Connect with us

Business

Gold, silver up, at 5-week highs, on safe-haven, technical buying – Kitco NEWS

Published

 on


(Kitco News)Gold and silver prices are moderately up and have hit five-week highs in midday U.S. futures trading Wednesday. More safe-haven demand is featured at mid-week, as the economic ramifications from the coronavirus outbreak remain very uncertain. The near-term technical postures for both metals have also turned more bullish, which is inviting the chart-based buyers to the long side of the markets. April gold futures were last up $8.00 an ounce at $1,611.60. March Comex silver prices were last up $0.155 at $18.305 an ounce.

Risk aversion in the global marketplace has receded Wednesday. It appears the spread of the coronavirus illness (now officially called covid 19) to humans has slowed and that’s somewhat encouraging to the marketplace. However, the economic consequences of the outbreak are still playing out. What traders, investors, analysts and other market watchers are discovering is that the global supply chain sees many of its links in China, and with much of China’s population still in quarantine, many global businesses—especially manufacturers–are suffering and may continue to do so for a while. There are anecdotal reports coming out of China that paint a dire picture of the situation there, regarding local commerce. The uncertainty regarding when the global supply chain will return to normal is likely to continue to squelch trader and investor risk appetite for at least the near term. That’s bullish for the precious metals markets.

The key outside markets today see crude oil prices higher and trading around $53.35 a barrel. Meantime, the U.S. dollar index is up and hit another multi-month high in midday U.S. trading. The greenback bulls have flexed their muscles lately, partly on safe-haven demand amid the heightened global uncertainty.

Technically, April gold futures prices closed nearer the session high and hit another five-week high today. The bulls have the solid overall near-term technical advantage. A three-month-old price uptrend is in place on the daily bar chart. Gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at the January high of $1,619.60. Bears’ next near-term downside price breakout objective is pushing prices below solid technical support at this week’s low of $1,581.80. First resistance is seen at today’s high of $1,614.40 and then at $1,619.60. First support is seen at today’s low of $1,602.40 and then at $1,600.00. Wyckoff’s Market Rating: 8.0

Live 24 hours silver chart [ Kitco Inc. ]

March silver futures prices closed near mid-range and hit a five-week high today. The silver bulls have the overall near-term technical advantage. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at the January high of $18.895 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at the January low of $17.28. First resistance is seen at today’s high of $18.39 and then at $18.50. Next support is seen at today’s low of $18.135 and then at $18.00. Wyckoff’s Market Rating: 6.0.

March N.Y. copper closed up 20 points at 260.60 cents today. Prices closed near mid-range today. The copper bears have the overall near-term technical advantage. However, recent upside price action suggests a market bottom is in place. Copper bulls’ next upside price objective is pushing and closing prices above solid technical resistance at 270.00 cents. The next downside price objective for the bears is closing prices below solid technical support at the February low of 248.75 cents. First resistance is seen at this week’s high of 263.25 cents and then at 265.00 cents. First support is seen at today’s low of 257.75 cents and then at 255.00 cents. Wyckoff’s Market Rating: 3.0.

Let’s block ads! (Why?)



Source link

Business

CN trains rolling again after B.C. tracks repaired amid mounting backlogs – CBC.ca

Published

 on


Amid growing backlogs, Canadian National Railway Co. says trains are moving again in southern British Columbia after the third atmospheric river in two weeks descended on the region.

CN says service resumed Sunday after crews worked around the clock on the Vancouver-Kamloops corridor, which was first cut by mudslides and washouts amid torrential rain in mid-November.

The country’s largest railroad operator restored limited activity along the vital supply link late last month before opting to close the line again a week ago as more downpours triggered further flooding, landslides and debris.

“CN crews will continue to monitor both the rail infrastructure as well as the terrain over the coming days and weeks,” CN spokesperson Jonathan Abecassis said in an email.

An aerial view of the Port of Vancouver taken Nov. 21. After service was suspended due to weather-related track damage, freight is now moving by rail again in and out of the city’s port. (Gian Paolo Mendoza/CBC)

The restored connection will allow freight to flow to and from the Port of Vancouver and begin to clear the massive backlogs of incoming shipping containers and outgoing grain.

The repaired lines will also allow Canadian Pacific Railway Ltd, which shares tracks with CN through part of the Fraser Valley, to boost its shipments.

End of year is a critical time for shipment of grain — canola in particular — with the bulk of Canadian grain transported via rail to B.C. ports.

Some can be diverted to Prince Rupert, B.C., the United States or Thunder Bay, Ont., but the window for the latter is nearly closed as winter ice looms, while rail cargo generally is hard to divert en masse.

“Regardless of when the traffic on the mainlines resume handling normal levels of traffic, the reverberations back through the grain supply chain in Western Canada (and all commodities) will be measured in months,” Steve Pratte, policy manager at the Canadian Canola Growers Association, said in an email.

Grain strain

The backlog of Prairie grain may lose much of its value if trains can’t ship it to port before spring, when prices typically drop amid heightened global supply, according to the Western Grain Elevator Association.

Contract extension penalties and demurrage fees — issued by a shipping line when freight exceeds the time allotted at a terminal — also present a threat for farmers and grain elevators trying to clear out brimming barns and silos.

The number of grain cars unloaded at West Coast ports dropped by 83 per cent year over year in the third week of November, according to the federal grain monitoring program’s latest update.

As of Nov. 28, there were 24 grain vessels at berth or at anchor around the Port of Vancouver waiting for deliveries of up to 1.4 million tonnes of grain — mainly wheat, canola and barley — the update states.

“These shipments are critical to ensure that Canadian farms get the cash flow required to cover the operating costs accumulated through the season, and it is a race against winter every year to try to get as much grain to port before winter conditions settle in,” Geoff Backman, markets manager at the Alberta Wheat and Barley Commission, said in a statement.

Adblock test (Why?)



Source link

Continue Reading

Business

SEC probing Tesla after whistleblower alleges company hid solar panel fire risk – CBC.ca

Published

 on


The U.S. securities regulator has opened an investigation into Tesla Inc. over a whistleblower complaint that the company failed to properly notify its shareholders and the public of fire risks associated with solar panel system defects over several years, according to a letter from the agency.

The probe raises regulatory pressure on the world’s most valuable automaker, which already faces a federal safety probe into accidents involving its driver assistant systems. Concerns about fires from Tesla solar systems have been published previously, but this is the first report of investigation by the securities regulator.

The U.S. Securities and Exchange Commission (SEC) disclosed the Tesla probe in response to a Freedom of Information Act request by Steven Henkes, a former Tesla field quality manager, who filed a whistleblower complaint on the solar systems in 2019 and asked the agency for information about the report.

“We have confirmed with Division of Enforcement staff that the investigation from which you seek records is still active and ongoing,” the SEC said in a Sept. 24 response to Henkes, declining his request to provide its records. The SEC official said the letter should not be taken as an indication by the agency that violations of law had occurred.

Reuters was able to confirm the response.

Safety violations

Henkes, a former Toyota Motor quality division manager, was fired from Tesla in August 2020, and he sued Tesla, claiming the dismissal was in retaliation for raising safety concerns. Tesla did not respond to Reuters’ emailed questions, while the SEC declined to comment.

In the SEC complaint, Henkes said Tesla and SolarCity, which it acquired in 2016, did not disclose its “liability and exposure to property damage, risk of injury of users, fire etc to shareholders” prior and after the acquisition.

Tesla also failed to notify its customers that defective electrical connectors could lead to fires, according to the complaint.

Tesla told consumers that it needed to conduct maintenance on the solar panel system to avoid a failure that could shut down the system. It did not warn of fire risks, offer temporary shutdown to mitigate risk, or report the problems to regulators, Henkes said.

The whistleblower alleges that more than 60,000 residential customers were sold solar panels that were defective and dangerous. (Patrick T. Fallon/Bloomberg)

More than 60,000 residential customers in the U.S. and 500 government and commercial accounts were affected by the issue, according to his lawsuit filed in November last year against Tesla Energy over wrongful termination.

It is not clear how many of those remain after Tesla’s remediation program.

Safety calls ignored, whistleblower alleges

Henkes, a longtime quality manager at Toyota’s North American quality division, moved to SolarCity as a quality engineer in 2016, months before Tesla acquired SolarCity. After the acquisition, his duties changed and he became aware of the widespread problem, he told Reuters.

Henkes, in the SEC complaint, said he told Tesla management that Tesla needs to shut down the fire-prone solar systems, report to safety regulators and notify consumers. When his calls were ignored, he proceeded to file complaints with regulators.

“The top lawyer cautioned any communication of this issue to the public as a detriment to the Tesla reputation. For me this is criminal,” he said in the SEC complaint.

Litigation and concerns over faulty connectors and Tesla solar system issues stretch back several years. Walmart in a 2019 lawsuit against Tesla said the latter’s roof solar system led to seven store fires. Tesla denied the allegations and the two settled.

Business Insider reported Tesla’s program to replace defective solar panel parts in 2019.

Several residential customers or their insurers have sued Tesla and parts supplier Amphenol over fires related to their solar systems, according to documents provided by legal transparency group PlainSite.

Henkes also filed a complaint with the U.S. Consumer Product Safety Commission, which CNBC reported this year was investigating the case. CPSC and Amphenol didn’t respond to requests for comment.

Adblock test (Why?)



Source link

Continue Reading

Business

COVID-19 antiviral drug molnupiravir to be manufactured in Canada – CTV News

Published

 on


TORONTO —
Merck Canada announced on Monday that it is partnering with Thermo Fisher Scientific to manufacture the investigational COVID-19 antiviral drug molnupiravir at a facility in Whitby, Ont., for distribution to global markets.

The Canadian location will produce doses of molnupiravir, developed in collaboration with Ridgeback Biotherapeutics, for distribution in Canada, the U.K., the European Union, Asia Pacific, and Latin America, pending approvals in those respective regions. The drug is awaiting approval by Health Canada.

The facility was chosen because of its capacity, capability, and the speed with which it is able to produce the drug, Merck Canada’s new president Marwan Akar said during a press conference.

Thermo Fisher’s existing Whitby manufacturing site is one of three locations in the world that will produce molnupiravir.

“We are marking a very key milestone, and rebuilding Canada’s biomanufacturing capability,” Minister of Innovation, Science and Industry Francois-Philippe Champagne said during the news conference.

“We’ll be producing COVID medications for Canadians and indeed for the world…so to me this is a very big step in how we intend to reveal our biomanufacturing sector in Canada.”

Earlier in the pandemic, Canada came under criticism for its inability to manufacture COVID-19 vaccines domestically, leaving Ottawa reliant on U.S. and European manufacturers to produce and provide doses.

Minister Champagne said the latest announcement is part of the government’s efforts to ensure Canada is better prepared and that “we redesign the supply chain so whatever may come next, we would be ready.”

The new manufacturing deal will also help Ontario’s economic recovery with a $19 million capital investment supporting more than 50 high-paying jobs in the region, according to Victor Fedeli, Ontario Minister of Economic Development, Job Creation and Trade.

Last week, the federal government signed a deal with Merck to purchase 500,000 molnupiravir pills, with an option for another half million, pending approval. Request for approval of the drug was submitted in August.

Antiviral drug treatments are considered another tool in the fight against COVID-19, experts say, after personal protective equipment, testing, and vaccines.

Adblock test (Why?)



Source link

Continue Reading

Trending