A major customs enforcement bill could be voted on in the U.S. Senate this week and Goldman-Sachs is bearish on metals for 2016.
Customs Bill Senate Vote
American Iron and Steel Institute President and CEO Thomas J. Gibson said the U.S. Senate could vote this week on a long-delayed bill to strengthen customs and intellectual property enforcement, facilitate shipments at U.S. ports and implement a permanent ban on taxing Internet access.
This echoes a statement from the National Association of Manufacturers on Friday that said it expects the Senate to vote on the customs bill this week as well.
Goldman-Sachs is Bearish on Metals
Goldman Sachs on Monday said metals, particularly copper and aluminum, are set to underperform oil in the near future on subdued global demand growth and a sluggish Chinese economy.
“Around mid-2016 and through 2017, we expect that the oil market will adjust, while metals markets are set to weaken further, particularly copper and aluminum, resulting in substantial downside to metals prices relative to oil over the period,” the bank said.