If our Monthly MMI® series was ever collectively looking to tell a big story, this is it: a whopping 9 out of the 10 individual monthly metal category sub-indexes that comprise the series hit an all-time low for the August 2015 reading.
The outlier, our GOES MMI, was spared, but that index was down, as well, even though it didn’t hit a low like its base, minor and precious metal brethren.
Of course, if you’ve followed regular MetalMiner coverage and our monthly outlook reports on ferrous and base metal markets, this should be much less of a surprise to you, as equity markets, commodity and exchange rate movements have roiled the status quo for virtually all industrial metal categories.
This month we saw the Thomson/Reuters-Jefferies CRB Index hit a six-year low, itself, and China devaluing its own currency this week has sent commodities such as oil tumbling, as well.
Race to the Bottom
Since the beginning of 2015, plummeting prices have caused the Aluminum MMI to drop 10.1%, the Copper MMI to lose 15.2%, and the Stainless MMI to take a whopping 23.8% hit.
Since the MMI series began in January 2012, against the baseline value of 100, the Aluminum MMI has now dropped 20%, the Copper MMI has dropped 33%, and the Stainless MMI has dropped by more than a full third – 36%.
How to make your purchases in this volatile commodity environment? What indications, if any, are there of prices hitting rock bottom? Check out the full report to find out.