This Morning in Metals: US GDP rises by estimated 6.5% in Q2

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This morning in metals news: according to the Bureau of Economic Analysis, U.S. gross domestic product rose by an estimated 6.5% in the second quarter; meanwhile, the American Iron and Steel Institute (AISI) commented on the Biden administration’s infrastructure deal; and, lastly, copper prices have found some support this week.

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US GDP rises by 6.5% in Q2

US GDP

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The Bureau of Economic Analysis released its advanced estimate for U.S. GDP this morning, reporting a jump of 6.5% in Q2 2021.

U.S. GDP had jumped by 6.3% in Q1 2021.

“The increase in second quarter GDP reflected the continued economic recovery, reopening of establishments, and continued government response related to the COVID-19 pandemic,” the BEA reported. “In the second quarter, government assistance payments in the form of loans to businesses and grants to state and local governments increased, while social benefits to households, such as the direct economic impact payments, declined.”

In addition, the price index for gross domestic purchases rose by 5.7% in Q2. Meanwhile, current-dollar personal income decreased by $1.32 trillion in Q2, or 22%.

AISI applauds infrastructure deal

The American Iron and Steel Institute (AISI) yesterday applauded the news of the Biden administration’s infrastructure deal with a bipartisan group of senators.

“This is a key development in the process to fix America’s deteriorating roads and bridges – and to use American steel to do so,” AISI President and CEO Kevin Dempsey said. “We also applaud the bill’s provisions to ensure that the steel products for water infrastructure projects be made in the U.S. This package ensures that American steel —which is the cleanest in the world — will be used to build back America. We urge the Congress to pass this critical legislation as soon as possible.”

Copper price gets support

After retracing from an all-time high May 10 and then trending sideways for several weeks, the LME copper price has shown some strength this week.

The LME three-month copper price closed Wednesday at $9,719 per metric ton. The price had fallen to $9,245 per metric ton a week ago.

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