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.
Are we out of the woods yet, or expecting more headwinds to come?
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