SHANGHAI, Mar 22 (SMM) – China's aluminium industry is likely to take a greater hit than the steel industry as a result of the US' recent tariffs on steel and aluminium imports, said director and top economist at the Rushi Advanced Institute of Finance, Guan Qingyou.Chinese aluminium accounted for 16.6% of US aluminium imports while Chinese steel account...Read More
NEW YORK (Reuters) - Oil prices fell on Thursday as investors took profits after this week’s rally, but losses were limited by the continuing efforts of OPEC and its allies to curb supplies.Brent crude LCOc1 futures for May delivery fell 48 cents to $68.99 a barrel, a 0.7 percent loss, by 1:31 p.m. EDT (1731 GMT) having retreated from a session peak of $69.70, close to its highest level sinc...Read More
Cowen waxed optimistic on the retailer's Instagram presence and overseas opportunitiesRetail stock Ralph Lauren Corp (NYSE:RL) is trading higher this morning, after receiving an upgrade to "outperform" from "market perform," and a price-target hike to $122 from $110, from Cowen and Company. The brokerage firm waxed optimistic on Ralph Lauren's growing Instagram presence and its "growth opportuniti...Read More
The Turkish deep-sea scrap import market had another quiet day on Thursday March 22, with the country's steel mills absent from trading for a second week, sources said.There has been no significant trading since the mills in the Middle Eastern country stepped back from the deep-sea scrap markets on March 9, when the United States applied a 25% duty on imports of steel products following its Sectio...Read More
(Kitco News)- The gold market is holding on to recent gains, ignoring mixed sentiment in the U.S.manufacturing and service sector.Thursday, research firm IHS Markit said its flash U.S.manufacturing Purchasing Managers Index for March increased to a reading of55.7, up from February's reading of 55.3. Economists were expecting to see onlya modest change with consensus forecasts calling for 55.4.The...Read More
Pandora stock is still heavily shortedPandora Media Inc (NYSE:P) stock is soaring today, up 6.3% at $5.21,after Raymond James upgraded the music streaming concern to a "strong buy" from "market perform," while also setting an $8 price target. This comes after the company announced the purchase of ad tech startup AdsWizz yesterday.The Raymond James analyst in coverage likes how Pandora is followin...Read More
The Pyrenees-focused developer Apollo is working on reopening the Salau tungsten mine and exploiting the gold deposits within and around the old underground workings.Read More
Investing.com - Gold prices were trading near their highest levels in two weeks in midday trade on Thursday, after a less hawkish than expected Federal Reserve and amid growing concerns over trade tariffs.Gold futures for April delivery on the Comex division of the New York Mercantile Exchange were up $6.50, or 0.49% to $1,328.00 a troy ounce by 11:52 AM ET (13:52GMT). That was its highest level s...Read More
The physical iron ore market did not see too much activity on Thursday March 22 despite more blast furnaces in north China being allowed to return to production.Key driversSteelmakers in north China's steelmaking hub of Tangshan can now operate according to their off-peak production plans now that the winter heating season is over, subject to them meeting their prescribed emissions standards, acco...Read More
Market quiet after positive first quarter. Indian manufacturersfacing liquidity squeeze as banks tighten credit after $2B Nirav Modi-Gitanjalifraud. Dealers still optimistic, with good US and China orders. Largeindependent jewelers doing better than majors as Signet and Tiffany announceturnaround strategies. Tiffany 4Q sales +9% to $1.3B, disappointing profit -61%to $62M. Smaller and shorter Basel...Read More
WASHINGTON (Reuters) - The U.S. Commodity Futures Trading Commission (CFTC), which has pushed for a budget increase to fund its job of overseeing the multitrillion-dollar derivatives market, said on Thursday it was “absolutely astounded” that the U.S. Congress is preparing to cut its funding.The CFTC would receive $249 million in a recently released government funding bill that Congres...Read More
The language is beneficial to the Omidria maker and 'almost no other drug companies'The shares of eye drug maker Omeros Corporation (NASDAQ:OMER) are skyrocketing this morning, thanks to the latest spending bill from Congress. Specific language in the package's Medicare reimbursement policy is beneficial to Omeros and "almost no other drug companies," according to STAT News (subscription required)...Read More
(IDEX Online) - De Beers has announced that its Forevermark diamond brand will enter the German market after signing with an exclusive licensee partner, and is also in advanced-stage discussions with potential partners in France and Italy. The expansion into new European markets comes on the back of a successful global performance throughout 2017 and in 2018 to date, the company said. &nbs...Read More
SHANGHAI, Mar 22 (SMM)? 1/4 ?Spot copper in the Shanghai market was offered at a discount of 190-140 yuan/mt on the morning of Thursday March 22, SMM learned.This compared with discounts of 210-160 yuan/mt on the morning of Wednesday March 21. For editorial queries, please contact Daisy Tseng at daisy@smm.cn For more information on how to access our research reports, please email service...Read More
The sale comes hot on the heels of another agreement earlier this week for Glencore (LN:GLEN) to acquire Rio's Hail Creek and Valeria assets, also in Queensland, for $1.7 billion.Rio CEO Jean-Sebastian Jacques said the agreement was "the best option for the future development of the project while delivering attractive value for Rio Tinto as we continue to streamline our portfolio".The deal is...Read More
* Dollar weakens broadly as trade worries compound Fed effect* China bumps up short-term rates slightly* Oil stalls at six-week high* European shares seen 0.1 to 0.4 pct lowerBy Marc JonesLONDON, March 22 (Reuters) - The threat of a global trade war and a steady message from the Federal Reserve on U.S. interest rates pushed the dollar to its lowest in over a month on Thursday and took Europe's mai...Read More
A multipronged approach involving both the mining industry and government is required to better deal with illegal mining in South Africa, where bloody skirmishes pitting rival gangs profiting from this illicit pursuit and the illegal mineworkers themselves are a frequent occurrence, with police officers and security guards sometimes caught in the crossfire when they try to intervene.Fatalities als...Read More
Turkish billet prices have weakened in line with poor export demand for the country's finished long steel products and falling steel prices in China, sources said on Thursday March 22.Suppliers in the CIS region have reduced their billet offers to Turkey by around $5-10 per tonne to $560-565 per tonne cfr, but Turkish mills were showing no interest in such prices yet.Metal Bulletin's weekly price....Read More
President Trump is expected to announce tariffs specifically targeting China todayU.S. stocks are set to continue their slide from yesterday, with Dow Jones Industrial Average (DJI) futures signaling a triple-digit drop. Wall Street is awaiting the White House's plan for tariffs on China, which will be announced later in the session. This comes just a day after trade concerns erased stocks' brief...Read More