"We have taken aggressive actions to keep coronavirus out of our plant and keep this critical infrastructure facility operational."Continue...Read More
How did you end up with negative oil prices today? This happens when a physical futures contract find no buyers close to or at expiry. Continue...Read More
Over the past few weeks, state governments across the Land of the Free have been feverishly proposing new legislation that will virtually guarantee the entire insurance industry is wiped out.Continue...Read More
"I don't think we'll have a long-lasting Great Depression.... But we may have a different kind of a mess. All this money-printing may start bothering us."Continue...Read More
Turkey has increased the import duties on a number of steel products, including hot-rolled coil, cold-rolled coil, coated coil, angles and sections and stainless flat steel, effective from Saturday April 18.The new duties are in effect until July 15, 2020, as per a decision by Turkish President Recep Tayyip Erdogan, according to the country's official gazette.The import duty for semi-finished stee...Read More
Near-term, it's bullish for gold from the sense of making for safe-haven demand amid a very anxious marketplace. However, Continue...Read More
The precious metals sector has reached an interesting juncture. After a rip-roaring recovery, Gold and the largest and most Continue...Read More
Steel billet prices in most major regions around the world climbed in the week to Friday April 17, tracking gains seen in the bellwether Turkish ferrous scrap import market. Scrap prices in the world's largest importer of the steelmaking raw material have increased by close to $50 per tonne since plunging to April 2's three-and-a-half-year low of $208.10 per tonne. CIS, Turkey, EgyptTrading activi...Read More
"The administration I think is trying to ramp up testing, they are doing some things with respect to private labs, but to try to push this off to say that the governors have plenty of testing Continue...Read More
"If it was a mistake, a mistake is a mistake. But if they were knowingly responsible, yeah, then there should be consequences."Continue...Read More
Here are five Fastmarkets stories you might have missed on Monday April 20 that are worth another look.Last month, analysts started warning that oil prices could fall below zero. On Monday, they did.Iron ore fines output at Brazil-based miner Vale fell by 18.2% year on year in the first quarter of 2020, while the company has cut its guidance of iron ore and pellet production for 2020, the company...Read More
The following profound and accurate comment was written by Rick Mills of the Aheadoftheherd.com site"Historically, and especially so today, for all the reasons to like gold, the greatest leverage to rising precious metals prices has been owning the shares of junior resource companies focused on acquiring, discovering and developing precious metals deposits.Importantly, juniors are a cost-effect...Read More
Last month, analysts started warning that oil prices could fall below zero. On Monday April 20, they did.The May futures contract for West Texas Intermediate (WTI) crude oil fell as low as minus $37.63 per barrel, the first time ever that the price of the commodity has entered negative territory. By contrast, the June WTI contract is trading at around $20 per barrel, marking the biggest perce...Read More
Chinese domestic portside manganese ore prices of both high and low grades registered significant increases in the latest assessments on Friday April 17, after the country's ore traders raised offer prices notably in response to a 14-day extension of the lockdown in South Africa. On April 9, South African President Cyril Ramaphosa announced he would extend the nationwide lockdown in place sin...Read More
Oil futures are negative for the first time since they started tradingThe Dow extended its intraday losses, closing nearly 600 points lower after a catastrophic close for black gold. Set to expire tomorrow, oil futures for May delivery finished 306% lower at negative $37.63 per barrel, for the first time ever. As a result, the energy and utilities sectors dragged the blue-chip index. The S&P 500 a...Read More
The November 2 put is home to a six-digit trade Even though oil prices are sputtering today, a big winner on Friday, April 17, was WPX Energy Inc (NYSE:WPX). In light of Friday's breakout, options traders are blasting the energy stock, with a greater-than-normal tilt toward puts. Mid Friday, WPX put option volume was running in the top percentile of its annual range. Over 31,000 puts crossed t...Read More
Walmart's sales surged 20% in March, according to a Wall Street Journal reportRetail giant Walmart Inc (NYSE:WMT) is pulling back this afternoon, after hitting a record high of $133.38 earlier today, on a Wall Street Journal report that the company's sales jumped nearly 20% in March. Walmart also announced it will require its 1.5 million U.S. employees to wear masks. At last check, WMT is down 0.1...Read More
Some automakers in Turkey resumed production on Monday, April 20, with some other producers announcing dates to resume, Fastmarkets understands.Several Turkey-based carmakers stopped production initally over March because of the effects of the global Covid-19 pandemic.The Honda, Hyundai Assan, Karsan, Otokar, and Mercedez Benz Hosdere facilities all restarted production...Read More
PCAR's post-earnings price history has been mostly positivePACCAR Inc (NASDAQ:PCAR) has been climbing since the broad-market pullback in March, now up 12% for the month. At last check, PCAR is up 1.1% at $68.39 thanks to a $15 price-target hike from Citigroup to $80, just ahead of the commercial vehicle manufacturer's first-quarter earnings report, due out before the open tomorrow on Tuesday, Apri...Read More
Peak open interest sits at the May 80 callShares of Cadence Design Systems Inc (NASDAQ:CDNS) are moving slightly lower this afternoon, down 0.2% at $78.47, at last check. The options market is likely gearing up for the software name's first-quarter earnings, which are slated for today, after the market close. Below we will take a look at how CDNS has been faring on the charts, and see what the op...Read More