Metals prices have been moving in expectation of a trade deal between the US and China. However, the latest statement from the US that it is not looking to withdraw any more tariffs until the presidential election, seems to have led to some profit-taking.

Speaking about metals, Paul Bartholomew of S&P Global Platts said, “We are still seeing a little bit of weakness in areas like aluminum for example. Last year, consumption in China went backwards and for the first time. We still see a bit of structural weakness in some of the areas particularly around some of the segments of real estate and car manufacturing. So, I think the outlook for aluminum is still fairly weak this year as well.”

However, Bartholomew remains positive on steel. "We see growth in steel up by around 2 percent this year compared with the 7 percent growth last year. So, we think it is going to be fairly robust and stable but nothing too exciting in 2020,” he added.