This morning in metals news: U.S. steel imports plunged by more than half from July to August; copper price gains Monday were capped over concerns regarding long-term prospects; and the WTI crude oil price slipped.
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U.S. steel imports fall to 1.2M metric tons
U.S. steel imports fell to 1.2 million metric tons in August, down from 2.5 million metric tons in July, the U.S. Census Bureau reported.
Through the first seven months of the year, the U.S. imported 13.7 million metric tons of steel. The import total marked a decline from the 17 million tons imported during the same period in 2019.
Copper gains capped
Meanwhile, in addition to U.S. steel imports, the copper price posted gains Monday but its rise is capped, according to a report by Reuters.
The LME copper price rose 0.6% on Monday, up to $6,584.50 per metric ton.
Concerns over copper’s long-term prospects capped gains, according to the report.
WTI crude falls
As readers of the MetalMiner Annual Outlook know, oil prices are a key factor in our metals price analysis.
The WTI crude oil price closed Friday at $40.25 per barrel, down $0.86 per barrel from the previous week. On a year-over-year basis, Friday’s closing price fell $16.16 per barrel.
The MetalMiner 2021 Annual Outlook consolidates our 12-month view and provides buying organizations with a complete understanding of the fundamental factors driving prices and a detailed forecast that can be used when sourcing metals for 2021 — including expected average prices, support and resistance levels.