During the first quarter of 2016 many metals and minerals have clung to year-to-date gains. Industrial metals have all advanced led by zinc which has jumped by more than 20% in three months while volatile iron ore is the best performer with a 33.5% gain this year. The improvement in oil prices to around $40 a barrel has underpinned the rebound by halting the cost deflation that’s plagued mining for more than two years. The mining results for this quarter indicates that iron ore is set for a robust recovery but uranium is approaching a ten year low. It saw an insane 19% jump in a single day to above $60 a tonne, and remains the top performer for Q1 2016. This raw material of steel arguably has the biggest oversupply problems of the lot, but despite many bearish attitudes have stayed firmly above $50. Iron ore’s rebound is even more impressive considering it’s up 44% from its near decade low hit in December.
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