Brexit Pushes Gold Prices Higher

By Steve Fiscor, Editor-in-Chief

On June 23, more than 17 million people voted in favor of Britain exiting the European Union (EU), referred to as Brexit. The referendum, which was too close to call leading up to the vote, briefly destabilized regional currencies and global equity markets. It also pushed the price of gold to highs not seen since 2014. By the end of the month, stock markets had recovered most of the lost ground, but the British pound remained at its lowest level against the U.S. dollar in more than 20 years.

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China Steel Sentiment Retreats Into Negative Territory

A majority of Chinese steel market participants believe prices will likely fall due to weaker domestic demand, with the outlook for construction steel particularly bleak, according to the latest S&P Global Platts China Steel Sentiment Index (CSSI), which showed a headline reading of 46.98 out of a possible 100 points in May.

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ILZSG Offers Lead and Zinc Forecasts

At its Spring meeting in Lisbon on April 27, the Standing Committee of the International Lead and Zinc Study Group (ILZSG) received a review of the current outlook for trends in world supply and demand for lead and zinc during 2016.

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GFMS: Copper’s False Dawn Will Fade

The global copper market is heading for its fifth consecutive year of surplus and price decline in 2016 as demand growth, reined back by China’s continued slowdown, meets with more than ample supply. While the GFMS team at Thomson Reuters expects the forecast surplus this year of 150,000 metric tons (mt) to amount to less than half of last year’s 363,000 mt, this does not herald an imminent return to deficit and a marked upturn in prices. That was the sobering message from Thomson Reuters, which released its GFMS Copper Survey 2016, as copper industry leaders gather in Santiago, Chile, for Copper Week during April.

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