Aluminum, copper and zinc have moved in a solid bullish manner. While nickel has joined these three base metals, tin and lead seems to be more reticent to join the bull party.
Tin showed some weakness at the beginning of August, contrary to the other four base metals. In August, prices fell sharply. The tin price soon recovered, but still lacked the bullish sentiment. Trading volumes are not heavy, nor are prices breaking key resistance levels.
Lead has also showed some weaknesses during August, as prices fell with heavy selling volume.
What Does This Mean for Buying Organizations?
For its forecast subscribers, MetalMiner defines different buying strategies for all of the base metals, as well as four forms of steel, depending on the price dynamics, together with trading volumes.
Even though the industrial metal outlook remains bullish, lead and tin seem to be behaving on their own terms. Buying organizations will want to pay careful attention to trading volumes in the coming month.
Knowing when to buy forward and when to hold off on purchases can be a challenging activity for any procurement professional. MetalMiner’s Monthly Metal Buying Outlooks provide buying organizations with a clearer picture as to when to make purchasing decisions.