Copper Slump and Dumb. Manic Metals Report 06/17/2024

Copper dumped as China’s Housing sector slumped and Industrial output came in shy of expectations. Industrial metals dipped except platinum is putting on a show.
Gold and silver slipped as the dollar edged higher apparently not too worried about the so called Petro dollar deal with Saudi Arbia expiring.

Wild swings in metals across the board seem to be easing a bit as the market tries to stabilize and safe resume the next reaction the weakness in manufacturing from China it’s a concern but it increases the odds of more stimulus in China which could get the metal back in an upward movement. But the Chinese Housing market is a concern.

The Wall Street Journal reported that even after Beijing rolled out its most aggressive stimulus measures so far in mid-May in hopes of restoring confidence.  But it’s still disappointing
in major cities, new-home prices fell 4.3% in May compared with a year earlier, worse than a 3.5% decline in April, according to data released Monday by China’s National Bureau of Statistics. Prices in China’s secondhand home market tumbled 7.5%, compared with a 6.8% drop in April.

Home sales by value tumbled 30.5% in the first five months of this year compared with the same months last year. Platinum is trying to regain momentum. The FT reported last week that ‘Anglo American will avoid rushing the spin-off of its South African-based platinum division to ensure the best possible deal for shareholders and workers, the chief executive of the business has said. Amplats boss Craig Miller made the promise as the parent company comes under growing pressure to implement its plan to break itself up after fending off a £39bn takeover bid by BHP.
The Australian miner’s pursuit of its London-based rival caused Anglo to accelerate plans to reorganize itself, with a separate listing of Amplats, the world’s biggest platinum producer, at the center of its proposals.

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