WASHINGTON (Reuters) - More money for border security and fighting Russian election hacking was expected to be included in a $1.3 trillion U.S. government spending bill taking shape in Congress on Wednesday, along with gun legislation and a fix to a “grain glitch” in last year’s sweeping tax law overhaul.Congressional leaders laboring to complete the bill face a midnight Friday d...Read More
SHANGHAI, Mar 21 (SMM) – Prices of prebaked anode will continue to tumble as supply grows after production restrictions are lifted at the end of the heating season, SMM believed. SMM sees downward room in prices, which have declined for three consecutive months. According to SMM, profit margins could be significant if current cash costs for prebaked anode are capped ...Read More
SHANGHAI, Mar 21 (SMM) – Prices of prebaked anode will continue to tumble as supply grows after production restrictions are lifted at the end of the heating season, SMM believed. SMM sees downward room in prices, which have declined for three consecutive months. According to SMM, profit margins could be significant if current cash costs for prebaked anode are capped ...Read More
Shares in Modern Water PLC (LON:MWG) slid 9% in mid-afternoon trading to 9.7p after the water treatment company said it expected revenue and operating profits for the year to be below market expectations.The company said the expected underperformance was primarily due to a shortfall in anticipated revenue from its monitoring division in China as the result of a 2017 change of its product sale...Read More
Central bank credit that supports markets - is not just creation of the Fed, but by central banks and institutions around the world colluding together. Global markets are too deeply connected these days to consider the Fed in isolation.Since last month's correction, the world has been watching the Fed because its policies have global implications. And worldwide sell-offs sent a clear sign to Fed C...Read More
SHANGHAI, Mar 21 (SMM) –Copper: Copper prices remained under pressure given high inventories and worries of a potential trade war. We expect LME copper to fall to the $6,700/mt level in the short term but with upward momentum in the mid and long term. We see it trading at $6,730-6,790/mt today, with the SHFE 1805contract trading at 50,500-51,000 yuan/mt. In the physical market, dow...Read More
BRUSSELS (Reuters) - The United States and the European Union have agreed to launch discussions on trade issues of concern, including steel and aluminum, top U.S. and EU officials said on Wednesday.EU Trade Commissioner Cecilia Malmstrom met U.S. Secretary of Commerce Wilbur Ross in Washington in a bid to secure an exemption for the European Union from planned U.S. import duties on steel and alumi...Read More
(Kitco News) - The Goldman Sachs Commodity Index (GSCI) is a basket of several major raw commodity futures prices, including grains, energies, international foods, metals and livestock, rolled into one composite index. The index is a good gauge of the general trend of the raw commodity sector. See on the weekly GSCI chart that prices are still in an uptrend that began in early 2016. In fact, recen...Read More
SHANGHAI, Mar 21 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightDriven by bullish sentiment on the US economy and an expected hike in interest rates, the US dollar rebounded to 90. Weak economic data for the eurozone also bolstered the greenback.However, nonferrous metals fell across the board under pressure from the strong dollar. LME...Read More
SHANGHAI, Mar 21 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightDriven by bullish sentiment on the US economy and an expected hike in interest rates, the US dollar rebounded to 90. Weak economic data for the eurozone also bolstered the greenback.However, nonferrous metals fell across the board under pressure from the strong dollar. LME...Read More
(Kitco News) - Although Goldman Sachs is optimistic on gold prices this year, the investment firm sees the most potential in copper.In its latest research, led by commodity analyst Matthew Korn, Goldman said that it is bullish on copper as the market faces impending supply issues. For this reason, analysts see mining giant Freeport-McMoRan (NYSE: FCX) as a good investment. The bank has a price tar...Read More
(Reuters) - Wall Street gained late on Wednesday morning, ahead of an imminent U.S. interest rate hike, as Facebook Inc’s (FB.O) shares reversed course to trade higher and energy stocks got a boost from surging oil prices.Facebook shares gained 1.5 percent and provided some relief to the technology sector after two bruising days during which the social media company lost some $50 billion in...Read More
SHANGHAI, Mar 21 (SMM) –Copper: Copper prices remained under pressure given high inventories and worries of a potential trade war. We expect LME copper to fall to the $6,700/mt level in the short term but with upward momentum in the mid and long term. We see it trading at $6,730-6,790/mt today, with the SHFE 1805contract trading at 50,500-51,000 yuan/mt. In the physical market, dow...Read More
SHANGHAI, Mar 21 (SMM) –Copper: Copper prices remained under pressure given high inventories and worries of a potential trade war. We expect LME copper to fall to the $6,700/mt level in the short term but with upward momentum in the mid and long term. We see it trading at $6,730-6,790/mt today, with the SHFE 1805contract trading at 50,500-51,000 yuan/mt. In the physical market, dow...Read More
Key data from the Wednesday March 21 pricing session in Europe.Ferro-titanium 70% (max 4.5% Al), $ per kg, delivered duty-paid in EuropeTodayPreviousChange to midpoint of rangeMidpoint % change4.655.3-0.075-1Titanium scrap turnings, unprocessed (max 0.5% Sn) $ per lb, cif European ports Titanium scrap turnings, unprocessed (0.5-2% Sn), $ per lb, cif European ports...Read More
WASHINGTON (Reuters) - The U.S. Department of Homeland Security is prioritizing election cyber security above all other critical infrastructure it protects, the agency’s chief said on Wednesday, just months ahead of the November midterm elections.Homeland Security Secretary Kirstjen Nielsen said that her department was “prioritizing election efforts ... over all other critical infrastr...Read More
The Federal Reserve, under new chairman Jerome "Jay" Powell, raised the federal funds target rate 25 basis points today. It was Powell's first significant move as the new chairman of the Federal Reserve.Let me first give my opinion of Jay Powell before weighing on the implications of today's decision.I worked with Jay Powell when he was at the U.S. Treasury and I was general counsel of a major pri...Read More
Mills across Europe producing hollow steel sections have continued this week to be largely unsuccessful in raising their prices for tube products because many producers are in need of bookings, sources told Metal Bulletin on Wednesday March 21."They've been trying for several weeks, but they've been unsuccessful. If they don't get orders, they can't raise their prices, and they are all in urgent n...Read More
(Reuters) - A top investor in Tesla Inc (TSLA.O) and a major proxy adviser have offered opposing views on whether to support Chief Executive Elon Musk’s compensation arrangement at a special meeting of the electric car maker to be held Wednesday.The Silicon Valley billionaire’s proposed compensation award, valued at $2.6 billion, involves no salary or cash bonus but sets rewards based...Read More
Domestic prices for cold-rolled coil (CRC) in the EU have been stable over the past week due to a slow market, sources told Metal Bulletin this week.Buyers have gone into "wait-and-see" mode until the price trend becomes clear, according to market sources."European mills are sold out for second-quarter-rolling coil," a German trader said. "Producers will probably increase prices for the third quar...Read More