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This morning in metals news, LME copper had a quieter Wednesday, Mexico looks to formulate a backup plan for a potential life after NAFTA and steelmakers are looking to maintain their market share in the world of skyscrapers.
LME Copper Hangs Near Three-Year High
LME copper didn’t have as big of a day on Wednesday as it did on Tuesday — nonetheless, the metal is still close to its three-year high.
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According to Reuters, a bounceback in the dollar slowed momentum gained from growth in China’s housing and manufacturing sectors.
Life After NAFTA? Mexico Considers It
As President Donald Trump in recent weeks has resumed threats of terminating the North American Free Trade Agreement (NAFTA), Mexico is looking to formulate a backup plan.
Mexican Economy Minister Ildefonso Guajardo called the talks to renegotiate the deal a “roller coaster,” according to Reuters.
With the rhetoric from Trump picking up, it’s not surprising that Mexico is planning for a situation in which Trump pulls the plug on the 23-year-old trade deal.
Steelmakers with Eyes to the Skies
Concrete is becoming increasingly popular as a building material — so much so that steelmakers are working hard to preserve their construction market share.
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According to a Bloomberg report: “Since 2000, steelmakers outside China expanded output of structural beams and columns at only about half the pace of rods, or rebar, used to reinforce concrete, the World Steel Association says.”