Base metals prices on the London Metal Exchange were collectively lower at the close of trading on Thursday February 7, with low volumes and limited buying interest due to the Lunar New Year public holiday in China, while the strength of the US dollar deterred investment.Aluminium futures continued to trade against positive fundamentals in the day's trading, falling below the support level of $1,9...Read More
Comex copper prices rallied for the third straight session on Thursday February 7 with the market growing more optimistic on the red metal's prospects through the first quarter. The copper price for March settlement on the Comex division of the New York Mercantile Exchange gained 1.05 cents to $2.8470 per lb. Market activity remains stunted with Chinese participants sidelined due to the Lunar New...Read More
Fastmarkets is proposing to amend its weekly London Metal Exchange warrant premiums coverage across the entire base metals asset class. As part of the proposal, Fastmarkets intends to move the publication date for its LME warrant premiums to Wednesday 3-4pm London time from Tuesdays 3-4pm currently. In addition, Fastmarkets proposes to publish a new LME warrant premiums table separate from the mai...Read More
"Our advice is to own as little exposure U.S. equity exposure as your career risk allows." - Martin Tarlie, member of portfolio allocation at Grantham, Mayo, Van Otterloo investment managementThe following is an excerpt from the latest Short Seller's Journal:Economy is worse than policy makers admit publicly - Less than four months ago, the FOMC issued a policy statement that anticipated four rate...Read More
Here are five Fastmarkets MB stories you might have missed on Thursday February 7 that are worth another look.A group of lawmakers in the United States introduced legislation that would require the US Department of Defense to justify the national security basis for new tariffs under Section 232 and increase congressional oversight of that process. Producer Norsk Hydro's underlying operat...Read More
Producer Norsk Hydro's underlying operating profit dropped almost 85% in the fourth quarter due to the effects of its production curtailment at its Brazilian alumina refinery, Alunorte. In its biggest quarterly loss since 2015, the company's underlying earnings before financial items and tax (Ebit) decreased to NOK 534 million ($62.32 million) in the fourth quarter, down from NOK 3,555 million ($4...Read More
* GRAPHIC-2019 asset returns: (Adds U.S./China news and closing prices)By Eric OnstadLONDON, Feb 7 (Reuters) - Copper prices eased on Thursday asworries over global economic growth remained to the fore, withaluminium also weakening after a major producer warned aboutsofter demand.Zinc, however, bucked the trend as an environmentalcrackdown in China created shortages of refined metal.A steady drum...Read More
By: Ira EpsteinMomentum is gold and silver point down but support should not be far away:Read More
Wednesday's asphyxiating tedium was a reminder that DaBoyz are in no rush to take stocks higher, especially if the short-covering needed to do so is absent. Usually, bear buying-binges are driven by "good" news. On this particular day, however, the headlines concerned a State of the Union speech that held little interest for Wall Street. Toss in the usual bilge concerning political bickering, Mu...Read More
The daily indices of prices for Turkish deep-sea scrap imports went down by $1 per tonne on Thursday February 7 after another cargo was booked from the United States, sources have told Fastmarkets.The recent trend remains positive, however, after a $9 per tonne jump earlier in the week, boosted by strong sales of billet and rebar in Turkey.In the latest deal, a steel mill in the Samsun region book...Read More
Comex copper prices rallied for the third straight session on Thursday February 7 with the market growing more optimistic on the red metal's prospects through the first quarter. The copper price for March settlement on the Comex division of the New York Mercantile Exchange gained 1.05 cents to $2.8470 per lb. Market activity remains stunted with Chinese participants sidelined due to the Lunar New...Read More
Time for a change of scenery, I’m writing to you all from Bali now. After spending over 4 months in the Philippines, I thought I was due for a change of pace, but as usual per this time of year, I wanted to stay in warmer territories.I’m still in the same timezone, though, so really not too much has changed at all… If anything, I’m probably more convinced than ever just how...Read More
Ontario's Government for the People is supporting Indigenous training and employment in Sault Ste. Marie's information technology (IT) sector, creating 57 full-time jobs.Today, Ross Romano, Parliamentary Assistant to the Minister of Energy, Northern Development and Mines, announced PLATO Testing is receiving more than $1.2 million to deliver IT training focused on preparing Indigenous people to be...Read More
It's expected to become a $4 billion business by 2022.And that's just in the U.S. and Canada.The global estimates for cannabis edibles could effectively double that number.I know some folks don't like to talk about weed or edibles. But if you want to make a ton of cash from the cannabis boom, you need to pay attention to the edibles market.This Isn't Your Father's EdibleForget everything you know...Read More
ArcelorMittal Europe's fourth-quarter earnings declined by 13% year on year in 2018 on "lower steel shipment volumes," the company said on Thursday February 7.Earnings before interest, taxes, depreciation and amortization (Ebitda) at ArcelorMittal Europe dropped to $749 million in the October-December quarter, down from an Ebitda of $861 million in the corresponding period in 2017. The compan...Read More
A week before Bombardier (No outlook; BBD.B) is scheduled to release its Q4 earnings report on February 14th, the taxpayer supported aerospace, rail & defense firm announced today that it is losing one of its key executives. According to a company press release, Bombardier Transportation President Laurent Troger has informed the company of his intention to resign and pursue opportunities outside...Read More
According to the January 31st IIROC short-selling report published Tuesday, the short-selling position at Badger Daylighting (Sunny; BAD) stands at 1.94% of the company's float (estimated shares outstanding available for trading), up 0.014% from where it was in the January 15th report. Short-sellers may have their work cut out for them, however, as insider commitment at the firm remains strong. O...Read More
Domestic prices for hot-rolled coil (HRC) in Europe should increase on the back of support from rising import prices as well as buyers' restocking, sources told Fastmarkets.European steelmakers have already increased official offers, starting with ArcelorMittal pushing offers up by ?,?30 ($34) per tonne at the end of last week."The buyers are in 'wait-and-see' mode until Chinese mills return from...Read More
Apparent steel consumption in Brazil is expected to grow by 3.50-4.50% during 2019, ArcelorMittal said in its earnings report for the fourth quarter of 2018, published on Thursday February 7. This rate compared with a 7.30% increase reported in 2018.The company, which is the largest steelmaker in the world, believes that the country's automotive and machinery industries will show slower growth dur...Read More
Turkish export rebar and wire rod prices have soared in the first week of February following the surge in import scrap costs in the country.The price for imported scrap increased on tight supply, low stocks and high collection costs because of the winter weather.The Fastmarkets MB daily ferrous scrap HMS 1&2 (80:20) index for material in North...Read More