By Ricky WenTuesday's session played out as a 'gap up and go' structure that faded in the final few minutes of regular trading hours (RTH). If you recall, RTH opened at 2863.25 after Monday's closing print of 2827.5 on the Emini S&P 500 (ES), so it was a +1.2% gap up. Then price action continued in the trending direction for the majority of the day, forming higher lows and higher highs as the...Read More
By: Gary SavageThe $SPX daily cycle low hit? Hard to tell but the 200-DMA resistance zone is..https://blog.smartmoneytrackerpremium.com/Read More
By: Ira EpsteinGold does not want to go much lower, it appears but over the short-term a bearish trend putting pressure on the downtrend..Read More
New orders in May are set to fall by 25% from a typical month - less than the 60% decrease seen at the end of March and in April - as steel demand starts to recover from the Covid-19 crisis in Brazil, Gerdau chief executive officer Gustavo Werneck said on Wednesday May 6.Construction site work in Brazil was down by 6% from the period before regional government quarantines to prevent the Covid-19 s...Read More
Domestic prices for heavy steel plate in Europe have decreased over the past week due to poor demand, sources told Fastmarkets on Wednesday May 6.Fastmarkets' weekly price assessment for steel domestic plate, 8-40mm, exw Northern Europe was ?,?480-490 ($522-532) per tonne on May 6, down by ?,?10 per tonne from ?,?490-500 per tonne on April 29.The assessment is based on lower offers heard in t...Read More
Here are five Fastmarkets stories you might have missed on Wednesday May 6 that are worth another look.Mining operations at Anglo American's Grosvenor coal mine in Queensland, Australia, have been suspended following an incident on the afternoon of Wednesday May 6, which led to its evacuation.Stainless steel prices in China were largely unchanged in the week to May 6, with market participants in t...Read More
If ever there was a masterclass in the need to disaster-proof a supply chain, then the Covid-19 pandemic has provided a harsh reminder to the automotive sector that it's failing. It's a wake-up call for the industry, which, after a massive earthquake and tsunami hit Japan in March 2011, had vowed to end its "just in time" production philosophy and diversify its supply chain in orderto limit a repe...Read More
Christophe Koenig has been appointed head of global sales and marketing at Nornickel, the world's largest nickel and palladium producer. He will also become chief executive officer of Metal Trade Overseas AG, Nornickel's Switzerland-based sales division. Koenig previously managed sales...Read More
A summary of London Metal Exchange warrant premiums from across the globe for the week to Wednesday May 6.Please click...Read More
The three-month zinc price on the London Metal Exchange was the best performer at the close of trading on Wednesday May 6, with turnover at its highest since March 27, while the galvanizing metal continued a steady approach toward the $2,000 per tonne resistance level.Zinc's outright price on the LME closed at $1,975 per tonne on Wednesday afternoon, its highest closing price since March 11, rally...Read More
The seaborne iron ore market uptrend resumed on Wednesday May 6 due to more active trading after Chinese market participants returned from the Labor Day holiday on May 1-5. Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $84.35 per tonne, up $0.31 per tonne. 62% Fe low-alumina fines, cfr Qingdao: $86.24 per tonne, down $0.46 per tonne. 58% Fe fines high-grade premium, cfr Qingdao: $72.81 p...Read More
The good kind of storm, by the way...By Matt from Silver Fortune via Silver Fortune The good kind of storm, by the way... Read More
Price manipulation is a real issue, but a short squeeze is expected to develop which would quickly drive silver prices much higher...Mark O'byrne interviewed on Palisade RadioTom welcomes a new guest to the show Mark O'Byrne who is Research Director and founder of GoldCore, a Bullion dealer based out of Ireland. They provide services and bullion sales around the world, with vaults in Singapore and...Read More
A summary of London Metal Exchange warrant premiums from across the globe for the week to Wednesday May 6.Please click...Read More
RAPNET PRESS RELEASE, May 6, 2020, Las Vegas... RapNet, the world's largest marketplace for diamonds and jewelry, is partnering with web technology company Thinkspace to provide cost-effective website solutions for jewelry retailers.The new alliance enables RapNet members to easily and quickly develop high-quality websites for their retail stores, immediately populated with RapNet's vast inventory...Read More
Domestic prices for hot-rolled coil in Europe dropped again in the week to Wednesday May 6 due to slow trading activity, sources have told Fastmarkets.Fastmarkets' daily steel hot-rolled coil index, domestic, exw Northern Europe, was ?,?421.50 ($458.02) per tonne on Wednesday, down by ?,?1.50 per tonne from ?,?423.00 per tonne on Tuesday.Wednesday's index was calculated based on "workable" prices...Read More
RAPAPORT... Didier Giard, president of the French Association of Gemmology (AFG), died suddenly on Sunday, the organization reported.Giard represented the fourth generation in a family of jewelers that dates back to 1887. As head of the AFG, he organized the Paris Gemmological Rendez Vous, which has taken place 17 times since 1998. He was also vice president of the Union Fran??aise de la Bijouteri...Read More
RAPAPORT... The Israel Diamond Exchange (IDE) has become the latest bourse to revive operations, as trading centers around the world slowly return to action following lockdowns.Facilities including banks, the post office, customs, the diamond controller's office and the Brinks safety-deposit room opened on Sunday after being partially or entirely closed for several weeks, the IDE said this we...Read More
RAPAPORT... Dominion Diamond Mines owes a combined CAD 1.2 billion ($820 million) to banks and other creditors, according to a court document it filed as part of its insolvency petition.While a large portion is due to businesses in the Northwest Territories, where Dominion operates its Ekati mine, the listing also shows a CAD 593,017 ($422,429) debt owed to the Diamond Producers Association (...Read More
RAPAPORT... Sales of jewelry and other luxury items in Hong Kong plummeted to their lowest level in nearly 14 years in the first quarter as the coronavirus spread through the region, government figures show.Revenue from jewelry, watches, clocks and other valuable gifts dropped 64% year on year to HKD 8.14 billion ($1.05 billion) for the three months ending March 31, as the municipality went i...Read More