China's Hebei province, the country's largest steel production hub, will reduce steel capacity by 14 million tonnes per year in 2020 as part of efforts to transform and upgrade the industry, according to a report from state-owned news agency Xinhua on Tuesday January 7.The plan, which is aimed at cutting overcapacity and reducing emissions, will not cause a significant drop in production nationwid...Read More
Escalating tensions between the United States and Iran have not affected appetite in Southeast Asia for Iranian steel products, sources told Fastmarkets. Iran fired multiple missiles on at least two Iraqi military bases housing American forces earlier today, Wednesday January 8, in response to the killing of top Iranian military general Qasem Soleimani via a US drone attack at Iraq's Baghdad Inter...Read More
- Gary ChristensonBreaking news: The impeachment circus continues, the trade deal is both off and on, tweets and Iran news move the market, S&P 500 Index hit new highs (thanks to central bank liquidity), and more of the same nonsense will unfortunately create more of the same.WHAT HAPPENS TO PRICES NEXT DECADE IN FIVE TO TEN YEARS?What we know, think we know and speculation:WHAT WE KNOW THAT HAS...Read More
- Dave KranzlerUnequivocally, the "repo" operations by the Fed is "QE." Well, let's just call it what it is because "QE" was coined in place of "money printing." The socially correct posture to assume on Wall Street and in DC at the Fed is to label the current bout of money printing "repo operations." In fact, based on all of the underlying data I scour daily, let's just cut to the chase a...Read More
By Ira EpsteinIn terms of Bullishness, 18 day moving average crosses over 100 day moving average, gold entering 4th day of over Bollinger bands, another bullish sign of gold market..Read More
Comex February futures rose to $1613.30 as I prepare this report. Big jump of over $30 (from yesterday's close) on Iran's retaliation. American and European reaction will be closely watched. Whether the reaction by Iran will turn into a full fledged war or it is just a one off move remains to be seen. Traders and all alike will prefer to be long in gold than short. Yesterday USA session price mo...Read More
By: Ira EpsteinGold's move to 7-year highs, what to look for next: resistances and supports:Read More
Focus will now shift to US December private ADP job numbers tomorrow and Friday's US December nonfarm payrolls. Both these numbers should come it at or over 160,000 for gold and silver to see selling pressure. Use sharp dips to invest for Easter in both gold and silver. Trade pact with China and Brexit has already been factored by the markets. Trump has started 2020 with a fragile Middle east an...Read More
GOLD COT REPORTS WERE DELAYED (JAN. 3), DUE TO THE HOLIDAYS: Gold COT Report - Futures Large SpeculatorsCommercialTotal LongShortSpreadingLongShortLongShort 381,62053,695140,611202,925569,416725,156763,722 Change from Prior Reporting Period 17,310-4,96318,589-27925,81635,62039,442 Traders 23351765558312164 Small Speculators LongShortOpen Interest 61,01022,444786,1...Read More
Investors are weighing a big drop in the U.S. trade deficitU.S. stock futures are mixed this morning, as the Dow Jones Industrial Average (DJI) will try to again shrug off the lingering tensions around Iran. Outside of this, traders are considering a bigger-than-expected decline in the U.S. trade deficit for November, with more economic data due out shortly after the open. With little else on toda...Read More
US hot-rolled coil prices moved above the $30.50-per-hundredweight ($610-per-short-ton) threshold for the first time since May 2019 on Wednesday January 8, while mills announced a new round of price increases and market participants shared mixed demand outlooks.Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $30.54 per cwt ($610.80 per ton) on Wednesday, up...Read More
A summary of London Metal Exchange warrant premiums from across the globe for the week to Wednesday January 8.Please click...Read More
The domestic price for hot-rolled coil in Northern Europe inched up on Wednesday January 8, and prices were expected to rise further, sources have told Fastmarkets.Fastmarkets' daily steel hot-rolled coil index, domestic, ex-works Northern Europe, was little changed at ?,?440 ($491.39) per tonne on January 8, compared with ?,?439.69 per tonne on January 7.The calculation was based on a few deals a...Read More
Jupiter Mines is starting a feasibility study into an expansion project that aims to increase manganese ore output from Tshipi Borwa by 50% to 4.5 million tonnes per year over three years, the company announced on Tuesday January 7.A concept study into the expansion has just been completed, Jupiter said, adding that the total capital spend required for the expansion is estimated at ZAR1.03 billion...Read More
Here are five Fastmarkets MB stories you might have missed on Wednesday January 8 that are worth another look.Escalating tensions between the United States and Iran have not affected appetite in Southeast Asia for Iranian steel products, sources told Fastmarkets.Limited buying interest ahead of national holidays has dragged the Shanghai copper premium to its lowest level in almost three years, whi...Read More
Here are five Fastmarkets MB stories you might have missed on Tuesday January 7 that are worth another look.Alexander Shevelev, chief executive officer of Russian steelmaker Severstal, says that the company has changed its culture quite quickly and substantially to focus on being a solutions provider.Brazilian vehicle output shrank by 3.9% year on year during December 2019, because higher domestic...Read More
Vijay Natarajan has become executive vice president of trading at non-ferrous metals company Metal Exchange Corp, effective January 1. He will be responsible for the company's global trading division and will be based at its headquarters in St. Louis, Missouri in the United States. Additionally, Natarajan will oversee Metal Exchange Corp's international footprint,...Read More
Roberto Ecclefield, chief commercial officer at Chilean copper producer Codelco, is to leave the company, Fastmarkets understands.Ecclefield has been in the role since April 2018, when he replaced Rodrigo Toro. Prior to this, Ecclefield was in charge of sales for the company's...Read More
Former London Metal Exchange chief executive Garry Jones has been appointed chief executive officer of technology provider Perfect Channel, effective January 1, the company said. Jones, who joined Perfect Channel as a director in September 2019, will now seek to deliver a strategic business plan to work with a variety of partners across multiple asset classes, focusing on financial institutions, c...Read More
Escalating tensions between the United States and Iran have not affected appetite in Southeast Asia for Iranian steel products, sources told Fastmarkets. Iran fired multiple missiles on at least two Iraqi military bases housing American forces earlier today, Wednesday January 8, in response to the killing of top Iranian military general Qasem Soleimani via a US drone attack at Iraq's Baghdad Inter...Read More