Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. Last week, the INK Canadian Insider Index surged an impressive 111.89 points or 15.2% to close at 843.25. With last week's gain, the Index has rebounded 38.5% off its March lows.MACD shot up 11 points to close at 32.68. RSI rose 14.38 points to 50.71.Support is at 750 and (20-day moving a...Read More
The seaborne iron ore market moved up on Monday April 13, with a persistent tightness in the supply of low-alumina and high-grade products from Brazil bolstering prices. Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $85.60 per tonne, up $0.83 per tonne. 62% Fe low-alumina fines, cfr Qingdao: $87.26 per tonne, up $1.06 per tonne. 58% Fe fines high-grade premium, cfr Qingdao: $74.62 per to...Read More
China's ferrous scrap market plummeted over the past three weeks due to destocking pressure on sellers coupled with low procurement rates among mills, which sent prices to their lowest in close to two years.Fastmarkets' price assessment for steel scrap heavy scrap domestic, delivered mill China was 2,200-2,360 yuan ($313-335) per tonne including value-added tax last Friday April 10, down by 210-23...Read More
Prices in the major global steel billet markets increased in the week to Friday April 10 because of scrap prices rising due to reduced availability; some deals were heard at higher prices during the week.In Turkey, scrap import prices increased strongly amid reduced availability of material in the deep-sea markets, caused by the closing of scrapyards especially in the United Kingdom and United Sta...Read More
The Egyptian Ministry of Trade and Industry has postponed a duty reduction on billet and rebar for a period of six months until October 12, 2020, Egyptian sources informed Fastmarkets on Sunday April 12.The duty was supposed to be reduced on April 12.The Egyptian Ministry of Trade and Industry announced a definitive safeguard duty of 16% of the cif price and a minimum of $74 per tonne for steel bi...Read More
Import prices for steel slab in Southeast Asia and East Asia dipped over the past week, with buyers uninterested in procuring any material due to falling demand in the downstream hot-rolled coil market. Fastmarkets' price assessment for steel slab imports, cfr Southeast Asia and East Asia was $330-345 per tonne on Monday April 13, narrowing downward by $5 per tonne from $330-350 per tonne a week e...Read More
"Fear is our greatest enemy, and hope is our greatest weapon against the disease." Robert Merivel, played by Robert Downey Jr. in Restoration (1995), a film set against the backdrop of 17th century England, during the time of the Great Plague of London, 1665-1666 "The rules are simple. At least that is how my brother sees it. One, avoid the infected at all costs. Their breath is highly contagio...Read More
Strengths? The best performing precious metal for the holiday shortened week was silver, up 7.26 percent, likely on the waves of money printing that's just getting started. Gold rose above $1,700 an ounce for the first time since 2012 on Tuesday after March's panic selling to raise cash has subsided. ETFs backed by gold added 263,504 troy ounces on Wednesday, bringing net purchas...Read More
By Stefan Gleason"All of the projection models were wrong. All of them," admitted New York Governor Andrew Cuomo in an interview last week with MSNBC.Governor Cuomo had been issuing frantic demands for tens of thousands of ventilators... that turned out not to be needed as the rate of new hospitalizations for COVID-19 infections in New York plunged with surprising speed.Governor Cuomo had warned...Read More
Christmas of 2019 I had advised to invest in gold and silver for Easter of 2020. Now I am asking to invest in gold and silver this Easter for Christmas of 2020. Overall gold and silver will continue to rise till Christmas. Even if the corona virus pandemic gets over and a vaccine is found (before Christmas of 2020), gold and silver will continue to rise. There is an over $40 price difference bet...Read More
Sector expert Michael Ballanger offers his take on how investment tactics have changed over time, as well as on recent market moves. Back in the Dark Ages, before cellular phones and the Internet, I was studying to complete the Ontario Securities course one afternoon when I came across the part discussing "asset allocation" and "portfolio construction." This section covered the recommended mix of...Read More
Calibre Mining announced drill results from the El Limon Panteon deposit that included 17.77 g/t gold over 10.8 meters. In a news release, Calibre Mining Corp. (CXB:TSX.V; CXBMF:OTC.MKTS) announced drill results from the Panteon deposit, which is part of the El Limon mine complex located in northwestern Nicaragua.The company stated that "the drilling results confirm the continuity of high-grade g...Read More
The Egyptian Ministry of Trade and Industry has postponed a duty reduction on billet and rebar for a period of six months until October 12, 2020, Egyptian sources informed Fastmarkets on Sunday April 12.The duty was supposed to be reduced on April 12.The Egyptian Ministry of Trade and Industry announced a definitive safeguard duty of 16% of the cif price and a minimum of $74 per tonne for steel bi...Read More
The Dow started the week down over 300 pointsThe Dowfinished the day down over 300 points, extending its middaylows as blue-chip Caterpillar (CAT) weighed heavy. The S&P 500 also finished the day in the red, as investors grew wary of the impending start to earnings season, and the Organization of the Petroleum Exporting Countries+ (OPEC+)'s decision to cut oil production over the weekend. Tech-h...Read More
Coronavirus cases in the U.S. are now the most in the worldFresh off the Easter holiday, Dow Jones Industrial Average (DJI) futures are poised to drop this morning. On the forefront of investor minds is the conclusion of the Organization of the Petroleum Exporting Countries+ (OPEC+) meeting, where a deal was reached with allies on a global output cut of 9.7 million barrels a day, effective in May....Read More
Dr. Anthony Fauci says COVID-19 infections in the U.S. seem to be slowingThe Dow Jones Industrial Average (DJI) is beginning the week with a sharp loss, down nearly 500 points at midday. Today's fall comes as investors process the historic oil production cut from the Organization of the Petroleum Exporting Countries+ (OPEC+) meeting over the weekend. Last week, the U.S. stock market turned in o...Read More
Prices for imported steel billet in Egypt increased in the week to Thursday April 9, however, market activity was very weak because of the Covid-19 pandemic, sources told Fastmarkets.Domestic demand is weak, but even then steel billet stocks were low, so buyers booked some material, sources told Fastmarkets.Local rebar prices have not changed in the country since late February, when some Egyptian...Read More
The equity's 160-day moving average has meant more downside in the past Chemical product manufacturer Olin Corporation (NYSE:OLN) is pivoting lower today, down 4.1% at $14.48, right on the heels of a six-day win streak, culminating in a one-month high just north of the $15 region, which served as support for OLN prior to its early March bear gap. It's not just the $15 level keeping the shares of O...Read More
Bank of America is expected to post its first-quarter earnings later this weekWith a first-quarter earnings report due out before the open on Wednesday, April 15, the shares of Bank of America Corp (NYSE:BAC) are falling back, down 4.1% at $23.83 today after running out of steam at their 40-day moving average, which is also home to BAC's pre-bear gap lows near the $25 region. Below, we'll take a...Read More
DAL has shed more than 60% in 2020The20 stocks listed in the table below have attracted the highest weekly options volume during the past 10 trading days, with data courtesy of Schaeffer's Senior Quantitative Analyst Rocky White. Stocks highlighted in yellow are new to the list. One name that sticks out is Delta Air Lines, Inc. (NYSE:DAL), not too much of a surprise given the current near-halt in...Read More