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
Plenty of choices when it comes to gold ETFs.The Perth Mint rolls out its new product.A competitive expense ratio.Timing is everything.Gold continues to shine.Gold traded in a $331.30 range from 2014 through June 2019. After the June Fed meeting, the price broke out to the upside and was trading at over $1425 per ounce on Friday, July 19. The Perth Mint opened in 1899 after the discovery of gold d...Read More
Harvey says we are coming very close to a commercial failure. Here's why...by Harvey Organ of Harvey Organ BlogJULY 22/GOLD UP A TINY 80 CENTS TO $1426.80 BUT SILVER ADVANCES A HUGE 21 CENTS//A MASSIVE 10.56 TONNES OF PAPER GOLD ADDED TO THE GLD/A MASSIVE 8.939 MILLION OZ OF PAPER SILVER ADDED TO THE SLV///FOR THE FIRST TIME EVER TO SILVER ENTERS THE COMEX, NO SILVER LEAVES THE COMEX AND ADJUSTMEN...Read More
Silver has begun trading as it has never traded before, rising even when gold is falling...by Chris Powell of the Gold Anti-Trust Action Committee (GATA)Dear Friend of GATA and Gold:GoldSeek Radio's Chris Waltzek last week interviewed GATA Chairman Bill Murphy, who says silver has begun trading as it has never traded before, rising even when gold is falling. But retail investors, Murphy adds, stil...Read More
Turkish steel mills remained silent over the course of the day on July 23, while news of an older cargo was revealed, sources told Fastmarkets on Tuesday July 23.The market is waiting to hear of any fresh cargo purchases this week, after a cargo that was reportedly sold on July 19 came to light late on Monday July 22.A steel mill in the Iskenderun region bought a United States-origin cargo compris...Read More
Strategic & Precious Metals Processing's (SPMP) antimony and gold processing facility in Sohar, Oman, has produced its first antimony metal, parent company Tri-Star Resources said on Monday July 22. Tri-Star, which has a 40% equity interest in SPMP, has reported the facility's first antimony production after nine months of remedial activity and several technical issues that have delayed output ini...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
A summary of base metals premiums from across the globe for the week to Tuesday July 23.Read More
Noranda Income Fund (NIF) has reduced its 2019 zinc metal sales and output guidance after unexpected maintenance outages and challenges to its production.NIF, which owns the Canadian Electrolytic Zinc (CEZ) facility in the Canadian province of Quebec, said that its new sales and production range for the year was forecast to be between 255,000 tonnes and 265,000 tonnes.This was down from an earlier...Read More
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.The new unit will focus on producing primary foundry aluminium alloys for the automotive sector. Operations were expected to begin in September 2019, raising the plant's smelting capacity to 418,0...Read More
Norsk Hydro's Alunorte alumina refinery has reached 80-85% utilization after the Brazilian government lifted a production embargo against the facility in May.The Norwegian aluminium producer announced on Tuesday July 23 that a continued ramp-up in production at its facilities in Brazil has been successful. Capacity utilization at Alunorte, located in the northern Brazilian state of Par??, is expec...Read More
Nickel's three-month price on the London Metal Exchange was higher during morning trading on Tuesday July 23, continuing its upward trajectory above $14,300 per tonne, while tin's three-month price slipped to just over $17,630 per tonne - close to its lowest level since 2016. Turnover was moderate over the morning session, with European trading hours opening to some 4,000 lots of copper and 3,500...Read More
Against a backdrop of poor economic growth, especially in Germany and China, and in the absence of fresh news, markets seem to be content to consolidate this morning, Tuesday July 23.This is especially so ahead of the release of flash manufacturing purchasing managers' index (PMI) data on Wednesday and the European Central Bank (ECB) rate decision on Thursday. Metals consolidate after recent price...Read More
Prices paid for flat steel imports into the United Arab Emirates and Saudi Arabia were stable this week, with demand remaining weak amid the seasonal summer lull.Buying may improve if prices fall by about $25 per tonne, but such a fall is unlikely any time soon, one market participant said.UAE Offers for hot-rolled coil imports from China to the UAE came in at $500-510 per tonne cfr, but no major...Read More
Prices for imported rebar in the United Arab Emirates increased this week in response to domestic price hikes, but billet import values declined in line with the global market, sources said on Tuesday July 23.The higher price for rebar imports was driven by local producers in the UAE increasing their prices last week.But weakening billet prices globally, sent billet import pric...Read More