This Morning in Metals: Copper up, dollar down on Biden victory

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This morning in metals news: the price of copper rose and the dollar weakened on the heels of Joe Biden’s victory in the 2020 U.S. presidential election; Outokumpu released its Q3 financial results; and, finally, a metal service center based in Burns Harbor, Indiana, could be set to expand nationally.

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.

Copper gains, dollar falls on Biden win

With former Vice President Joe Biden’s victory in the 2020 presidential election against incumbent Republican President Donald Trump, many’s eyes will turn to the development’s potential impact on markets. (MetalMiner’s Stuart Burns offered his analysis on the subject on Friday.)

The price of copper rose close to $7,000 per metric ton, Reuters reported.

Meanwhile, the dollar weakened. The dollar index dipped to just over 92 after starting the week just over 94.

Outokumpu releases Q3 results

Helsinki-based Outokumpu reported Q3 EBITDA of €10 million ($11.9 million), down from €45 million in Q3 2019.

“The market in Europe was difficult due to increased import pressure from Asia, resulting lower prices and typical seasonality, leading to a challenging quarter for business area Europe with adjusted EBITDA amounting to EUR 9 million,” President and CEO Heikki Malinen said in a release.

“In October, the European Commission imposed definitive anti-dumping duties on hot rolled stainless steel from Indonesia, China, and Taiwan. We welcome the measure as a first step towards restoring a level playing field and securing a sustainable future for the European stainless industry. This is still insufficient, however, and we would prefer to see the available trade enforcement tools applied in full.”

In addition, sales slipped to €1.25 billion ($1.49 billion), down from €1.59 billion ($1.89 billion) in Q3 2019.

Service center to expand nationally

Lastly, Steel Cities Steels, a metal service center based in Burns Harbor, Indiana, could be looking to broaden its footprint and expand nationally, the Northwest Indiana Times reported.

The center has been in business since 1952. Its coverage area has included Chicago, northeast Illinois, northwest Indiana and southwest Michigan. Per its website, the center sells carbon steel, aluminum and stainless products.

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