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Note: Clients with AEGIS Platform access can see this and other research, plus hedge portfolio reporting and tools here.
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- LME Aluminum 3M Select trades $3.27 lower at $2,318/mt; prices hover at their lowest since mid-August (9:35 AM CDT)
- China's expansion of its national carbon trading market to include the steel, aluminum, and cement industries by the end of 2024 will impose extra costs on producers for emitting carbon. This move is designed to push these high-polluting sectors to reduce emissions, with the added financial burden of carbon pricing as part of Beijing's strategy to curb industrial pollution. The extra costs will also help prepare Chinese industries for the European Union’s upcoming Carbon Border Adjustment Mechanism (CBAM), which will impose tariffs on carbon-intensive imports starting in 2026. (Bloomberg)
- LME Copper 3M Select trades $113.48 higher at $8,989/mt; prices reverse Friday's losses (9:35 AM CDT)
- Copper prices rebounded as early signs of improving Chinese demand emerged, driven by a reduction in copper inventories, a surge in electric vehicle sales, and higher premiums for spot cargoes. While concerns over China's property market still loom, analysts believe copper’s use in growing sectors like EVs and data storage could shield it from the more severe declines seen in other metals. Copper traded 0.8% higher, reversing part of last week’s losses. (Bloomberg)
- CME HRC Steel last traded at $700/st; prices remain unchanged from Friday's settle
- Iron ore prices fell below $90 a ton amid weak steel demand in China, driven by the ongoing real estate crisis and sluggish global growth prospects. As base metals continue to decline, the lack of strong stimulus from China has fueled a more cautious outlook, with concerns around the U.S. presidential election adding further uncertainty to the global economy. Analysts expect limited recovery in the short term, although there could be some support from China's construction season in mid-September. Despite broader commodity headwinds, iron ore faces downside risks as the market remains oversupplied. (Bloomberg)
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Price Indications
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Today's Charts
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AEGIS Insights
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8/21/2024: AEGIS Factor Matrices: Most important variables affecting metals prices
5/2/2024: Important US Economic Data (AEGIS Reference)
4/25/2024: Mexico's New Tariffs on Steel and Aluminum Imports Create Uncertainty in US Markets
3/20/2024: Midwest Premium Buyers Should Hedge While Prices Hover at 3-Year Lows, and Demand Appears To Be Stabilizing
2/27/2024: Aluminum Consumers Should Still Implement Hedges, Even Though Russia Sanctions Mean Little
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| Important Headlines |
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6/4/2024: Volvo to issue world's first EV battery passport ahead of EU rules
6/4/2024: South Korea, Africa leaders pledge deeper ties, critical mineral development
6/3/2024: The PMI of the domestic aluminum processing industry recorded 41.7% in May | Shanghai Non ferrous Metals
6/2/2024: Nippon Steel's Mori returns to US this week for talks on US Steel takeover
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Important Disclosure: Indicative prices are provided for information purposes only, and do not represent a commitment from AEGIS Hedging Solutions LLC ("Aegis") to assist any client to transact at those prices, or at any price, in the future. Aegis makes no guarantee to the accuracy or completeness of such information. Aegis and/or its trading principals do not offer a trading program to clients, nor do they propose guiding or directing a commodity interest account for any client based on any such trading program. Certain information in this presentation may constitute forward-looking statements, which can be identified by the use of forward-looking terminology such as “edge,” “advantage,” “opportunity,” “believe” or other variations thereon or comparable terminology. Such statements are not guarantees of future performance or activities.
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