Given the state of the world, one would expect base metal prices to show every sign of a resurgence. Certainly, analysts have been bullish about a supply squeeze for months because sky-high natural gas prices forced record electricity costs across Europe. Just this week, the FT reported that Aluminum and Zinc smelters continue to close […]
Category: Macroeconomics
Raw Steels MMI: Steel Prices Decline Amid Record HRC / Plate Spread
The Raw Steels Monthly Metals Index (MMI) fell by 8.73% from July to August. All in all, U.S. steel prices continued their descent, leaving cold rolled coil and hot dipped galvanized prices at their lowest point since January 2021. Meanwhile, hot rolled coil prices fell well beneath the $1,000/st mark, reaching their lowest point since […]
Construction MMI: China Property Crisis Dominos into Industrial Metal
This month, the Construction MMI (Monthly MetalMiner Index) dropped yet again. However, it declined slightly less than those seen in previous months. Altogether, the index is down 4.60%. Industrial metal, in general, continues to struggle due to China’s COVID lockdowns and supply chain issues. The best way to track industrial metal prices is to sign […]
Copper MMI: Copper Prices Move Sideways Amid Conflicting Data
The Copper Monthly Metals Index (MMI) dropped 7.33% month over month as components declined across the board. Still, copper prices seem reluctant to pick a direction. In the lead-up to August, copper prices saw notable increases. There were also several bullish indicators of note, including higher short-term highs. In short: after months of declines, prices […]
Aluminum MMI: Aluminum Prices Consolidate 39% Beneath March Peak
After seeing a short-term bullish rebound in July, aluminum prices began to modestly decline again in early August. All in all, the rebound was insufficient to suggest a bullish reversal. As such, global aluminum prices remain within a macro downtrend despite recent directional uncertainty. The Aluminum Monthly Metals Index (MMI) dropped by 2.4% month over […]
Gas Shortage: The Ramifications of Russian Oil and Gas Cutoffs
It’s no secret that Russia’s invasion of Ukraine has had a massive global impact. From the sanctions to the natural gas supply cutoffs, the economic toll is both catastrophic and far from over. Currently, economists and other experts are trying to predict how different parts of the world will react to the gas shortage. So […]
Precious Metals Fight Hard Against Inflation
Precious metals like gold, silver, and palladium are fighting back hard against the global trend of dropping metal prices. Last month, MetalMiner reported that the global precious metals index fell 3.77% between June and July. On July 20th, however, gold bullion prices began to rise steadily. Shortly after that, silver bullion prices also started an […]
Aluminum Prices Drop Sharply Amid Increasing European Challenges
A curious tug of war continues in the Aluminum industry. It remains focused on likely demand destruction due to recessionary forces, generally blamed on central banks’ rapid raising of interest rates. Of course, we’ve all watched base metals come off sharply since the end of Q1, and Aluminum has been no exception. Indeed, after peaking […]
Significant Decline in LME Stock Levels Brings Commodity Markets into the Spotlight
MetalMiner follows the LME (London Metal Exchange) very closely, as it remains the largest commodities exchange for base metal options and futures. Recently, we mentioned how the LME had quietly withdrawn its precious metals contracts due to low liquidity. However, that’s only part of the story when it comes to dwindling LME stock. Both LME […]
Oil Prices: Have OPEC and the IEA Gotten it Right?
Both OPEC and the International Energy Agency are predicting next year’s market to be one of the tightest in recent history. According to a Financial Times post, the two bodies have based this assumption on recovering demand in China and continued growth in India. The prediction also runs counter to widespread fears of recession. With […]
