This month our base metals took a big tumble. Some industrial metal prices that faltered in January fell of a steeper cliff.
The Copper MMI®, Raw Steels MMI® and Construction MMI® all recorded drops of more than 5% and only our Global Precious Metals MMI® and Rare Earths MMI® were able to post price increases this month as low oil prices continued to drag down other commodities.
While it might be a great time to buy the metals you need, some of our metals could go even lower.
Lead Forecasting Analyst Raul De Frutos cautions buyers not to snap up metals such as copper, whether for investment or manufacturing, because they look like a good bargain. Many of our metals may have more to lose before their trends change. Today’s bargain can be tomorrow’s overcommitment.
Don’t go chasin’ waterfalls! Er, metal prices.