This Morning in Metals: EIA forecasts renewables share of US electricity generation to double by 2050

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This morning in metals news: the Energy Information Administration forecast the renewables share of US electricity generation will double by 2050; meanwhile, the US unemployment rate fell to 6.3% in January; and, lastly, the tin price has bucked the recent general trend for base metals prices.

EIA: renewables share of electricity generation to double by 2050

The Energy Information Administration forecast the renewables share of US electricity generation will double by 2050.

Wind and solar, in particular, will account for most of that growth, the EIA reported.

Renewables accounted for 21% as of 2020.

Meanwhile, natural gas-fired generation will remain constant over the period. Furthermore, electricity generation from coal and nuclear will decline, the EIA forecast.

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US unemployment dips to 6.3% in January

The US unemployment rate fell to 6.3% in January, down by 0.4 percentage point.

“The labor market continued to reflect the impact of the coronavirus (COVID-19) pandemic and efforts to contain it,” the Bureau of Labor Statistics reported. “In January, notable job gains in professional and business services and in both public and private education were offset by losses in leisure and hospitality, in retail trade, in health care, and in transportation and warehousing.”

Meanwhile, Richard Neal, chairman of the House Ways and Means Committee, issued a statement on the latest jobs report.

“Data point after data point continues to reflect that our economy is being walloped by the pandemic and that robust relief is required,” Neal said. “The anemic and bifurcated job creation this past month demonstrates the inequitable and shaky condition of our labor market. So long as jobs are scarce and caregiving supports and working conditions are untenable, the federal government must help folks stay afloat until they can safely return to work.”

Employment in mining ros by 9,000 jobs in January. Manufacturing employment fell by 10,000 jobs in January on the heels of eight consecutive months of growth.

Manufacturing employment is up by 803,000 since April, the BLS reported.

Tin price gains

The tin price has outperformed other base metals of late.

The LME three-month tin price closed Friday at $23,035 per metric ton, up 8.81% from the previous month.

In 2020, the tin price fell to as low as $13,400 per metric ton in late March.

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