Goodbye, 2014, it was nice to know ya.
At least that’s what several industrial metal sectors are thinking – if we were to anthropomorphize them – after the latest December reading of MetalMiner’s Monthly MMI®, in which the majority of indexes fell, including biggies Raw Steels, Aluminum, Copper and Stainless MMIs.
Granted, those four indexes were subject to a source change for the data points tracked within them (more detail on that at the bottom of this post), but the fact remains that the overall commodities market remains in a bearish funk, the US dollar’s value has been strengthening, and China’s economic indicators have been weaker – making for a depressing demand environment, and hence depressing metals prices.
Of course, we’ll have to wait to fully say goodbye to 2014 until the January MMI reading, which will wrap in any December changes. Up or down? Any takers? (Well now we’re just talkin’ forecasting…)
* Effective 12/1/14, MetalMiner updated some of the source data from China used to calculate Raw Steels, Aluminum, Copper and Stainless MMIs. Therefore the December index reading appears a little more volatile when compared to the November reading. Any movements in the January reading will once again reflect only market price changes as opposed to market and source data prices changes.