The price of shredded ferrous scrap imported into India in containers moved up on Friday May 29, on growing interest from mills returning to the market for the first time since the Covid-19 lockdown, sources told Fastmarkets.Fastmarkets calculated the steel scrap, shredded, index, import, cfr Nhava Sheva, India, at $275.21 per tonne on Friday, up from $266.67 per tonne a week earlier. Many market...Read More
Slab export prices in Brazil increased in the week to Friday May 29, with multiple deals and negotiations taking place in Asia.Fastmarkets assessed the price for steel slab export, fob main port Brazil at $345-355 per tonne on Friday, up by $5-10 from $335-350 per tonne the previous week.Demand for Brazilian slab has increased in Asia, with one deal concluded for 40,000 tonnes to China and another...Read More
Prices in Southeast Asia's steel billet market tumbled over the past week due to weaker demand from Chinese importers, sources said. Market participants attributed the reduction in Chinese demand to the weaker-than-expected economic stimulus announced at the country's recent annual parliamentary meeting, while adverse weather conditions are weighing on domestic rebar demand in eastern China, a maj...Read More
Technical analyst Clive Maund charts Black Tusk Resources and explains why he sees it as an "immediate strong speculative buy." If you are one of those people who likes to show up at a lavish party right at the starting bell, after weeks or even months of arduous preparation (by others) then this stock is for you. This is one of the most powerfully bullish setups I have seen for a long time and t...Read More
China's domestic rebar prices continued to rise slightly on Friday May 29, following the strength in the iron ore market. Domestic Eastern China (Shanghai): 3,530-3,560 yuan ($493-498) per tonne, up by 20 yuan per tonneNorthern China (Beijing) - weekly assessment: 3,600-3,630 yuan per tonne, up by 30-50 yuan per tonneFastmarkets' calculation for the index of iron ore 62% Fe fines, cfr Qingdao was...Read More
Key data from the pricing sessions in Asia, Europe and the United States for the session ending Friday May 29.China UG2 chrome ore prices rose for a fourth consecutive week - deals at higher prices were reported, reflecting attempts to restock among ferro-chrome producers with low on-hand inventories. Domestic spot ferro-chrome prices stabilized - sentiment further strengthened after Taiyuan Iro...Read More
Key data from the pricing sessions in Asia, Europe and the United States for the session ending Friday May 29.China Domestic prices continued to rise, propelled higher by supply tightness. Market sentiment also improved after many steel mills set their June tender prices for ferro-silicon at 5,900-6,000 yuan ($824-838) per tonne for cargoes...Read More
President Trump did not indicate whether or not he would pull out of the phase one trade agreement signed with China earlier this yearStocks staged a rebound off their session lows today, as the Dow closed just below breakeven while the S&P 500 and Nasdaq both collected modest gains. The turnaround happened after U.S. President Donald Trump said he would take action to end specialtrade treatment f...Read More
Puts are running at an incredible eight times their average intraday amountAfter receiving receiving no fewer than three price-target cuts -- most notably a $2 slash to $16 from Deutsche Bank -- due in part to substantial first-quarter losses, the shares of Nordstrom, Inc. (NYSE:JWN) are plummeting. At last check, the stock is down 11.2% at $16.10, and on its way to once again close below its 50-...Read More
U.S.-China tensions and dire economic data still weigh, thoughAs U.S. economies begin to reopen across the country, a sense of optimism swept through Wall Street during the holiday-shortened week, overshadowing more dire headlines. The Dow Jones Industrial Average (DJI), the S&P 500 Index (SPX) and the Nasdaq Composite (IXIC) are all on track to close out May with their second-straight weekly wins...Read More
MNST is fresh off a record high earlier this weekNext week marks a new month, and the summer season is officially in full swing. That means a whole new slate of seasonality trends to monitor, with Schaeffer's Senior Quantitative Analyst Rocky White breaking down the best S&P 500 stocks to own in June over the past 10 years. One notable name on the list is Monster Beverage Corp (NASDAQ:MNST), with...Read More
The latest forecasts from Fastmarkets' team of analysts is ready to view.US demand shrinksDemand projections call for a continued retreat in US electric-resistance welded (ERW) line pipe and oil country tubular goods (OCTG) consumption as drill rigs and the number of wells drilled per rig are cut. Project demand in the large-diameter line pipe market is also shrinking with deferred or canceled pro...Read More
The Dow is down around 190 points midday The Dow Jones Industrial Average (DJI) is down nearly 190 points at midday as investors await U.S. President Donald Trump's remarks regarding China. In a change of sentiment, previously bullish top JPMorgan Chase strategistMarko Kolanovic said that he was "dialing down" his optimism due to U.S.-China tensions. The S&P 500 Index (SPX) and Nasdaq Composi...Read More
DELL announced an upbeat first-quarter reportThe shares of Dell Technologies Inc (NYSE:DELL) are up 7.2% at $48.88, after the company shared an upbeat first-quarter report. The computer name reported higher-than-anticipated earnings per share as well as a revenue beat, with an increase in sales helping the company weather coronavirus headwinds. According to Jeff Clarke, vice chairman and chief ope...Read More
The FDA approved Eli Lilly's Alzheimer's disease diagnostic agentThe shares of Eli Lilly (NYSE: LLY) are up 0.3% to trade at $150.22 this morning, after the Food and Drug Administration (FDA) approved the use of TAUVID, the first radioactive agent to detect an abnormal protein that is characteristic of Alzheimer's disease. Before this approval the only diagnosis method available for Alzheimer's...Read More
Cisco will acquire internet monitoring solutions company ThousandEyesCisco Systems, Inc (NASDAQ:CSCO) is getting a slight leg up this morning, following an announcement that the cloud specialist plans on acquiring internet monitoring solutions company ThousandEyes. Though the company did not specify the terms of this arrangement, multiple reports stated that the purchase was for $1 billion. At las...Read More
AstraZeneca saw positive results in clinical cancer-drug trialsThe shares of AstraZeneca plc (NYSE:AZN) are up 1.7% at $54.43 this morning, on positive news regarding its cancer drug Tagrisso. According to a report, a phase-two trial succeeded in holding back a certain early-stage lung cancer, opening the treatment up to a potentially much larger sales boost. An analyst at Jefferies says the resu...Read More
U.S.-China relations are weighing heavily on traders' mindsDow Jones Industrial Average (DJI) futures are sharply below fair market value on the last trading day of May, as investors anxiously await U.S. President Donald Trump's upcoming news conference regarding U.S.-China relations. Potentially sharp rhetoric or a harsh response could threatento incite more economic turmoil with China. Futures...Read More
The marijuana company's fourth-quarter losses and revenue missed the markThe shares of marijuana producer Canopy Growth Corp (NYSE:CGC) have taken a serious tumble off yesterday's three-month peak, after reporting a fiscal fourth-quarter loss -- which included $743 million (Canadian) in impairment and restructuring charges -- and revenue that missed analyst expectations. Medical marijuana was the...Read More
Gold COT Report - FuturesLarge SpeculatorsCommercialTotalLongShortSpreadingLongShortLongShort288,14850,23439,951131,977406,299460,076496,484Change from Prior Reporting Period -7,2466,628706-1,738-17,590-8,278-10,256Traders20761815660291177 Small Speculators (C) GoldSeek.com LongShortOpen Interest 59,29822,890519,374 -5531,425-8,831 non reportable positionsChange from...Read More