The Week in Metals: ‘Member How Strikes Affect Copper Supply? ‘Member Dat?

copper underworld/Adobe Stock

Remember when Lead Forecasting Analyst Raul de Frutos warned that work stoppages at major mines Grasberg and Escondida could threaten copper supply and cause prices to rise higher? Guess what happened on Monday?

About China’s Steel Capacity Cuts

A report from Greenpeace East Asia says that China’s steel capacity cuts in 2016 were mostly from already idled plants and China actually showed a net increase in operating capacity of 36.5 million metric tons. I guess they’re just proud that they didn’t increase steel production capacity by even more?

Trump Admin Exploring New Currency Manipulation Rule…

Because we created an entire interactive report about the perils of China being granted market economy status and how big of a role the devaluation of the yuan/renminbi had in increasing exports to the U.S, we perked up when we heard the Trump administration now wants to classify purposeful currency manipulation as a countervailable subsidy. That’ll show ‘em!

… And Rolls Back a Resources Extraction Rule

Congress and the president also rolled back a Securities and Exchange Commission rule which would have required resource extraction companies to disclose payments they have made to governments. It never went into effect just like Judge Merrick Garland.

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