This Morning in Metals: MetalMiner releases July Monthly Metal Buying Outlook

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This morning in metals news, MetalMiner has released its July Monthly Metal Buying Outlook, the U.S. House of Representatives passed a $1.5 trillion infrastructure bill and Ford Motor Co.’s second-quarter sales were down 33.3%.

July Metal Monthly Buying Outlook is out

We’re already halfway through what has been a volatile 2020, during which MetalMiner has noted price upticks and monitored a wide range of other developments in our monthly forecasting. You’ll want to pay attention to these and other key areas when reading the July Monthly Metal Buying Outlook:

  • Steel prices are volatile — and bear close watching as economic recovery efforts continue in China and the U.S.
  • Inventory levels for a number of metals — and crude oil — are elevated.
  • Some commodities prices, including copper, have moved past MetalMiner’s resistance levels.

House passes $1.5T infrastructure bill

Despite its approval in the Republican-controlled Senate being highly unlikely, the U.S. House of Representatives on Tuesday passed a $1.5 trillion infrastructure bill, double the size of an infrastructure bill proposed by the House earlier this year.

The bill passed by a vote of 233-188 in the House.

Ford sales down 33.3%

Ford Motor Co. reported its second-quarter total sales fell 33.3% year over year.

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“Coronavirus concerns clearly affected Q2,” Ford said in its sales release. “Ford’s overall Q2 sales were down 33.3 percent, while retail was down much less than industry at 14.3 percent.”

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