New Stateside Construction is still slumping, which has led to a drop in the demand for steel and copper as the company makes up about a third of the demand for the metals. However despite this other metal intensive markets are performing very well, off-setting the loss somewhat.

Specifically the oil and gas industries are seeing an increased amount of demand for steel parts, which are used by the companies in  their drilling procedures. It is hoped a continued increase in drilling should see the numbers rise even more.

“We see oil and gas as a sector that will continue to be extremely strong for the next few years,” said Global Partners Securities senior commodities analyst, Eric Halpern in a November 22nd memo. “As such, while traditional safe havens like gold may fluctuate wildly in value, we predict steady, if modest, growth from more common metals, including steel, copper and, to a somewhat lesser degree, zinc. While many of these metals (particularly copper) depend largely on Chinese consumption, growth in U.S. niche markets has certainly bolstered these commodities’ long-term prospects.”