Copper prices continue to slump
The average price of copper fell 17 cents from June to July due to high supply and reduced demand from China’s economic slowdown.
Why it matters: Since China is one of the largest consumers of metals, like copper, the economic slowdown influences investor confidence and market dynamics.
Yes, but: The price of copper is still higher than this time last year, opening at $4.04 this morning.
- Long-term prospects show significant demand for copper due to growing technological advancements, such as electric vehicles, data centers and the push for clean energy.
- Chile’s Codelco mine is ramping up efforts to recover from a 25-year low in production and plans to reach 1.7 million tons annually by 2030.
Aluminum's uncertain future
Aluminum prices have steadily fallen since early June. The decline is due to China’s economic slowdown and waning demand, leaving the market uncertain about future prices.
- Aluminum’s average price in July was $1.27, which is 8 cents lower than June but 6 cents higher than July 2023.
- Today, aluminum opened at $1.21.
More aluminum news: The Section 301 tariffs expected to become effective August 1 have been delayed due to the Office of the U.S. Trade Representative’s ongoing review of over 1,100 public comments. The new tariffs will take effect approximately two weeks after the final determination is made public. We will continue to watch for updates.
Steel prices fall as China floods market
Steel prices are falling as Chinese steel floods the market, causing oversupply and weak demand, affecting suppliers worldwide.
More steel news:
- Flatbed load-to-truck availability is recovering from Hurricane Beryl.
- Lead times remain stable at two weeks.
PVC recovers from Hurricane Beryl
Flatbed trucking is back in operation in the Houston, Texas, area after the region was struck by Hurricane Beryl in early July. Resin plants were not significantly affected by storm delays.
More PVC news:
- PVC manufacturers are experiencing resin price increases.
- Production remains strong with stock lead times around three weeks.
News roundup
The Federal Reserve continues to hold rates steady but could cut interest rates in September.
Tropical Storm Debby made landfall in Florida as a Category 1 hurricane, and then transitioned into a tropical storm. We are watching the situation as it brings record-setting rainfall and dangerous flooding to the southeast coast.