJ surged over 10%. Gold hit $1450/oz after Thursday before selling off Friday. Silver met the same fate on Friday but managed to close the week up over 6% and at a new 52-week high. Let's take a look at the current technicals.Gold closed the week just below $1427/oz. If it remains above $1420-$1425, then it i...Read More
Expected interest rate cuts by all the central banks is supporting gold at the moment. European central bank is expected to cut interest rates in September. Trade war theme is still there. In short, all the factors are bullish for gold. Investment demand is on the rise with passing of each week. Economic growth news will be the key. Measures (other than interest rate or different forms of quan...Read More
Bearish traders have been targeting Yeti in recent weeks, thoughAnalysts are overwhelmingly bullish on Yeti Holdings Inc (NYSE:YETI) ahead of the company's second-quarter earnings report, due out before the open next Thursday, Aug. 1. While 10 of 11 covering firms maintain a "buy" or better rating on the stock, the average 12-month price target of $36.92 is a 14.4% premium to last night's close at...Read More
China's stainless steel prices are set to come under pressure from rising supply, but with the Shanghai Futures Exchange set to launch its futures for this segment, the spot market could be in store for more liquidity as well as fluctuation.Rising capacity China's stainless steel mills are making more investments in infrastructure amid an outlook for steady growth of consumption in the country in...Read More
Gold prices have continued their advance in recent days, in light with our constructive expectations.Speculators have adopted a "wait and see" approach toward gold over the past two weeks.ETF investors boosted markedly their gold buying last week.Central bank sentiment toward gold has turned positive since last year.As the current environment is conducive to stronger gold prices, we expect BAR to...Read More
Tin's three-month price on the London Metal Exchange fell by some 2% at the close of trading on Tuesday July 23, slipping to a fresh low of $17,555 per tonne over the day's trading - the lowest level since 2016 - while copper futures failed to close above the nearby $6,000-per-tonne resistance level. Turnover was moderately light across the day's trading, with copper's 11,700 lots leading the comp...Read More
Seaborne iron ore prices were rangebound on Tuesday July 23, while the ongoing environmental restrictions have limited iron ore demand.Fastmarkets' index for iron ore 62% Fe fines, cfr Qingdao: $117.82 per tonne, down $0.51 per tonne. Fastmarkets' index for iron ore 62% Fe Pilbara Blend Fines, cfr Qingdao: $117.74 per tonne, down $0.51 per tonne. Fastmarkets' index for iron ore 62% Fe low alumina...Read More
Seaborne coking coal prices were steady to slightly lower on Tuesday July 23 amid a lack of offers in the spot market. Offers on premium category cargoes with a laycan date in August were around $173-174 per tonne fob Australia on the Global Coal platform, sources said. Buyer sources in China indicated that premium low-vol materials would still fetch a price of around $190 per tonne cfr Jingtang i...Read More