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    Metals Market Sending Mixed Messages (Again)

    Sept. 17, 2018
    The Copper Journal's John Gross says uncertainty in metals pricing because of tariffs, along with the resulting volatility, is taking a toll on the entire global metals industry.

    Early last week, it seemed that trade tensions were easing, and sensing something of a thaw in the cold relations, metal prices picked up a bit. For sure, there it was, right on the front page of Thursday’s Wall Street Journal in big print: “U.S. Seeks New Trade Talks with China to Avoid Tariffs.”

    The article went on to say/suggest that Treasury Secretary Steven Mnuchin invited senior Chinese officials to restart talks in an attempt to sort out the issues. So base metals moved higher again on Thursday, with December copper on Comex trading up to $2.7175, and looking better than it had over the past few weeks.

    But alas, hopes were dashed on Friday when it was reported that President Trump was going to proceed in putting new tariffs in place. And with that, copper retreated again, closing down 3.70¢ to $2.6460, and still lower in the aftermarket. To state the obvious, this is not good and the uncertainty, along with the resulting volatility is taking a toll on the entire global metals industry.

    John Gross is publisher of The Copper Journal. If you would like to learn more about profitably managing your wire and cable inventory, hedging strategies or gaining additional insight into metals pricing, email John by clicking here or calling him at 631-824-6486.

    About the Author

    John Gross | President

    John Gross is president of J.E. Gross & Co., Inc, the management consulting firm he established in 1987. In addition to his consulting activities, Gross has worked with global leaders in the metals industry over the past thirty-five years. He began his career in metals in 1973 when he joined U.S. Metals Refining Company, a division of Amax Inc., where he rose to become manager of administration. In 1981 he joined Hudson Bay Mining and Smelting as manager of trading and in 1983 became a futures broker with Johnson Matthey, specializing in metals on Comex and the London Metal Exchange.

    He joined BICC Cables Corp. in 1985, now owned by General Cable, where he became V.P. of strategic metals for their North American operations. He was also director of metals management with Scott Brass, a producer and manufacturer of copper and brass strip products.

    Gross is a graduate of Hofstra University, and is a highly decorated Vietnam Veteran. He has held memberships in several trade organizations; was a director of the American Copper Council, and served as a member of the Comex Advisory Committee. He is very active in industry affairs, and has written extensively on the metal markets, industry issues.

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