This month our MetalMiner IndX saw prices fall even further from what were all-time lows for many of our sub-indexes in September. Only relatively specialized renewables and grain-oriented electrical steel saw their prices rise in October.
Still, there have been some price movements, such as copper’s recent rise, since the first of the month that might be harbingers of a market turnaround. If the October MMI is an entry into the sub-sub-basement of base metal prices (September was the sub-basement), there’s still as good a chance they could fall further below grade. Stay tuned for signs of a real bottom.