Having initially reacted negatively to the the Chinese stimulus two weeks ago the futures found buying support at the 55 day average. The bulls maintain control pushing the futures back to (and slightly above) the highs from the 21 – 05 – 20 Control, but not dominance, four days of upward price action is …
Category archives: Global Economy
China’s speedy recovery boosts PMIs in May
When China sneeze, the world catches cold, as the saying goes. However, if China economy recovers, how will the global market react? Once again, there were signs of recovery for the country’s economic after it was heavily embattled by the coronavirus pandemic earlier this year. In May, both the official and private Purchasing Manufacturing Index …
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Shine, shine, shine a light
We are seeing History in the making when the European Union announced its 750 billion- Euro ($824 billion) recovery package, aimed at boosting economic growth and creating a swathe of new jobs. The capital injection will have global financial markets breathing a sigh of relief, following the commitment from China at the Two Session to …
Iron ore futures surge as inventories dive
Iron ore futures advanced again on Thursday amid ongoing supply concerns from Brazil. Brazilian miner Vale is the subject of an anti-corruption lawsuit; with the company alleged to have hindered inspections at the site of a dam that was collapsed early last year. Furthermore, it was reported that there had been a sudden …
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FIS Weekly Ferrous Report 26052020
China Abandons Hard Growth Target, Shifts Stimulus Focus to Jobs
The Chinese government abandoned its decades-long practice of setting an annual target for economic growth amid the storm of uncertainty unleashed by the coronavirus pandemic, and said it would continue to increase stimulus. Speaking at the National People’s Congress in Beijing on Friday morning, Premier Li Keqiang delivered an annual policy address that instead laid …
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Has copper made its move already? Listen to the mood music
Has copper made its move already? Listen to the mood music To view the full report please click on the link
China construction in the bubble, iron ore demand risk remains
Ferrous Sector Money Flow: DCE iron ore aggregated open interest is up 38.97% from April 29th and reached the highest level in Q2, coking coal decreased by 18.55% during the same period. Steel, coke and flat glass used in house construction remained stable on open interest. Investors should be aware of money flow out of …
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OPEC+ battles to cut, investors bet to buy
OPEC+ is responding to the oil market’s collapse with an urgency never seen before. The alliance’s program of production cutbacks this month is well on the way to trimming 9.7 million barrels of daily crude output – roughly 10% of global supplies, according to tanker-tracking data, interviews with physical crude traders and refiners, and assessments …
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China April Crude Steel Output Rose 0.2% Y/y to 85.03m Tons
China’s statistics bureau releases industrial output data. Crude steel output in April rose 0.2% y/y to 85.03m tons Crude steel output in Jan.-April rose 1.3% y/y to 319.46m tons Steel products output in April rose 3.6% y/y to 107.01m tons Steel products output in Jan.-April fell 0.2% y/y to 374.39m tons Primary aluminum output in April rose 1.5% y/y to …
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