This morning in metals news, Federal Reserve Chairman Jerome Powell hinted interest rate cuts could be coming later this month during testimony before the House of Representatives, Southern Copper Corp received authorization from the Peruvian government to build a $1.4 billion mine and U.S. steel shipments in May fell 0.8% from the previous month.
Fed Chairman Testifies Before House
In much-anticipated testimony by Federal Reserve Chairman Jerome Powell, Powell cited trade tensions and the global economic outlook as factors weighing on the U.S. economy, CNN reported.
According to the report, he also hinted at possible interest rate cuts this month. Powell has come in for criticism from President Donald Trump for raising interest rates back in December, arguing the increase has prevented further economic growth.
Powell is scheduled to testify again Thursday before the Senate.
Southern Copper Gets OK on Long-Delayed Mine
Southern Copper received authorization from the Peruvian government to move forward with a planned $1.4 billion mine, Bloomberg reported.
According to the report, construction of the mine has been delayed since 2010.
May Steel Shipments Down
U.S. steel shipments fell 0.8% in May compared with the previous month, according to the American Iron and Steel Institute (AISI).
May shipments totaled 8.14 million net tons, down 0.8% from the 8.21 million net tons shipped in April but up 1.1% from the 8.06 million net tons shipped in May 2018.