Turkish steelmakers have cut their capacity utilization rates to prevent the spread of Covid-19 among employees amid reduced demand for steel due to pandemic lockdown measures in the domestic and export markets.Several Turkish long steelmakers stopped production in March and April, and some of them have not yet resumed production.Maintenance breaks have reduced flat steel output in Turkey recently...Read More
Chris Vermeulen, CEO & Founder of Technical Traders Ltd., joins Tom Bodrovics at Palisade Radio to discuss the markets and Chris says, “This is the time to really be paying attention to the markets… It could be a bloodbath.”Chris is seeing uncertainty that could bring equities lower as money is flowing into safe havens. The charts are showing that markets are approaching a m...Read More
Gold stocks are the crazy ride in the markets. The swing are so great it does not matter if you miss a bullish the break out as another deep pull back allows you to enter with ease. The good news is the (!XAU) PHLX Gold/Silver Index (in the chart below) is very friendly to price cycles. These cycles can be used for timing markets, it also makes it clear if you fight the price cycle you may be in l...Read More
Ferrous scrap imports to Vietnam rose by 64.8% year on year over the first three months of 2020, statistics from the country's customs bureau show.Total scrap imports reached 1.39 million tonnes in January-March 2020, up from 843,666 tonnes in the corresponding period of last year.Scrap imports from Japan saw the largest rise of any major seller to the country, soaring by 110.3% over the period to...Read More
Well boys and girls The Straits of HELL have just been breached, JUMPED with a GAP, which leaves us with one of the LARGEST Island Bottoms of all times, IF not the largest.To me that signifies that whomever they are, Monetary or Governmental Authorities, Et Al, have lost control.and that Precious Metals will do as they need to, based on the leadtime of the GDX.Good Luck All, BREAK A LEG !! The G...Read More
Here are five Fastmarkets stories you might have missed on Monday April 27 that are worth another look.The Covid-19 pandemic has resulted in a shortage of ferrous scrap in many key supply locations, provoking a 21% rise in international scrap prices in just 12 days from April 3 to April 15. But despite this, domestic prices in many areas were settled lower in April's monthly negotiations.The Itali...Read More
From the unimaginable lows, crude oil isshaking off the dust. Moving higher, can it rise like a phoenix?Before moving to thetechnical part of today’s analysis, it seems that a quote from yesterday’s OilTrading Alert would be appropriate:Crude oilwas just trading below 0. Well, not completely, but the nearest futurescontract was trading below 0 for the first time ever. In case you misse...Read More
First Quantum has cut its 2020 copper production guidance by 75,000 tonnes to 755,000-805,000 tonnes as a result of a reduction in production expectations at Cobre Panama due to the Covid-19 pandemic.This guidance range is dependent upon the Toronto, Canada-listed company receiving approval from Ministry of Health of the Republic of Panama (MINSA) to commence the restart of operations before or by...Read More
Peruvian copper mine Antamina is still uncertain when it will be able to resume operations following a workforce demobilization due to the Covid-19 pandemic, the company said on Monday April 27.The mine underwent a stoppage on April 13, under which most workers still on-site were removed. Up to that date, around 2,700 people were still working at Antamina - an already reduced figure from the 6,000...Read More
TECHNICAL SCOOPCharts and commentary by David ChapmanChief Strategist, Enriched Investing Inc.Phone: 416-523-5454 Email: david@davidchapman.comdchapman@enrichedinvesting.comTwitter: @Davcha12April 27, 2020 The stock market crash in October 1929 didn't destroy a particularly large amount of wealth or make people highly pessimistic. Rather, it made companies and consumers very unsure about future...Read More
The Covid-19 pandemic has resulted in a shortage of ferrous scrap in many key supply locations, provoking a 21% rise in international scrap prices in just 12 days from April 3 to April 15. But despite this, domestic prices in many areas were settled lower in April's monthly negotiations.Prices on the international market have been on a rollercoaster ride over recent weeks.The price of steel scrap,...Read More
COLORADO SPRINGS, CO, April 27, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Gold Resource Corporation (NYSE American: GORO) (the "Company") declares its monthly instituted dividend of one-third of a cent per common share for April 2020 payable on May 26, 2020 to shareholders of record as of May 11, 2020. Gold Resource Corporation is a gold and silver producer, developer and explorer with oper...Read More
Physical gold continued to catch a bid last week, trading above $1,760 an ounce, on a host of head-spinning economic news, from millions more Americans filing jobless claims to record money-printing to negative oil prices. The national average price for a gallon of gasoline fell further to $1.78 on Friday, down more than $1 a gallon from a year ago. But the lowest price in the country may belong...Read More
Strengths? The best performing metal this week was gold, up 2.78 percent. ETFs added 36,334 troy ounces of gold to their holdings on Thursday, bringing this year's net purchases to 12.2 million ounces, according to Bloomberg data. That marks the 24th straight day of increases for ETFs backed by the yellow metal. Newmont, the world's largest gold company, increased its quarterly d...Read More
No one anticipated negative crude oil even in the wildest of the dreams. A whooping negative -$40.32 was historic. The coming generations will have a chapter in their MBA course as to why crude oil prices reached -$40.32. The trading lesson is simple, when price move as per fundamentals, never trade against it. Silver has not risen as it is an industrial metal. Investment demand for silver lags...Read More
Here are five Fastmarkets stories you might have missed on Monday April 27 that are worth another look.The Covid-19 pandemic has resulted in a shortage of ferrous scrap in many key supply locations, provoking a 21% rise in international scrap prices in just 12 days from April 3 to April 15. But despite this, domestic prices in many areas were settled lower in April's monthly negotiations.The Itali...Read More
The Covid-19 pandemic has resulted in a shortage of ferrous scrap in many key supply locations, provoking a 21% rise in international scrap prices in just 12 days from April 3 to April 15. But despite this, domestic prices in many areas were settled lower in April's monthly negotiations.Prices on the international market have been on a rollercoaster ride over recent weeks.The price of steel scrap,...Read More
Cobalt sulfate prices have managed to take a pause from the persistent downturn since mid-February despite lingering weak demand from electric vehicles (EVs), the major downstream consumer, Fastmarkets understands.Fastmarkets' cobalt sulfate 20.5% Co basis, exw China price was assessed at 43,000-45,000 yuan ($6,074-6,357) per tonne on Friday 24, unchanged for the fifth pricing session in a ro...Read More
The three-month tin price on the London Metal Exchange was the standout metal at the close of trading on Monday April 27, settling at its highest price since April 14 amid robust daily trading volumes.Steady buying in LME zinc futures led the galvanizing metal's underlying price to close at its highest level for a week. Tin's outright price on the LME closed at $15,460 per tonne on Monday aft...Read More
Seaborne hard coking coal prices plummeted on Monday April 27, as transaction prices reflected a weak market.Fastmarkets indicesPremium hard coking coal, fob DBCT: $115.53 per tonne, down $3.89 per tonnePremium hard coking coal, cfr Jingtang: $121.06 per tonne, down $5.53 per tonneHard coking coal, fob DBCT: $102.01 per tonne, down $6 per tonneHard coking coal, cfr Jingtang: $109.44 per tonne, dow...Read More