There was no joy in MMIville this month as most of our metals sub-indexes fell further below the all-time lows of last month. Poor Rare Earths is even below the bottom number on the chart above, registering an 18 when our monthly trends chart only goes to 20.
17% of copper mines are now producing at a loss thanks to these low prices. The US dollar index has continued to perform strongly and the collapse of the Chinese stock market, and entire portions of the Chinese economy have pushed commodities lower than we’ve seen in years.
Unfortunately, there is no easy fix to restoring the robust demand metals once enjoyed from an expansive Chinese economy and healthy manufacturing sectors. Sign in to download the MMI report below.