This Morning in Metals: Construction inputs rise 24.2% over last year
This morning in metals news: construction inputs have jumped by 24.2% from May 2020-May 2021; the United States-Mexico-Canada Agreement (USMCA) Environment Committee released its first joint statement; and, lastly, the U.S. dollar has strengthened this week.
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Construction inputs rise
To the chagrin of builders and those contracting out construction projects, construction inputs have surged over the last year.
According to the Associated General Contractors of America, construction inputs jumped by 24.2% from May 2020-May 2021.
However, this month lumber prices have plunged back to earth. The price of lumber has plummeted by 40% since May, its largest drop ever.
USMCA Environment Committee releases joint statement
The United States-Mexico-Canada Agreement Environment Committee released a joint statement this week on the heels of its first meeting.
During the meeting, the parties discussed implementation of the environment chapter of the agreement.
“The meeting included a fruitful discussion on the progress and challenges in implementing the environmental obligations since the Agreement’s entry into force on July 1, 2020,” the statement reads. “The Parties also shared how they have each raised public awareness of issues related to Chapter 24 implementation. The Committee emphasized the importance of sharing information and fostering public participation in the implementation of Chapter 24 and shared plans for future public engagement.”
US dollar bounces back
The U.S. dollar index had languished around the 90.0 mark for around the last month or so.
However, the index has exhibited upward momentum this week.
The US dollar index closed Thursday at 91.89. In general, the U.S. dollar trades inversely to many commodities, meaning a rise in the dollar coincides with falling metals prices.
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