Avi GilburtFor those that do not know, Carolyn Boroden (The Fibonacci Queen) has joined the analyst team at Elliottwavetrader. So, she and I are endeavoring to present our combined perspectives to outline our general expectations over the coming weeks, as we begin this series of articles.There are times when the market provides us with clear indications. And, as proceeded through March, Caro...Read More
Last day of the month. Just trade in the technical. Trump and China news will affect markets today. Economy will be on focus from next week. Nations have started opening from May month. Next week will tell us whether over optimism has been factored in by current stock rise and crude oil. Silver and copper are bullish. Nickel will break free from the recent consolidation phase and form a new rang...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
Brazilian crude steel production dropped by 39% year on year in April, according to figures released by national steel association A??o Brasil early this week.Output totaled 1.81 million tonnes, down from 2.97 million tonnes in April 2019.At least a dozen blast furnaces in the country are currently halted due to weak demand amid the Covid-19 pandemic.Finished steel output reached 1.23 million tonn...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
By Dave KranzlerAn article from Bloomberg was published 2 days ago which alleged that "New York Gold Traders Drown in Glut..." The Comex is now reporting there's 26 million ozs of gold in Comex vaults, 17 million of which is in the "eligible" account. This is up from 9 million total ozs at the end of March, 5.5 million of which was "eligible."I find it amusing that the mainstream media swall...Read More
Key PointsThe U.S. economy has used phony numbers for a long time. The U.S. Gross Domestic Product has been falling for some time.Cuts in government-funded services, including Social Security and Medicare were already in the works before the COVID-19 coronavirus outbreak.President Trump offered reduced taxes for U.S. companies doing business overseas as incentive to bring their profits home. Som...Read More
Avi GilburtFor those that do not know, Carolyn Boroden (The Fibonacci Queen) has joined the analyst team at Elliottwavetrader. So, she and I are endeavoring to present our combined perspectives to outline our general expectations over the coming weeks, as we begin this series of articles.There are times when the market provides us with clear indications. And, as proceeded through March, Caro...Read More
Last day of the month. Just trade in the technical. Trump and China news will affect markets today. Economy will be on focus from next week. Nations have started opening from May month. Next week will tell us whether over optimism has been factored in by current stock rise and crude oil. Silver and copper are bullish. Nickel will break free from the recent consolidation phase and form a new rang...Read More
Fastmarkets is proposing to amend the specifications of cobalt hydroxide prices in order to reference a threshold for maximum iron content.Following an initial discussion with market participants, Fastmarkets is proposing to tighten the chemical specifications of the cobalt hydroxide payable indicator, min 30% Co, cif China, % payable of Fastmarkets' standard-grade cobalt price (low end) and the c...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 gold price made a new 2020 high today and looks poised to take out the nominal all-time high around $1,920 and then challenge $2,000 in the months ahead. Some are even estimating that gold could climb to $3,000 by year-end on account of the nearly $10 trillion in new money/debt/stimulus that is being created in the US alone to fight the pandemic.This 2020 gold price target of $3,000 is a littl...Read More
After a consultation period, Fastmarkets has amended the specifications of its price assessments for battery-grade lithium carbonate and hydroxide to better reflect emerging norms in battery-grade chemistry.The changes will take effect on June 1, 2020.The amendments to the specifications of the price of the lithium carbonate 99.5% Li2CO3 min, battery grade, spot price range exw domestic China, yua...Read More
Domestic prices for hot-rolled coil in Northern Europe went down day on day on Friday May 29 due to poor demand.Fastmarkets' daily steel hot-rolled coil index, domestic, exw Northern Europe, was ?,?400.71 ($442.31) per tonne on Friday, down by ?,?6.17 per tonne day on day from ?,?406.88 per tonne ex-works on Thursday.Friday's index was calculated based on deals and "workable" prices heard at ?,?39...Read More
The reason for silver's gap-up assumes the US makes it through the weekend as a functional nation with working markets, so yeah, it might be a stretch...I wrote something a few years back.It's not very well written, it's in dire need of proofreading, and it could use a revision, and I supposed one day I'll get around doing those things.Regardless, from the book I wrote that nobody ever read, much...Read More
The three-month price of zinc on the London Metal Exchange rose by 2.50% during trading on Friday May 29 to close at $1,988 per tonne.The zinc price reached a high of $1,992 per tonne on Friday, but failed to breach the $2,000-per-tonne mark despite a turnover of 9,867 lots.LME zinc stocks have declined to 101,350 tonnes after an outflow of 1,900 tonnes and fresh cancellations of 750 tonnes on Fri...Read More
Seaborne iron ore prices increased rapidly on Friday May 29 on growing concerns over supplies from Brazil. Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $102.39 per tonne, up $5.30 per tonne. 62% Fe low-alumina fines, cfr Qingdao: $105 per tonne, up $6.11 per tonne. 58% Fe fines high-grade premium, cfr Qingdao: $87.30 per tonne, up $1.76 per tonne. 65% Fe Brazil-origi...Read More
Premium hard coking coal prices slumped after lower transaction prices emerged on Friday May 29, amid concerns that quota restrictions in China will be tightened.Fastmarkets indicesPremium hard coking coal, fob DBCT: $109.59 per tonne, down $2.64 per tonne Premium hard coking coal, cfr Jingtang: $116.45 per tonne, down $3.32 per tonneHard coking coal, fob DBCT: $90.56 per tonne, up...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 latest forecasts from Fastmarkets' team of analysts are ready to view.Lockdowns and restrictions of movement in several cities in Brazil have increased worries about the potential impact on iron ore export volumes. The situation has already had an impact on the market sentiment. These concerns, combined with strong demand from China, have boosted iron ore prices. The fall in shipments from Bra...Read More