An upward stepping GAP pattern for UNG and Natural Gas has our research team believing a strong upside price breakout may be pending. We believe the open gap patterns, which are below the current price levels, represent a building momentum based/bottom that has setup in UNG. This pattern, if we are correct, may prompt a big breakout move in the near future.THREE GAPS PATTERN & MOMENTUM B...Read More
The Copper/Gold ratio is saying something. That something is that a cyclical, pro-inflation and thus pro-economic reflation metal shown earlier, remaining nominally positive on a down market day has, in relation to gold, taken out two important moving averages (daily SMA 50 & SMA 200) and is currently riding the short-term EMA 20 upward. RSI and MACD are positive.Copper: Pro-cyclical inflation...Read More
Inflation is back. OK, not inflation, but inflation expectations. As the chart below shows, they plunged during the coronavirus crisis, but they have already recovered. Currently, and based on the inflation-protected Treasury yields, Mr. Market expects that inflation will be, on average, 1.5 percent in the next five years and 1.7 percent in the next ten years. Meanwhile, the real bond yields have...Read More
CLEAR PRICE CHANNEL MAY PROMPT BIG BREAKOUT OR BREAKDOWN MOVE IN OILIn this report, I discuss the recent price action in crude oil and how economic conditions and the pennant flag chart pattern is indicating a big price move is about to take place over the next few weeks. While some of you may want a clear, bold prediction as to whether a breakout or breakdown may happen, as technical trader...Read More
Here are five Fastmarkets stories you might have missed on Thursday October 22 that are worth another look....Read More
US hot-rolled coil prices continue their upward march as sources increasingly debate not whether the trend is sustainable into 2021 but for how long into next year current price levels might hold.Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $33.66 per hundredweight ($673.20 per ton) on Thursday October 22, up by 0.3% from $33.57 per cwt on October 21 and 2.9% from...Read More
Chrome market participants have been surprised by the South African government's proposal to introduce an export tax on chrome ore to support its chrome sector but sought further detail about what it involves and when it would be carried through.The proposed export tax on South African chrome ore is designed to support domestic ferro-chrome production and its chrome value chain, the South African...Read More
Turkish export rebar and wire rod prices strengthened in the week to Thursday October 22 amid limited material supply and higher scrap costs, sources have told Fastmarkets."Mills sold quite a lot of rebar for export in earlier weeks so, when you ask, the earliest date they give you [for delivery] is January," one source said.A 50,000-tonne rebar cargo scheduled for shipment in January was reported...Read More
Here are five Fastmarkets stories you might have missed on Thursday October 22 that are worth another look....Read More
The three-month price of zinc on the London Metal Exchange was the standout performer at the close of trading on Thursday October 22, making a steady approach toward resistance at the $2,600-per-tonne threshold.Copper futures were the laggard over the day, in spite of Wednesday's upsurge.Zinc's underlying price on the LME closed at $2,578.50 per tonne on Thursday afternoon, climbing from an intrad...Read More
The London Metal Exchange will launch a lithium contract based on the monthly average of Fastmarkets' price assessment for lithium hydroxide monohydrate, it said during an online briefing on Thursday October 22 as part of the annual LME Week event.The contract will use the assessment for lithium hydroxide monohydrate, min 56.5% LiOH.H2O, battery grade, spot price, cif China, Japan & Korea. It is p...Read More
Three-month base metals prices on the London Metal Exchange were collectively lower during morning trading on Thursday October 22, with the LME nickel price notching the biggest decline, while a continued impasse over a US coronavirus fiscal stimulus package cooled rallies seen earlier in the week. Nickel's outright price on the LME was recently trading at $15,730 per tonne on Thursday morning, fa...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.US ERW OCTG edges higher, seamless could followRising substrate costs helped support US ERW OCTG prices this month, especially at the upper end of the range of offers. Seamless OCTG and linepipe prices, meanwhile, held firm compared with September prices. The fundamentals remain weak, with rig counts going up...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.Iron ore remains the most bullish commodity of the year, with prices fuelled by Chinese demand and supply disruptions in Brazil, along with bullish sentiment. But prices are expected to come down because Brazilian exports have begun to recover, and have reached their highest level since the Brumadinho dam disaster in 2019. W...Read More
Access our research platformsSign-in to our platforms to access our extensive research, our latest insight, data and analytics and to connect to our industry experts.Fuelled by public policy and declining battery costs, global electric bus adoption is set to triple by 2025. The Chinese market - the most promising in this sector - will surpass the 1 million e-bus mark by 2023 and reach 1.3 million...Read More
Access our research platformsSign-in to our platforms to access our extensive research, our latest insight, data and analytics and to connect to our industry experts.As we look to 2020, copper is faced with a finely balanced market. For now, positive investor sentiment around copper’s fundamentals is supporting higher prices. Stronger demand growth is underpinned by new semis capacity, while...Read More
Domestic prices for hot-dipped galvanized coil (HDG) steel in Northern Europe increased in the week to Wednesday October 21, supported by reduced availability of the material in the spot market, sources told Fastmarkets.Fastmarkets' weekly price assessment for steel HDG, domestic, exw Northern Europe was ?,?595-615 ($702-726) per tonne ex-works on October 21, up by ?,?5-15 per tonne from ?,?590-60...Read More
Sentiment improving as holiday orders and shortages support polished prices. Cutters planning brief Diwali break amid rise in production. US holiday shoppers expected to keep spending in line with last year at average of $998, says NRF. Jewelers with strong digital presence doing well. Fewer 3Q bankruptcies than expected as JBT reports US industry decline of 3% to 24,258 businesses. China strong....Read More
RAPAPORT... De Beers' sales and production rebounded in the third quarter as the impending holiday season revitalized the diamond market following months of slow sales.Rough sales totaled 6.6 million carats during the three months ending September 30, a sharp increase from 300,000 carats in the second quarter, parent company Anglo American reported Thursday.Though sales volume was down 11% ye...Read More
RAPAPORT... US spending on holiday gifts will be similar to last year as consumers look to celebrate after the uncertainty and stress of the pandemic, according to the National Retail Federation (NRF)."Consumers have demonstrated their resilience and adaptability throughout these extraordinary times," NRF CEO Matthew Shay said Wednesday. Americans said they would shell out approximately $998 on se...Read More