The Dow is signaling a slightly higher open this morning Stock futures are pointing to a mixed open, with the S&P set to cool its heels following yet another record close after a Reuters report noted some hesitancy within the Trump administrationover the mutual U.S.-China tariff repeals discussed earlier this week. Sources suggest there's an internal divide among White House officials over whether...Read More
This morning in pre-market the Amigos’ futures charts update the macro story……which goes something like this… Copper, the cyclical Amigo (weekly chart) has furthered the intermediate trend line break we noted on October 25th. This is in line with the rally in US and global stock markets and even more so, the global macro reflation theme. It does not look so impressive ye...Read More
Disney stock has had a stellar 2019 Shares of theme park and broadcasting beast Walt Disney Co (NYSE:DIS) are up 5.8% in electronic trading, putting the stock on track for its best day in almost seven months. Triggering the boom is Disney's fiscal fourth-quarter results, where the company reported a better-than-expected profit thanks to strong growth from its flagship parks and the film business....Read More
ArcelorMittal reduced its forecast for apparent steel consumption growth in Brazil in 2019 because of weak performance in the infrastructure sector as well as other industries in the supply chain.The steelmaker now expects apparent steel use to grow by 0.5-1%, compared with a previous range of 1.5-2.5%, the company said on Thursday November 7. The cut in the guidance range is due to dela...Read More
As it has done with cobalt, graphite and rare earths, China appears to be locking up the nickel market. Nickel’s top producer, Indonesia, in early September decided to accelerate a scheduled ban on ore export shipments, from 2022 to January 1, 2020. The ban which instead took immediate effect on Oct. 28, is to encourage the building of domestic smelters instead of exporting raw nic...Read More
If you are a producer or consumer, or are active in the physical markets, then you had better be aware of a new set of regulations that will make it all the more important for you to choose the right logistics partner from next year.The International Maritime Organization (IMO) has ruled that from January 1, 2020, the marine sector will have to reduce sulfur emissions by more than 80% by switching...Read More
Slab export prices from Brazil were unchanged on Friday November 8 amid high iron ore costs and improved sentiment in the United States.Fastmarkets' weekly price assessment for steel slab exports, fob Brazil, remained at $355-360 per tonne on Friday.Offers to the US continued to be reported at $350-360 per tonne fob, as high costs for iron ore continued to pressure...Read More
Primary aluminium foundry alloy premiums in Europe fell to all-time lows on Friday November 8, while the premium in the United States held steady under quiet spot market conditions.European foundry premiums still fallingPrimary aluminium foundry alloy premiums in Europe hit record lows, with some participants saying premiums have hit a bottom.Fastmarkets assessed the aluminium wheel alloy silicon...Read More
Alamos Gold sold 119,392 ounces of gold at an average realized price of $1,448 per ounce for revenues of $172.9 million in the third quarter.The company announced the suspension of construction activities at the Kirazli project in Turkey pending the renewal of the company's mining concessions which expired on October 13, 2019.One strong support seems to materialize at $5.00 at which point I re...Read More
The majority of steel import prices in South America fell slightly during the week ended Friday November 8, because the region had not yet caught up with the recent Chinese upturn and the latest deals had been settled at lower levels.Fastmarkets' most recent price assessment for steel hot-rolled coil, import, cfr main ports South America, was $450-470 per tonne on Friday, falling from $455-475 per...Read More
Prices for 18/8 stainless steel scrap increased this week in Europe despite market participants insisting that demand was still at "rock bottom", sources told Fastmarkets on Friday November 8. While mills continued to enjoy high discounts for the nickel component of the scrap, traders said the recent fall in alloy scrap prices had happened too quickly and that scrap merchants were u...Read More
Gold COT Report - Futures Large SpeculatorsCommercialTotal LongShortSpreadingLongShortLongShort 344,59164,76398,524181,688498,826624,803662,113 Change from Prior Reporting Period 9,1685,85533,1194,69120,61346,97859,587 Traders 20283815755290196 Small Speculators LongShortOpen Interest 65,37828,068690,181 -239-12,84846,739 non reportable positionsCha...Read More
The US stock markets have surged to all-time-record highs, fueled by extreme Fed easing. It jawboned about rate cutting, slashed rates, and birthed a new large-scale Treasury monetization campaign! All this has left traders hyper-complacent, assuming the upside will continue indefinitely. But are these lofty stock levels fundamentally-justified? The big US stocks' just-reported Q3'19 r...Read More
By: Ira EpsteinGold - how far low can it go?Read More
Typical gold and silver price movement after Diwali. Gold and silver have always formed short term peak around Diwali. Irrespective of the news, history has repeated itself. I will prefer to use sharp dips to invest for next year. Long term investment is good at current price. Short term investors and very short term traders need to remain on the sidelines. Physical demand and investment demand...Read More
Christopher Lewis7 hours ago (Nov 08, 2019 5:23 PM GMT)Gold markets have broken down rather significantly during the week, slicing well below the $1500 level. This is a very negative sign, but when you look at the weekly chart, you can see that we are still technically and a bullish flag. Quite frankly, this market needs to save itself rather quickly or it’s going to be serious trouble. The...Read More
BAR has remained resilient since the Fed pushed the "easing pause" button on October 30.This is principally because the market was not convinced that this rate cut would be the last. Our "buy on the dips" strategy was therefore not deployed.Although we contend that gold's spec positioning looks stretched on the long side, there are other offsetting buying forces in the gold market, which should pu...Read More
Earnings season has kicked off for the gold miners, with about one third of the index reporting thus far.Early results aren't terribly encouraging, with mixed results across most of the group.Most of the big names are still left to report, but investors will want to see more traction from the majors.It's been a busy couple of weeks for investors in the metals markets, with the second last Fed...Read More
The three-month nickel price on the London Metal Exchange staged a modest recovery at the close of trading on Friday November 8, settling back above nearby resistance after slipping below key resistance levels, while tin futures topped the gains with a 1% climb.Nickel's outright price on the LME closed at $16.190 per tonne on Friday afternoon, climbing more than 2% from an intraday low of $15,845...Read More
The fob Australia alumina price retreated to $280 per tonne on Friday November 8 because of reduced liquidity and continued poor downstream demand.Fastmarkets calculated the benchmark daily alumina index, fob Australia at $280.80 per tonne on Friday, down from $282.12 per tonne on the previous day. The index hit a four-week high of $285.42 per tonne on October 31.Key drivers A deal for 30,000 tonn...Read More