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This afternoon in metals news, black cabs in London will be moving toward electric power, production of copper and steel is up in Kazakhstan, and Dr. Copper appears to be backsliding after its previously torrid pace.
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Electric Cabs?
Further adding momentum to the electric vehicle industry, black cabs in London will soon be powered by electricity.
Sapa SA’s aluminum plant in Wales will reopen this week and supply parts for automakers like London Electric Vehicle Co., the maker of black cabs, Bloomberg reported.
The move is part of the overall comeback for aluminum, which works in tandem with the rise of the electric vehicle, particularly the U.K.’s effort to phase out vehicles powered by fossil fuels by 2040.
Copper, Steel Output Up in Kazakhstan
Cooper and steel production have surged in Kazakhstan through the first seven months of the year, according to a Reuters report.
For January-August, copper production is up 5.5% and crude steel production is up 9.7% in Kazakhstan, according to Statistics Committee data.
Copper Price Begins to Slide
The metal often referred to as “Dr. Copper” boasted a healthy diagnosis as late as last month, when the metal hit a three-year high.
But political tensions on the Korean peninsula, among other things, have seen the metal’s price begin to backslide.
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The copper price has dipped 6% since Sept. 8, when President Donald Trump said the U.S. would not rule out a military option vis-a-vis North Korea’s latest nuclear test, according to Reuters.