Holiday Road! Base Metals Take an August Vacation

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Not only did you and your friends go on a vacation this month, base metals took a break in August, too! None of them have experienced significant price changes as they are ending the month pretty much the same place they started it.

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Could you guys get out of the warehouse a bit more this month?

Could you guys get out of the warehouse a bit more this month?

Copper is down only 0.7% this month. After a dropping at the beginning of the month, it is coming back again to remain in its medium-term uptrend. Copper still has to prove itself, but with other metals turning up, we wouldn’t be surprised to see this metal finally hitting new highs.

Aluminum is modestly up 3.3% this month. Aluminum took a pause in August after a great run up this year but nothing seems able to take this metal down from its highs.

Nickel is up only 0.6% this month. Nickel actually went on vacation 4 months ago and we are still waiting for it to come back. However, this is not a strange move after the 33% surge in the first half. This quiet period will end at some point and we might see big moves following it.

Zinc_228

We had such high hopes for you this summer, zinc.

Zinc is barely down 0.3% this month. The case is similar to nickel. Zinc surged 20% in only 4 months and now it might need some time to consolidate. However, the trend is clearly up.

Lead is barely up 0.8% this month. The metal is trading at its highs and we would expect an upward move as soon as it hits new ground.

Tin wins the tin-can trophy for the laziest metal. Despite being down 3.3% this month, the metal has traded flat for more than a year. We remain neutral on it and we are waiting for tin to give us more clues.

Meanwhile, many people in MetalMiner have also taken vacation, not my case, though. I am enjoying the summer in Chicago as I will have time to migrate during the cold winter!

Tin_228

You didn’t just embarrass all of us who believed in you this August, tin, you embarrassed yourself. That’s what hurts the most.

 

 

 

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