Investors who think the worst is over had better prepare for the other shoe to drop. Stocks rallied sharply last week, reflecting the egregious miscalculation not only of bulls who have yet to meet a dip they could not buy, but also of bears who evidently fear that the crazed buying binge will continue for no good reason. They should relax, since there has never been an instance where an initial...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
Ferrous scrap prices in the Mexican steelmaking regions of Monterrey and Baj?-o were mostly unchanged week on week, but market participants anticipated a series of price cuts after the United States' monthly domestic scrap settlement for April.Some steel producers in Mexico's Baj?-o region announced a price cut of 200 pesos per tonne in scrap purchases for the ongoing week, after it became known t...Read More
Aluminium premiums fell across the globe during the past week, on weakened demand due to Covid-19 lockdowns and a wider contango spread between cash and three-month contracts on the London Metal Exchange which is supportive to traders holding the metal.Rotterdam down amid smelters focusing on P1020A ingotsMJP premium steady on lower market liquidityUS Midwest hits lowest level since January 2018Eu...Read More
Here are five Fastmarkets stories you might have missed on Tuesday April 14 that are worth another look.Toyota Motor Corp has decided to again postpone the reopening of its automaking plants in Brazil by two months amid plunging demand and in order to prevent the Covid-19 virus from spreading among its workers, the company said on Monday April 13.The Covid-19 pandemic has inevitably drawn comparis...Read More
The Covid-19 pandemic has inevitably drawn comparison with the global financial crisis of 2008-09. But while there are similarities, the differences are greater, meaning the remedy needs to be different too.Perhaps the biggest uniting factor between the two events is uncertainty.Ask the head of a major commodities company in 2008, and they would have told you their biggest task was staying liquid,...Read More
The uncertainties surrounding cobalt supply and demand in the near term amid the continuing Covid-19 pandemic has led more Chinese salts smelters to take on tolling business to mitigate risk.The virus has had an unprecedented effect on the global economy with manufacturing sectors around the world forced to slow in attempts to halt its spread, a dynamic which eventually dented buying interest for...Read More
London Metal Exchange three-month base metals prices, with the exception of lead, continued their upward momentum at the close on Tuesday April 14, buoyed by positive China customs data and ebbing virus concerns in other regions, including the United States. China's trade balance figures for March, which measure the difference in value between imported and exported goods month on month, were annou...Read More
Seaborne iron ore prices inched upward on Tuesday April 14, during an active day of trading at Chinese ports amid persistent worries about supply and an improving steel demand outlook.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $87.02 per tonne, up by $1.42 per tonne.62% Fe low-alumina fines, cfr Qingdao: $88.74 per tonne, up by $1.48 per tonne.58% Fe fines high-grade premium, cfr Qingd...Read More
China's domestic rebar prices edged up further on Tuesday April 14 amid what was described by market participants as "good and steady" demand. Eastern China (Shanghai): 3,470-3,500 yuan ($492-496) per tonne, up by 10 yuan per tonneNorthern China (Beijing): 3,410-3,440 yuan per tonne, up by 10 yuan per tonne Buyers actively procured cargoes during the day, which gave prices a slight upward pus...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.Despite these unprecedented times, US sheet prices moved in line with our expectations over the past month. While we maintain our view on the direction of pricing during 2020 and the length of the pricing downturn, as the Covid-19 crisis deepens we have increased the magnitude of the price declines through the second quarter...Read More
A summary of base metals premiums from across the globe for the week to Tuesday April 14.Please click...Read More
The continuing rebound of scrap prices in the global market supported the efforts of CIS steel billet producers to achieve higher sales prices despite the limited demand resulting from the Covid-19 pandemic, Fastmarkets heard on Tuesday April 14.A cargo of Russia-origin billet was reported sold to Turkey late last week for around $368-369 per tonne cfr, equivalent to around $355 per tonne fob Blac...Read More
London Metal Exchange three-month base metals prices, with the exception of lead, continued their upward momentum at the close on Tuesday April 14, buoyed by positive China customs data and ebbing virus concerns in other regions, including the United States. China's trade balance figures for March, which measure the difference in value between imported and exported goods month on month, were annou...Read More
Downstream aluminium products producer Novelis Inc has completed the acquisition of Aleris Corp for $2.8 billion, the company announced on Tuesday April 14. Novelis announced plans to buy Aleris in July 2018, but the acquisition has been delayed due to a European Commission (EC) investigation. There were concerns that the deal may reduce competition in the semi-finished aluminium market, leading t...Read More
China's exports of unwrought aluminium and aluminium products declined by 5% in March 2020, compared with the same period in 2019, while its total exported volume for January to March slipped by 17.5%, according to preliminary Chinese customs data.China exported 518,593 tonnes of unwrought aluminium and aluminium products in March 2020, a 27,406-tonne contraction year on year.China's total exports...Read More
Base metals prices on the London Metal Exchange were predominantly higher during morning trading on Tuesday April 14, supported by news of plans to reopen the US economy and the release of fresh Chinese customs data for March. Topping the complex was the three-month LME copper price, which climbed by 2.8% to $5,158.50 per tonne, from Thursday's close of $5,019.50 per tonne. The LME was closed on F...Read More
(IDEX Online) - New dates have been announced for two Hong Kong jewelry shows after they were twice postponed because of coronavirus.The Hong Kong International Jewellery and Diamond Show and its sister event, the Gem & Pearl Show, are now due to take place on 3 to 6 August, with extra Covid-19 precautions.They were originally scheduled for 2 to 8 March, were put back to 18 to 21 May because o...Read More
(IDEX Online) - Russian mining giant Alrosa to finance a drone to monitor and protect wild reindeer. Its environmental center is working with authorities in the remote tundra of Yakutia, in the east of the country, where Alrosa operates its Mir mine. The company already has special paths for reindeer to cross ground installation lines and has developed a mechanism that blocks traffic so they can s...Read More
(IDEX Online) - Lucapa has sold polished diamonds worth $2m, sidestepping coronavirus restrictions on its usual rough tender in Antwerp. The Australia-based miner has agreed a high-end cutting and polishing partnership with a high-end diamantaire for stones from its Mothae kimberlite mine in Lesotho so it can sell polished rather than rough stones. Lucapa receives the rough price upfront from its...Read More