Snapshot: State of the Market - Mining

The March quarter presented mixed signals as positive prices and equities contrasted with bearish exploration metrics.

The first quarter of 2019 was positive for metal prices, although after the weakness of Q4-2018, a short corrective rally was perhaps overdue. By end-March, copper, zinc and nickel were up quarter over quarter by 11%, 22% and 25% respectively. The mining industry's aggregate market capitalization also rose strongly in the first quarter after four bearish quarters, by 12% to US$1.43 trillion. Nevertheless, the quarter saw our measure of exploration activity, the Pipeline Activity Index, fall to its lowest level in three years, while many metals prices began the second quarter on a negative trend. 

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