Brazilian slab export prices widened upward slightly in the week ended Friday February 7, with the first negotiations for April-shipment volumes taking place.Fastmarkets' weekly price assessment for steel slab export, fob main port Brazil, was $460-480 per tonne on February 7, up from $460-475 per tonne a week before.Producers were expected to focus on the North American market for April shipment...Read More
China's domestic rebar prices remained unchanged on Friday February 7 amid weak trading despite an expected rise in construction activity from next week.Eastern China (Shanghai): 3,360-3,400 yuan ($481-487) per tonne, unchangedNorthern China (Beijing): 3,540-3,560 yuan per tonne, unchangedMany construction projects in Shanghai are scheduled to resume work next week, though a few of them have put o...Read More
Prices in Southeast Asia's steel billet market have tumbled over the past week amid speculation that Chinese billet importers could annul contracts on the grounds of virus-related force majeure. Market participants are concerned that any revoked transactions could result in low-priced material being offered to Southeast Asia, placing pressure on regional billet prices. Billet suppliers affected in...Read More
Key data from the pricing sessions in Europe, the United States and Asia for the week ending Friday February 7. China Coronavirus-related raw material supply disruptions and road transport restrictions pushed up domestic price. Tightened road transport measures made it hard to find trucks to deliver alloy from smelters to stainless steel mills, sources said. Trading activity in U...Read More
The company stated the information will be integral to defining future drill targets at the project. Black Tusk Resources Inc. (TUSK:CSE; BTKRF:OTCMKTS; 0NB:FSE) announced in a news release that a magnetometer survey was just finished of the McKenzie East gold project in Quebec.Carried out by Geophysique TMC, the survey delivered high-resolution data that Black Tusk will use to help define target...Read More
The expected updated resource estimate is discussed in a ROTH Capital Partners report. In a Feb. 3 research note, ROTH Capital Partners analyst Jake Sekelsky reported that GoldMining Inc. (GOLD:TSX) has "a strong balance sheet with catalysts on the horizon."The nearest upcoming potential stock mover, Sekelsky highlighted, is an updated resource estimate on GoldMining's recently acquired Yarumalit...Read More
A review of the transaction and its implications are provided in a BMO Capital Markets report. In a Feb. 3 research note, analyst Brian Quast reported that BMO Capital Markers resumed coverage and lowered its target price on Kirkland Lake Gold Inc. (KL:TSX; KL:NYSE) to CA$61 per share following its acquisition of Detour Gold. In comparison, Kirkland Lake Gold is trading around CA$49.75 per share....Read More
The price of stainless steel in the European domestic market remained unchanged this week, despite weak demand, sources told Fastmarkets on Friday February 7. Many market participants expect prices to fall in March because of recent weakness in the nickel market (despite nickel prices actually moving up slightly this week). But this expectation...Read More
Coronavirus concerns are still weighing on the global economyStocks spent most of Friday in the red, as anxieties surrounding the coronavirus began to pick back up again amid speculation of the effect it could have on China's economy. The Dow slid 277 points, while the S&P 500 and Nasdaq also suffered steep losses. The three indexes did enjoy wins for the week, however, including a 3% pop for the...Read More
A historical signal flashing for MAC could mean fresh lows for the REITIt has been a long and steady decline for self-managed real estate investment trust (REIT) Macerich Co (NYSE:MAC). The equity has lost 45% in the last 12 months, and is deepening these losses today after yesterday's quarterly earnings report, which led to two price-target cuts, including one from Piper Sandler to $26 from $30....Read More
The coronavirus outbreak is still a lingering concern on the global economyStocks started the week red-hot, with the Dow Jones Industrial Average (DJI) reeling off three straight triple-digit wins that culminated Wednesday in its best day since July. The S&P 500 and Nasdaq joined in on the fun, as all three benchmarks logged multiple record closes. However, despite an encouraging jobs report on Fr...Read More
VZ is just below its year-to-date breakeven markShares of Verizon Communications Inc. (NYSE:VZ) are moving 1% higher to trade at $60.01 this afternoon, enjoying a lift after the mobile carrier announced a new repurchase program for up to 100 million shares of its common stock. With today's gains, VZ has now run into resistance at its 100-day moving average, but remains just shy of its year-to-dat...Read More
All three indexes are eyeing weekly wins, despite today's sharp sell-offThe Dow Jones Industrial Average (DJI) has deepened its early morning losses at the midday mark, now down triple digits, while the Nasdaq Composite Index (IXIC) and S&P 500 Index (SPX) are trailing behind with sizable losses of their own. This comes after several days of impressive wins, with the energy, materials, and te...Read More
Calls are tremendously popular today as a resultWhile U.S. equities take a breather, one stock bucking the broad market pullback is Uber Technologies Inc (NYSE:UBER). The ride share concern is up 6.5% to trade at $39.51, after the company reported an adjusted fourth-quarter loss of 64 cents on $4.07 billion in revenue, both beating analyst forecasts. While Uber expects to lose more than $1 billi...Read More
The coronavirus is still weighing on global economies U.S. equities have been red-hot lately, but Dow Jones Industrial Average (DJI) futures are taking a breather this morning. S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) futures are also pulling back, as investors unpack the global economic impact of the coronavirus, which has claimed 636 lives and infected 31,131. Last month's encouragin...Read More
The firm lowered its full-year forecast amid coronavirus-related headwinds Canada-based apparel concern Canada Goose Holdings Inc (NYSE:GOOS) is down 7.8% at $30.70 in electronic trading -- set for its lowest open since late-2017 -- following a lackluster turn in the earnings confessional this morning. While the down coat creator posted fiscal-third-quarter earnings and revenue that exceeded analy...Read More
Gold COT Report - Futures Large SpeculatorsCommercialTotal LongShortSpreadingLongShortLongShort 355,90956,10361,212176,786508,473593,907625,788 Change from Prior Reporting Period -20,4929,794-24,844-15,514-44,641-60,850-59,691 Traders 22766735855311174 Small Speculators LongShortOpen Interest 60,66528,784654,572 -117-1,276-60,967 non reportable posi...Read More
Forecasts, Commentary & Analysis on the Economy and Precious MetalsCelebrating our 46th year in the gold businessFEBRUARY 2020Yield inversions as a harbinger of recessions and higher gold pricesBy: Michael J. Kosares, USA GoldDuring the course of the past several months, we have heard much about the inverted yield curve in three-month and ten-year Treasuries as a harbinger of recessions. Missed...Read More
By Avi GilburtBelieve me when I tell you that I so want to be uber-bullish the metals at this time based upon the larger degree structure, especially in silver. However, I have to also outline the micro structures, and I simply do not have a clearly completed micro structure in gold. Whereas silver has certainly provided us with the minimum number of waves to consider its wave [2] as complet...Read More
By: Ira EpsteinMarkets trying to figure this out. You could get a situation where gold benefits. Gold has been in a bit of a corrective mode on the weekly..Read More