This Morning in Metals: MetalMiner webinar delves into the aluminum market
This morning in metals news: in case you missed it, on-demand video of MetalMiner’s monthly webinar session is available, which this Thursday covered aluminum; U.S. personal income decreased in May; and, lastly, unemployment rates fell in 21 states and the District of Columbia in May.
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MetalMiner aluminum fireside chat
This week, the MetalMiner team once again convened for the monthly 30-minute webinar session, this time covering aluminum.
On-demand video of the session is available in the MetalMiner Video Archive. (In addition, video of previous sessions is also available.)
As for aluminum, MetalMiner’s Stuart Burns opened the week with some analysis of the market.
“However you slice and dice the statistics — and there are numerous ways stats can be sliced and diced — the global aluminum market is tight,” he wrote.
“Whether we look at primary ingot, extrusion billet or rolling slab intermediates, or semi-finished sheets/plates, tubes and extrusions mill lead times are long and conversion premiums are high. Meanwhile, the global economy has bounced back from the pandemic. Local distortions, such as tariff barriers, to traditional supply chains have added to bottlenecks and robust restocking.”
Personal income declines
U.S. personal income declined by 2.0% in May, the Bureau of Economic Analysis (BEA) reported.
Meanwhile, disposable personal income (DPI) decreased $436.3 billion, or 2.3%. Personal consumption expenditures (PCE) increased $2.9 billion, or less than 0.1%.
Unemployment declines in 21 states
Meanwhile, U.S. unemployment rates declined in 21 states and the District of Columbia in May, the Bureau of Labor Statistics (BLS) reported.
Unemployment rates were stable in 28 states and higher in just one state.
“All 50 states and the District had jobless rate decreases from a year earlier,” the BLS reported. “The national unemployment rate declined by 0.3 percentage point over the month to 5.8 percent and was 7.5 points lower than in May 2020.”
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