This Morning in Metals: Chinese Steel Futures Up on Dropping Inventories

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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.
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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.
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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.

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