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The colors of fall are firmly upon us. Before we look forward to the final two months of 2018, let's take a quick look back at how the market entered this past month. The market became awash with a 'crimson wave'. On a month-over-month basis, carbon steel prices were off 5.2%, LME (London Metal Exchange) aluminum was off 4.5%, and LME nickel lower by 2.1%.
Some of this price weakness can be attributed to seasonal factors within the U.S. But also, there are a few fundamental elements contributing to driving the markets in this direction.
Commodity prices aside, it is far from doom and gloom this fall. In fact, there is plenty to be excited about within the U.S. manufacturing space. GDP (gross domestic product) is chugging along at ~4%, and the ISM Manufacturing Index is at its highest level since September 1983.
Tariffs have certainly caused some headaches (and headlines), but thus far we are seeing few immediate factors that can throw a wrench into the macro economic strength.
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