As we end June metals are starting to fall below key benchmarks that we haven’t seen for a while.
Copper has now dipped below $3.70.. the dollar is at an all-time high to the yuan at 7.25 and we know this doesn’t sit well for copper prices
As we mentioned LME copper inventories continue to be low but the stronger dollar is winning out.
Aluminum has also now dropped below the $1.00 benchmark to $.98 as it follows a similar trend to other nonferrous metals.
Steel is also up in the air right now for next month. Shredders raised prices in the middle of the month to get more metal and export has held steady, but the steel mills’ new prices for new material has not been adopted as buyers have negotiated for much lower prices.
This all leads to an unclear picture of steel prices in July.
We will keep you updated on all this as we get more information!!