Although the rally on Wall Street flouts common sense and arguably even sanity, born-again bulls continue to rampage. What will put an end to their foolishness? Surely not more grim economic data, nor an increase in what is already the highest unemployment rate since the Great Depression, nor a wave of business failures that could eventually asphyxiate the consumer economy. None of these problem...Read More

By: Ira EpsteinGold weekly chart shows support at 18-DMA just below $1,700. The market is at an upside bias, right below record highs:Read More

Here are five Fastmarkets stories you might have missed on Monday June 22 that are worth another look.The dramatic consequences of the Covid-19-related lockdowns across Europe, and the corresponding shutdowns of industrial activities, have resulted in an enormous disruption to the supply chains across all sectors of the steel industry.Chilean state-run copper producer Codelco has decided to halt a...Read More

The miner and commodities trader said on Friday it had been informed of the OAG's action.Read More

China's electrolytic manganese flake export price maintained its one-year low on Friday June 19 on lower offers from traders amid sluggish overseas demand, sources said.Fastmarkets' weekly price assessment for manganese 99.7% electrolytic manganese flake, fob China was $1,430-1,500 per tonne on Friday June 19, unchanged from a week earlier. This is a new annual low since June 21, 2019, when the pr...Read More

Turkish domestic scrap prices have remained fairly stable over the past week, with most market participants believing that prices have reached a peak, sources said on Monday June 22.The steel mills adjusted their buy prices for domestic scrap in line with their stock levels and finished long steel sales over the past week.Three steel producers increased their buy prices for auto bundle scrap by 20...Read More

Despite fears of second waves of the Covid-19 virus, base metals prices on the London Metal Exchange were generally holding up well this morning, Monday June 22. But while prices are holding up well, they do seem to have lost upward momentum.Asian-Pacific equity and pre-market major western equity index futures were mainly weaker this morning.Gold prices gapped higher this morning, suggesting inve...Read More

Domestic prices for hot-rolled coil fell further in Northern Europe in the week to Friday June 19 due to low market demand.Fastmarkets' daily steel hot-rolled coil index, domestic, exw Northern Europe, was ?,?390.00 ($435.86) per tonne on Friday, down by ?,?6.25 per tonne week on week and down by ?,?19.84 per tonne month on month.The region's integrated mills have been offering HRC at ?,?400-410 p...Read More

News station KFOR in Oklahoma has reported that four Oklahoma dispensaries are being forced from their locations by convenience store chain 7-Eleven after the company bought buildings rented by the dispensary owners and have declined to renew their leases.Starla Norwood, a registered nurse that runs one of those dispensaries called Nurses Station dispensary, said that 7-11 essentially told her tha...Read More

The dollar bears and gold bugs are pouring a tall glass of "I told you so" right now.Because the U.S. dollar is in big trouble.The fact is, there have been big problems with the greenback for years. And the economic fallout from the COVID-19 pandemic might be the last straw.On Friday Boston Fed President Eric Rosengren said continued fiscal and monetary support will likely be needed to address the...Read More

The export market for flat steel products from the Commonwealth of Independent States was firm during the week ended Monday June 22 because of demand in Turkey and despite high prices for raw materials.Fastmarkets' weekly price assessment for steel hot-rolled coil, export, fob Black Sea, CIS, was $405-415 per tonne on Monday, widening upward from $405-410 per tonne the week before.A sale of Russia...Read More

Here are five Fastmarkets stories you might have missed on Monday June 22 that are worth another look.The dramatic consequences of the Covid-19-related lockdowns across Europe, and the corresponding shutdowns of industrial activities, have resulted in an enormous disruption to the supply chains across all sectors of the steel industry.Chilean state-run copper producer Codelco has decided to halt a...Read More

Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. Last week, the Index made a nice hop higher, hurtling as high as 967.52 intraday, before closing with a gain of 1.6%, or 15.24 points, at 945.55.MACD fell over 5 points to -4.82. RSI edged up 2.69 to 57.31.Support is at 890 (50-day moving average) and 932.57 (middle Bollinger band). Resis...Read More

The dramatic consequences of the Covid-19-related lockdowns across Europe, and the corresponding shutdowns of industrial activities, have resulted in an enormous disruption to the supply chains across all sectors of the steel industry.While the largest of these sectors, the construction industry, has by no means escaped the effects of the pandemic, sources believed that it could see a return of de...Read More

Trading activity in the majority of CIS markets was thin over the past week due to low demand, but CIS exporters of rebar and wire rod preferred to keep offers stable following the example of Turkish producers. Turkish steel mills last week kept their rebar export offers at $425-430 per tonne fob on an actual weight basis, while bids for the material were no higher than $410 per tonne, Fastma...Read More

Turkish domestic scrap prices have remained fairly stable over the past week, with most market participants believing that prices have reached a peak, sources said on Monday June 22.The steel mills adjusted their buy prices for domestic scrap in line with their stock levels and finished long steel sales over the past week.Three steel producers increased their buy prices for auto bundle scrap by 20...Read More

Seaborne iron ore prices fell on Monday June 22 after an increase in cargo arrivals at Chinese ports last week, sources told Fastmarkets. Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $101.75 per tonne, down $0.67 per tonne. 62% Fe low-alumina fines, cfr Qingdao: $104.19 per tonne, down $1.20 per tonne. 58% Fe fines high-grade premium, cfr Qingdao: $90.77 per tonne, down $...Read More

Trading activity had slowed down by the end of last week in the CIS export market for steel slab, with mills closing their sales for August shipment and now evaluating the situation, Fastmarkets heard on Monday June 22.A sale of Ukraine-origin slab was heard to Turkey in mid-June at $385 per tonne cfr, equivalent to $370-375 per tonne fob Black Sea.And a Russian supplier sold a large cargo of slab...Read More

Strengths? The best performing precious metal for the week was silver, up 0.83 percent as hedge funds boost their net long position to a 14-week high. Swiss exports of gold to the U.S. hit another high in May to 126.6 tons. ETFs added 27,739 troy ounces of gold to their holdings on Thursday, marking the sixth straight day of inflows. Bloomberg notes that total gold held by ETFs r...Read More

Although the rally on Wall Street flouts common sense and arguably even sanity, born-again bulls continue to rampage. What will put an end to their foolishness? Surely not more grim economic data, nor an increase in what is already the highest unemployment rate since the Great Depression, nor a wave of business failures that could eventually asphyxiate the consumer economy. None of these problem...Read More