The August MMI Report: Six of 10 Indexes Post Declines

The August 2019 Monthly Metals Index (MMI) report is in the books.
After a July in which seven of 10 MMI indexes moved upward, this month a majority of the indexes retraced.
Six MMIs declined, three moved up and one held flat (the Copper MMI).
A few highlights from this month’s round of MMI analyses:

• U.S. construction spending in June fell 2.1% on a year-over-year basis.
• Despite a 0.8% rise in the LME aluminum price, the Aluminum MMI retraced on global demand weakness.
• Glencore announced plans to halt production at its Mutanda cobalt and copper mine by the end of this year, which would take approximately 20% of the world’s cobalt off the market.
• Surging nickel prices led a six-point increase in the Stainless MMI.

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