This Morning in Metals News: Chinese Steel Futures Start Strong in New Year
This morning in metals news, Chinese steel futures start the year on the right foot, the automotive sales outlook for 2018 is not quite as bright as it has been in recent years and gold reaches a three-month high.
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Chinese Steel Futures Start ’18 Strong
Chinese steel futures started the year on the right foot, according to a Reuters report.
With that said, the report cites concerns about consumption levels of the metal going forward, particularly as the winter season sees construction activity slow down in China.
Outlook for Auto Sales Less Positive
After a record 2016 and strong 2017 in automotive sales, it wouldn’t be surprising to see the market take a step back in 2018.
According to Bloomberg, higher interest rates could dim the prospects of the automotive market in 2018.
Good as Gold
Gold, meanwhile, hit a three-month high on the heels of a solid December, Reuters reported.
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According to Reuters, the metal rose 4.4% in the last three weeks of 2017, with prices eclipsing the $1,310/ounce mark.
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