Seaborne iron ore was trading above $70 per tonne cfr China on Tuesday October 9 amid paper market gains.Fastmarkets MB 62% Fe Iron Ore Index: $71.14 per tonne cfr Qingdao, up by $1.73 per tonne.Fastmarkets MB 62% Fe Pilbara Blend Fines Index: $70.17 per tonne cfr Qingdao, up by $1.73 per tonne.Fastmarkets MB 62% Fe Iron Ore Index-Low Alumina: $75.19 per tonne cfr Qingdao, up $...Read More
The latest bids, offers and deals in the global markets for iron ore, pig iron, direct-reduced iron and other steelmaking raw materials. Latest transaction: iron oreIron oreSpot market, 190,000 tonnes of 62% Fe Pilbara blend fines, sold at $70.40 per tonne cfr China, laycan October 26-November 4.Vale,...Read More
The seaborne coking coal spot market was mostly stable on Tuesday October 9 amid a stalemate between buyers and sellers. While a Chinese trader estimated that premium mid-vol hard coking coal would likely be tradeable around $210 per tonne cfr China, he expects end users in China to stick to the sidelines at this price due to the availability of cheaper materials domestically.At the Port of Jingta...Read More
China's rebar, hot-rolled coil and coke futures ended morning trading on Tuesday October 9 significantly higher, while the iron ore and coking coal contracts were little changed from their opening prices. Futures closing prices - morning session Shanghai Futures Exchange January rebar: 4,024 yuan ($582) per tonne, up 33 yuan per tonneJanuary hot-rolled coil: 3,918 yuan per tonne, up 15 yuan per to...Read More
China's export prices for hot-rolled coil fell on Tuesday October 9 after sellers lowered their offers amid buyers' bearish expectations, though the country's domestic market posted some gains on steady demand.DomesticEastern China (Shanghai): 4,250-4,270 yuan ($615-618) per tonne, up 20-30 yuan per tonneNorthern China (Tianjin): 4,150-4,160 yuan per tonne, up 10 yuan per tonneDomestic prices rose...Read More
Vietnam's Ministry of Industry and Trade has started the final review into anti-dumping measures imposed on stainless cold-rolled steel from China, Taiwan, Indonesia and Malaysia, it announced on October 3.The review satisfies the requests for it made by domestic stainless steel manufacturers - including Posco VST and Inox Hoa Binh - to the ministry on September 12.The ministry's Department of Tra...Read More
The second quarter 2018 was disappointing for investors in senior gold miner Goldcorp Inc. (TSX:G)(NYSE:GG). The miner missed expectations and reported lower production, cost blowouts and heightened foreign currency costs. And this, along with gold's latest weakness, has sparked speculation that Goldcorp will struggle to unlock value for investors and sees its stock down by 22% over the last year....Read More
Silver remains weak, touching a multi-year low of US$14.08 an ounce before rebounding to US$14.40 in recent weeks. The sustained weakness of silver has led to claims from some pundits that now is the time for investors to bolster their exposure to the white metal and buy beaten-down silver miners. While silver has always been considered a precious metal that is closely correlated to gold, there ar...Read More
Cobalt is not flashy. Nor is it going to skyrocket in six months. But the demand for cobalt in the automobile manufacturing industry is immense. Unlike the small amounts needed for smart phones, an electric car might need 10 to 20 kilograms. The MoneyLetter has scoured lists of analyst-favoured cobalt stocks. We note five of them below.In The Graduate, the memorable 1967 film that launched Dustin...Read More
"The only time we've ever seen a confluence of risk factors anywhere close to those of today was the week of March 24, 2000, which marked the peak of the technology bubble." - John Hussman, Hussman Funds, in his October Market CommentaryThe yield on the 10-yr Treasury has broken out, hitting its highest level since July 2011:By the end of June 2011, the Fed had only reached its half-way mark in mo...Read More
Drilling the Tatogga property in B.C.'s Golden Triangle. Source: GT Gold Corp.GT Gold Corp. [GTT-TSXV, GTGDF-OTC] shares rallied strongly Wednesday after the company released new drilling results from its wholly-owned Tatogga property in British Columbia's Golden Triangle area.The company said assays from the latest holes from its Saddle North target confirm the existence of a major new gold-coppe...Read More
Geologist Lachlan Kenna, air-leg miner Henry Dole, mine foreman Warren Edwards and senior geologist Zaf Thanos with large gold specimens found at the Beta Hunt Mine in Australia. Source: ABC Goldfields-Esperance: Jarrod LucasRNC Minerals [RNX-TSX] said Wednesday the first specimen slab from the top of the Father's Day discovery area at its Beta Hunt Mine in Australia has been successfully recovere...Read More
Believe me, it doesn't take much to move oil prices.When it comes to hurricanes, most people take it as a given. We assume every hard-hitting storm that makes it on land will drive crude prices through the roof.We can't blame anyone for this kind of thinking, can we?In the case of Hurricane Florence, which brutally pounded the Carolinas last month, the storm barely moved the needle on prices.By th...Read More
CloseGain/LossGold $1193.10+$3.00Silver$14.30-$0.10XAU65.51+0.98%HUI143.57+1.57%GDM516.73+0.93%JSE Gold1048.55-17.34USD95.54-0.12Euro115.23+0.27Yen88.94+0.38Oil$73.17-$1.7910-Year3.194%-0.009T-Bond137.50-0.21875Dow25598.74-3.15%Nasdaq7422.05-4.06%S&P2785.68-3.29% The Metals: Gold dipped $4.60 to $1185.50 at about 8:30AM EST, but it then rallied back higher for most of the...Read More
Source: Clive Maund for Streetwise Reports 10/09/2018 Technical analyst Clive Maund charts the markets and explains why he finds that the U.S. stock market is at an unprecedented overbought extreme. -->There are times in life when being alarmed is actually a healthy defense mechanism that gives you an advantage over the many for whom "ignorance is bliss." This is one of those times. The U.S...Read More
By Clint SiegnerSome of last week's weakness in the stock market was attributed to surprisingly week jobs report on Friday. Non-farm payrolls came in significantly below projections.However, much of that weakness was explained by Hurricane Florence. And the headline unemployment rate dropped to 3.7% - the lowest in almost 50 years.Much was made of that, while almost nothing was made of the rate...Read More
Miles Franklin sponsored this article. The opinions expressed are those of the author, Gary Christenson.Jack Nicholson and Morgan Freeman starred in the 2007 movie, "The Bucket List." A "bucket list" defines things we want to do before we die, before we "kick the bucket."A reverse bucket list as used here is a list of things already occurred, but we wish had not happened.The Reverse Bucket List:...Read More
Nobel laureate says current stock market echoes 1929October is the month most closely associated with markets going bump in the night - 1907, 1929, 1987, 1997, 2007, 2008. Of all the October surprises, the 1929 crash had the most lasting consequences. Stocks declined 50% in the two months of September and October, 1929. (See chart below.) Before it was all over in 1932, stocks dropped a breathta...Read More
By Dave Kranzler"The only time we've ever seen a confluence of risk factors anywhere close to those of today was the week of March 24, 2000, which marked the peak of the technology bubble." - John Hussman, Hussman Funds, in his October Market CommentaryThe yield on the 10-yr Treasury has broken out, hitting its highest level since July 2011:By the end of June 2011, the Fed had only reached its h...Read More
Towards the end of economic expansions, interest rates usually start to rise as strong loan demand bumps up against central bank tightening. At first the effect on the broader economy is minimal, so consumers, companies and governments don't let a slight uptick in financing costs interfere with their borrowing and spending. But eventually rising rates begin to bite and borrowers get skittish, th...Read More