This Morning in Metals: Copper rallies for biggest quarter in a decade
This morning in metals news, copper soared during Q2, Tata Steel is looking for a recovery in the second half of this fiscal year, and aluminum demand in the U.S. and Canada was down by just under 19% through the first four months of the year.
Copper prices continue rise
Copper prices have been on a solid path of recovery since late March, gaining over one-fifth during the three-month period.
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According to Reuters, Q2 proved to bring copper’s largest price gain in 10 years, rising 22% in Q2.
Tata Steel looking for Q2 recovery
Meanwhile, steelmaker Tata Steel is hoping the steel sector can bounce back in a similar fashion during the second half of the fiscal year after the demand devastation wrought by the coronavirus pandemic.
As a result of weaker domestic demand, exports accounted for approximately 50% of revenue in Q1 and 30% in Q2, according to Tata Steel management cited by the Economic Times.
Aluminum demand falls
According to the Aluminum Association, preliminary estimates for aluminum demand in Canada and the U.S. showed demand fell 18.9% year over year during the first four months of 2020.
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Demand during the period totaled an estimated 7,789 million pounds, according to the Aluminum Association.
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