Snapshot: State of the Market - Mining Q3-2019

Weakness in third-quarter global commodity demand outlook sees base metals weak. The Pipeline Activity Index (PAI) rises, yet is still only at 2018 levels, while our annual exploration budget survey confirms that the third year of recovery in the mining market has stalled.

The mining market in the third quarter was characterized by a steadily worsening macroeconomic picture, weak pricing for industrial metals and sustained gloom around the prolonged U.S.-China trade dispute. Copper and zinc both ended the quarter 4.1% and 7.9% lower, respectively, and it was not until October 10-11 that we began to see some positive sentiment return to the markets with the potential discussion of a phase one trade deal between the U.S. and China. That seemingly positive development has itself hit some obstacles in November.

What are the other obstacles hindering mining market recovery?
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