Cobalt prices fell in the first half of the week after slow consumer demand and strong discounts on long-term contracts incited aggressive offers from sellers. Fastmarkets price assessment for standard-grade cobalt in-warehouse Rotterdam was $15.35-16.10 per lb on Wednesday May 29, down from $16-16.55 per lb at the end of last week. Alloy-grade prices settle...Read More
Key data from the Wednesday May 29 pricing session in Shanghai. Key drivers The Chinese cobalt salts market, which includes cobalt sulfate and tetroxide, continued to soften on sluggish demand, which is partially due to the fact that battery cathode materials manufacturers have broadly fed on tolled products. Meanwhile, excessive stocks consumers had built up in early April when the co...Read More
Chinese stainless-steel producer Tsingshan Holding Group plans to set-up a cold-rolling mill with an annual capacity of 600,000 tonnes per year in Busan, South Korea, and has submitted letters of intent to the city government and potential business partners, Chinese market sources told Fastmarkets.Domestic suppliers may raise concerns about Tsingshan's plans because South Korea currently consumes...Read More
China's domestic prices for hot-rolled coil softened further on Thursday May 30 amid limited trading activity, with high inventory levels leaving market sources expecting further drops.DomesticEastern China (Shanghai): 3,960-3,970 yuan ($573-574) per tonne, down 10 yuan per tonneNorthern China (Tianjin): 3,870-3,890 yuan per tonne, down 10 yuan per tonneLosses in the futures market put pressure on...Read More
The Mexican government has begun to unblock some of the frozen bank accounts owned by steelmaker Altos Hornos de M?(C)xico (Ahmsa), the company said late on Wednesday May 29."This will allow the company to resume normality in its financial transactions with suppliers and clients, and also ensure the pay packets of its 20,000 workers," Ahmsa said.The company also said that its operations were not a...Read More
Steel billet prices for imports into Egypt have increased this week on higher offers, while domestic rebar prices have remained unchanged, Fastmarkets heard on Thursday May 30.Fastmarkets' weekly price assessment for steel billet imported into Egypt was $450-455 per tonne cfr on Thursday, unchanged week-on-week.Egypt imposed temporary import duties on steel billet and rebar on April 15, at a rate...Read More
Turkish domestic long steel markets remained quiet ahead of a week-long public holiday and due to a strengthening lira, which made buying more expensive, sources said on Thursday May 30. Fastmarkets' weekly price assessment for domestic rebar in Turkey was TRY3,330-3,400 ($553-564) per tonne ex-works, narrowing downward from last week's TRY3,330-3,420 per tonne. The domestic rebar price in th...Read More
The market for pig iron exports from the Commonwealth of Independent States (CIS) remained uncertain in the week ended Thursday May 30, with sellers optimistic because of higher prices for steel scrap, while buyers remained pessimistic, citing weak prices for finished steel products.Fastmarkets' price assessment for high-manganese pig iron exports from the CIS was $335 per tonne fob Black Sea on M...Read More
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By: Dave KranzlerTSLA had yet another bad week, closing down $19 (9%) from the previous Friday's close. Last week every attempted bounce in the stock was shortable on a daytrading basis. Currently Tesla's shares are trading at $188. It would likely be a lot lower if it weren't for Musk's repeated "leaked" emails loaded with dubious production and delivery claims, with both barrels pointed direct...Read More
By: Avi Gilburt I have now been writing for Seeking Alpha for approximately 6 years. And, I can honestly say that not much has changed in the readership base. Yes, that means you.You see, the same folks that have commented on my articles that Elliott Wave analysis is akin to voodoo are still making the exact same comments they made years ago.Do you think that the accuracy of our underlying anal...Read More
By: Jordan Roy-Byrne CMT, MFTAWe have written for over a year about the historical importance of the shift in Federal Reserve policy. We've noted that over the past 65 years in 11 of 13 rate cut cycles the gold stocks have enjoyed tremendous gains. The historical data shows an average gain of over 170% and median gain of almost 150%. As of Tuesday morning, the market showed an 84% chance of a...Read More
Dear Friend of GATA and Gold:Liechtenstein-based investment fund Incrementum's annual "In Gold We Trust" report, compiled by Ronald-Peter Stoeferle and Mark J. Valek, was published this week and again described the reasons for gold's glorious prospects. Among them:-- Loss of trust in international relations and everyday society amid ever-more-polarized politics.-- Gold's generally good performan...Read More
Although I usually let my charts tell me where stocks are headed next, the 'technicals' are a tad sunnier than I at the moment. This is notwithstanding recent weakness that has caused new record highs that were within spitting distance just a few weeks ago to recede. A 3095 target that lay just 4.5% from early May's peak now sits 10.5% away. It's certainly do-able, but I doubt buyers have the mo...Read More
The Turkish deep-sea scrap market has fallen quiet again after mills failed to sell finished long steel products to the United States even though that country has now removed its extra tariff on Turkish steel, sources said on Thursday May 30.The mills did return to the market for a short buying spree late last week, after the US reduced its import duty on Turkey-origin products to the pre-existing...Read More
Craig Hemke believes that the Fed will be forced to cut rates at the next meeting on June 18-19. The yield curve has become inverted which is almost always a precursor to recession. Is the economy actually weakening? It only takes two consecutive quarters of negative growth to make a recession. The Fed has run out of choices. Let's see what happens next.Known primarily by his nickname "Turd Fergus...Read More
Links to slides and sources: https://www.itmtrading.com/blog/db-da...According to the DB Q1 2019 Financial Report, leverage at Deutsche has expanded in the first quarter of 2019 and officially, they hold 3.9 Euro's of equity for every 100 Euro's of debt, so if the value of their holding drops just 4%, they are insolvent. Something that has occurred in recent years past. Because the global banks ar...Read More
Lies, lies and more lies. You're constantly being lied and there seems to be little appetite for the truth. More and more money gets printed up, the debt goes ever higher and yet nothing seems to happen. Chris believes that the US is immersed in a propaganda bubble, but outside the country he thinks they're a bit more open. But everyone knows there's more than enough propaganda to go around. Under...Read More
It's no secret that silver has been in the dumps for 8 years now. But David Morgan and myself are undeterred. The fiscal irresponsibility, profligate spending, dire world economics and so much more, leads one to the conclusion that an insurance policy is necessary. And precious metals always have been exactly that. And select miners are truly killing it. But it's going to take a catalyst to send p...Read More
Click here for full transcript: http://financialrepressionauthority.c...Yra Harris is a trader with over 32 years of experience in all areas of commodity trading, with broad expertise in cash currency markets. He has a proven track record of successful trading through combination of technical work and fundamental analysis of global trends; historically based analysis on global hot money flows. He...Read More