Should investors panic over IWM underperformance?The following is a reprint of the market commentary from the August 2019 edition of The Option Advisor, published on July 26. For more information, or to subscribe to The Option Advisor -- featuring 10 new option trades each month -- visit our online store.If you've been following the stock market's rebound rally from its early June lows, then it's...Read More
The discount for No2-grade copper scrap in China widened this month on higher availability because Chinese buyers have quickly used up the import quotas granted by the government.The value for copper scrap No2 copper (birch/cliff), imported into China, 94-96%, LME/Comex discount, cif China, was $0.32-0.36 per lb on Monday July 29, compared with $0.29-0.35 per lb on June 24.Scrap material from Sout...Read More
Singapore Exchange's (SGX) 65% Fe iron ore derivative contract hit a monthly-traded volume of 2.0397 million tonnes as on Monday July 29, the highest since the contract's launch on December 3, 2018.Fastmarkets' index for iron ore 62% Fe fines, cfr Qingdao: $117.99 per tonne, down $0.32 per tonne. Fastmarkets' index for iron ore 62% Fe Pilbara Blend Fines, cfr Qingdao: $1117.91 per t...Read More
Seaborne coking coal prices dropped on Monday July 29, as offer and traded levels plunged.A premium mid-vol cargo changed hands at $168 per tonne fob Australia, market sources said during the day.On the Global Coal platform, an offer for a September-loading premium mid-vol cargo stood at $162 per tonne fob Australia, they added.Chinese buyers continue to hold a bearish outlook on prices amid restr...Read More
Dollar strength is keeping gold stuck in its lateral trading range.Yet, gold's currency component is no longer a seriously limiting factor.Gold's multi-year high suggests the establishment of a new bull market.After a failed breakout attempt, the gold price has fallen back into the holding pattern which was established last month. While it may be frustrating for some investors that gold re...Read More
For silver to enter into a new bull market, certain signs and indicators on the charts need to take place. Steve St. Angelo explains...by Steve St Angelo of SRSrocco ReportAfter waiting for seven years since the silver price traded above $30, precious metals investors are wondering if 2019 will be the year that shiny metal finally enters into a new bull market. However, for silver to enter into...Read More
Investing.com - Gold prices were near flat on Monday in Asia as traders await the upcoming U.S. Federal Reserve meeting this week. Gold futures for August delivery, traded on the Comex division of the New York Mercantile Exchange, was unchanged at $1,419.65 by 1:28 AM ET (04:28 GMT). The yellow metal fell 0.5% last week after suffering its sharpest one-day slide in three weeks on Thursday when the...Read More
James HyerczykJul 28, 2019 11:18 PM GMTGold futures also posted a tight range last week that fell inside the previous week’s range. This type of price action tends to indicate investor indecision and impending volatility. There was no follow-through to the upside after the market hit a multi-year high during the week-ending July 19. However, the selling wasn’t strong enough either to...Read More
Gold futures finished Friday in positive territory, following the first estimate of second-quarter U.S. gross domestic product, which indicated the economy was healthy but slowing and might still warrant an interest-rate cut by the Federal Reserve. August gold on Comex GCQ19, +0.16% added $4.60, or 0.3%, to settle at $1,419.30 an ounce, after the metal finished 0.6% lower on Thursday, marking its...Read More
Citic Metal, the exclusive sales agent in China for ferro-niobium from Companhia Brasileira de Metalurgia e Minera????o (CBMM), surprised the market by keeping its third-quarter price unchanged from the previous quarter, sources told Fastmarkets.The market had been expecting CBMM to lower its ferro-niobium price, which has gradually lost its allure compared with vanadium products because of the de...Read More
The uncertainty created by trade tensions, including the potential for US tariffs on the automotive sector, is deterring investment decisions in the industry and leading to reduced forecasts for growth, according to Norsk Hydro's chief executive officer. One of the key reasons why the Norwegian aluminium producer lowered its demand growth expectations for the metal in 2019 was the insecurity...Read More
Here are five Fastmarkets MB stories you might have missed on Monday July 29 that are worth another look.The Peruvian federal government is drafting a new mining code to ensure legal certainty and social responsibility in the development of projects in the country, national president Mart?-n Vizcarra said on Sunday July 28 during the country's independence day festivities. The announcement wa...Read More
The Peruvian federal government is drafting a new mining code to ensure legal certainty and social responsibility in the development of projects in the country, national president Mart?-n Vizcarra said on Sunday July 28 during the country's independence day festivities.The announcement was made following almost two weeks of public demonstrations and street blockades in the Arequipa region against...Read More
Base metals prices other than tin and lead had rebounded by the kerb close on the London Metal Exchange on Monday July 29 despite thin trading volumes and a stronger US dollar index.After a cautious start to the day, most of the base metals made gains in anticipation of tomorrow's trade meeting between the United States and China, the release of Chinese economic data and a Federal Open Markets Com...Read More
Consumers are starting to pay a premium for aluminium produced with lower carbon emissions and a limited environmental impact, according to the chief executive officer of Norsk Hydro. The Norwegian aluminium producer is starting to see traction for its green aluminium products, which include brands Hydro 4.0 and Hydro 75R, Hilde Merete Aasheim told Fastmarkets."We'd really like to build on this go...Read More
The continued closure of the import arbitrage window to China and the lingering absence of Nyrstar's Port Pirie from the market triggered a rise in treatment charges for lead concentrates over July, while TCs for zinc concentrates also rose.Fastmarkets assessed low-silver spot lead concentrate TCs at $30-50 per tonne cif China on July 26, up from $20-30 per tonne a month earlier. Spot TCs for high...Read More
The discount for No2-grade copper scrap in China widened this month on higher availability because Chinese buyers have quickly used up the import quotas granted by the government.The value for copper scrap No2 copper (birch/cliff), imported into China, 94-96%, LME/Comex discount, cif China, was $0.32-0.36 per lb on Monday July 29, compared with $0.29-0.35 per lb on June 24.Scrap material from Sout...Read More
Merchant bar quality (MBQ) steel prices in the United States remained flat month over month, although some sources reported seeing improved market activity in certain regions of the country.Fastmarkets monthly assessment for steel bar 2 x 2 x 1/4 -inch angle merchant products, fob mill US, remained at a 16-month low of $33.80 per hundredweight ($676 per short ton) on Friday July 26 after falling...Read More
Mexican integrated steelmaker Altos Hornos de Mexico (Ahmsa) posted a 22.9% year-on-year decline in second-quarter steel sales volumes, while its average selling price fell by 13.3% in the same comparison.Steel sales volumes totaled 759,205 tonnes in the second quarter compared with 984,524 tonnes in the same period last year, Ahmsa said in its quarterly earnings report on Friday July 26. Its...Read More
The Saudi Arabian government is planning to impose a new export duty on steel rebar, market participants told Fastmarkets on Monday July 29.No official announcement about a new duty had been made before the story was published in a local newspaper, which quoted a spokesperson from the Ministry of Commerce & Investment saying that the government will impose the duty soon.The...Read More