Today’s news is a bright little note to start your Monday morning with. The mining industry is turning around!
According to Frik Els of mining.com, crude oil prices are up 13%, platinum jumped 8%, copper is up 4.8%, and industrial metals average a 5.2% jump after double digit gains for zinc. Even advances in the agricultural sector were seen; cocoa was the only commodity to decline. It has been the best week since July of 2012! That was a long 39 months.
While this is all good and exciting, some analysts remain pessimestic about the future of metals and mining saying, “prices tend to recover much more slowly from a supply driven downturn than from a demand induced drop.”
Whichever way the market happens to fall, we are excited for the possibility of equities exposed to the mining sector outperforming. We have a wide variety of earthmoving equipment available for all needs in the case of a industry wide turn around–looks to us like the sun might be trying to come up on the horizon!
*All information for this story was taken from mining.com.