This morning in metals news, positive Chinese economic data means good things for metals found in steel, a former Alcoa aluminum plant site in Tennessee is being redeveloped for a new purpose and copper demand from electric carmakers is set to surge in a big way over the next two decades.
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Postive indicators for Chinese industrial activity are yielding good news for steel-related metals, according to Reuters.
The official Purchasing Managers’ Index (PMI) jumped to 51.7 in August (from 51.4 the previous month), according to the report.
A former Alcoa aluminum plant site will soon be used for a new purpose.
According to a Knoxville News Sentinel report, the former Alcoa West Plant site in Tennessee will be lined with retail and office space.
Certain metals will see their stocks soar as electric cars build momentum.
One of those metals, according to a report in The Street, is copper.
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Quoting a Bloomberg Intelligence analyst, the report says demand from electric carmakers could grow 6,100% by 2040.