Life is full of ups and downs.
So, too, is the world of metals.
Last month, all 10 of our MMIs saw upward movement. This month? Not so much.
Eight of 10 MMIs tracked back this month, albeit several of them fell by small amounts. The GOES MMI, meanwhile, picked up a point, while the Aluminum MMI posted no movement.
If you’ll remember, copper and aluminum had big months in August, as we detailed in last month’s MMI report. After a cooling period last month, though, so far in October copper has tracked back upward — so maybe it was just a September slump for the good Dr. Copper.
“However, market watchers can see a new rally taking place within the base metals industry,” wrote our Irene Martinez Canorea in her Copper MMI report. “Copper prices — along with lead and tin — increased sharply on heavy trading volumes. Buying organizations can expect upward movements within the bullish market.”
Meanwhile, as for aluminum, the flat month is actually an encouraging sign for the metal’s strength.
“Aluminum traded sideways in September,” Martinez Canorea wrote. “This trading pattern suggests resilience, as aluminum prices digest price gains and become strong again to continue the uptrend. Trading volumes continue to support the current rally, driving aluminum prices to a five-year-high in September.”
The aforementioned represents a small snippet of the analysis available in this month’s report.
You can read about all of the aforementioned — and much more — by downloading the October MMI report below.