Aluminum prices reacted bearishly in the short term. At the beginning of February, price action showed a short-term sideways trend with no new lows or highs. Indeed, the price of aluminum would need to break out of its current range to form a continuation trend or a reversal downward. However, future price direction currently remains […]
Category: Metal Pricing
Construction MMI: Bar Fuel Surcharges Drop, Steel Prices Edge Up
The Construction MMI (Monthly MetalMiner Index) traded sideways, rising by just 1.97%. The index was pulled in multiple directions month-over-month, resulting in a lack of major movements. For instance, bar fuel surcharges dropped, while steel rebar, h-beam steel, and sheet aluminum all went up. This recent rise in steel prices has left the index facing […]
Stainless MMI: Nickel Prices Return Sideways
The Stainless Monthly Metals Index (MMI) rose 5.82% from January to February as the nickel price index lost upward momentum. Nickel prices returned sideways in the short term after finding a peak in January. Since the price has not bounced high enough to confirm an uptrend, downside risk may increase. Meanwhile, volume levels appear at […]
Automotive MMI: Car Inventories Return, but Consumers Do Not
The Automotive MMI (Monthly MetalMiner Index) rose slightly higher than in previous reports. Month-over-month, the index went up by 5.08%. Automobile inventories may be rising, but consumers are much more reluctant to purchase than they were six months ago. With interest rates still climbing, more and more consumers continue to steer away from vehicle purchases. […]
Raw Steels MMI: U.S. Steel Prices Continue Uptrend
U.S. steel prices continue to rise amid ongoing price hikes from domestic steelmakers. The ascent for HRC prices accelerated throughout January as they jumped by over 10%. Meanwhile, plate prices returned sideways with a modest month-over-month rise of just under 2%. Of course, this came after prices traded down throughout December. Overall, the Raw Steels […]
Global Precious Metals MMI: Prices Shift Down, Markets Face Bearish Pressure
The Global Precious Metals MMI (Monthly MetalMiner Index) moved sideways last month, inching down a mere 0.37%. Precious metal prices today are trending sideways in general. However, as a whole, the market appears more bearish than bullish in the short term. Gold, in particular, faces bearish pressure from investors due to its correlation with the […]
Copper MMI: Copper Prices Lose Momentum
Copper prices reacted to short-term resistance and rallied at the beginning of the year. That said, copper prices need to break lows and form a lower high to change the overall trend. Currently, the trend is up, and prices are expected to continue rising. Technical support levels should act as a price floor, giving buyers […]
Rare Earths MMI: Different Countries Racing for Global Rare Earth Dominance
The Rare Earths MMI (Monthly Metals Index) rose considerably over the past month, climbing by a total of 7.05%. The primary factor influencing the rare earth price forecast over the past several months was zero-COVID. Now, the focus is on those restrictions being lifted. Currently, China reports that the country’s COVID cases are dropping. China’s […]
Global Precious Metals MMI: Prices Rally, Downturn Likely
The Global Precious Metals MMI (Monthly MetalMiner Index) traded upwards by 3% as precious metal prices advanced. Gold, silver, and palladium all began a rally coming into 2023. However, that rally has solid potential for both a short and long-term downturn. The surge in the index price was mainly due to silver and gold bullions […]
Renewables/GOES MMI: Wind Turbine Production Threatened by Steel Price Hikes
The Renewables MMI (Monthly MetalMiner Index) began showing signs of a possible reversal month-over-month, edging up 3.42%. Renewable resources, meanwhile, continue to see significant global investment. MetalMiner noted in its Raw Steels MMI that steel prices found a bottom month-over-month. This impacted the renewable resources index heavily. After all, much of the index consists of […]