This morning in metals news: MetalMiner’s Stuart Burns weighed in on the outlook for iron ore prices and steel prices throughout the remainder of this year; the unemployment rate was unchanged in April; and the copper price has soared past the $10,000 per metric ton mark.
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Iron ore prices likely to remain elevated
Commenting on MarketWatch, MetalMiner’s Stuart Burns said steel prices are likely to lose some steam in the second half of the year. In turn, so will iron ore price.
However, the drop is not likely to be significant. In fact, he noted he expects prices to remain elevated for the balance of the year.
“Iron is experiencing a perfect storm at the moment, Beijing’s environmental constraints are having a two-pronged impact on prices,” he told Marketwatch.
Unemployment unchanged in April
US unemployment checked in at 6.1% in April, the Bureau of Labor Statistics (BLS) reported.
Meanwhile, total nonfarm employment rose by 266,000 jobs in April.
Furthermore, manufacturing employment fell by 18,000 on the heels of two straight months of gains. In addition, jobs in motor vehicles and parts fell by 27,000.
Overall, manufacturing employment is down by 515,000 compared to February 2020 levels, the BLS reported.
Copper continues to rise
While it remains to be seen how long the bull run can continue, copper shows no signs of stopping.
The red metal crossed the $10,000 per metric ton threshold this week, closing Thursday at $10,028 per metric ton. LME three-month copper is up 11.68% from a month ago.
Yesterday, Burns broke down the idea of another commodities “supercycle” and why or why not this current run might be one.
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