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The price of all precious metals plummeted on Friday and again on Monday as investors sort to liquidate profitable positions to raise cash.
Gold, in particular, has been the victim of its own success, rising strongly this quarter on the back of growing investor anxiety about the wider economy.
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China’s aluminum output has been running flat out during the first quarter despite the coronavirus sweeping the country, Reuters reported today.
China’s aluminum production rose by 2.4% year over year in the first two months of 2020, Reuters advised, as smelting capacity commissioned late last year took supply higher, with output averaging 97,500 metric tons a day over January and February combined.
Those of us who are just passive investors in the stock market, usually via our pension plans, have no doubt been horrified by the meltdown in stock prices and what feels like the daily destruction of our savings.
But fear not, as for any of us in there for the long haul, it will no doubt come back gradually over time, however scary it feels in the meantime.
Tesla’s Model 3. Source: Tesla
The Renewables Monthly Metals Index (MMI) dropped one point for a March MMI reading of 97. (Editor’s Note: This report also includes coverage of grain-oriented electrical steel.)
The Copper Monthly Metals Index (MMI) held at a value of 70 this month based on a mix of mild price changes globally.
LME copper prices traded sideways during most of February, following late January’s precipitous price drop. However, the price weakened again in early March.
The Global Precious Monthly Metals Index (MMI), which tracks a basket of precious metals, rose four points this month for an MMI reading of 129.
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Falling infection rates to the lowest level since January and President Xi Jinping’s visit to Wuhan yesterday suggest all is returning to normal in China.
Some are looking for a V-shaped bounce back and maybe even a softer hit to Q1 GDP growth than previously feared.
A Reuters poll of Economists reported last week a revised growth forecast for the first quarter, falling to a median of 3.5% this quarter from 6.0% in the fourth quarter of 2019 — optimistically, a full percentage point lower than predicted in their last poll Feb. 14.
The Aluminum Monthly Metals Index (MMI) dropped three points once again, falling to 80 this month.
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After holding sideways for most of February, LME aluminum prices once again grew weaker later in the month. Prices hit new short-term lows as of early March.
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The Stainless Steel Monthly Metals Index (MMI) declined by three points this month to 67, following a five-point decline last month.
LME nickel prices continued to slide as global markets reacted to production delays due to coronavirus, which weakened demand and prices.
The Rare Earths Monthly Metals Index (MMI) rose three points for a March MMI reading of 23.
