This morning in metals news, Chinese steel futures have hit a 1.5-month peak, Mexico is optimistic about reaching a deal on the North American Free Trade Agreement (NAFTA) and miner Freeport-McMoran posted a down quarter.
Chinese Steel Futures Rise
Chinese steel futures are up to a 1.5-month high as a result of falling inventories, Reuters reported.
According to the report, construction steel rebar contracts for October delivery on the Shanghai Futures Exchange closed 1.5% higher.
Mexico Hopeful for a NAFTA Consensus
With a presidential election on the horizon in Mexico on July 1, Mexico is still hopeful it can reach a deal on NATFA with the U.S. and Canada.
Alejandro Diaz de Leon, the governor of Mexico’s Central Bank, told CNBC: “We know that there have been ups and downs in the negotiation … (But) we do hope that the advantages for the three countries will prevail in some version of the agreement.”
Freeport Q1 Numbers Lower than Expected
Miner Freeport-McMoran shares fell as the firm reported lower-than-expected quarterly profit, Reuters reported.
The firm’s shares dropped more than 4% and it adjusted its copper sales forecast for the year, according to the report. Freeport now expects to produce 3.8 billion pounds of copper this year, down from a previous forecast of 3.9 billion pounds.