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Base metals increased sharply this week on signs of rebounding demand in Asia. Aluminum prices pushed to the highest level since late November. China's economic growth beat analyst expectations. Meanwhile, the US dollar fell after US inflation rose less than expected, supporting the idea that the Federal Reserve may cut rates further in 2025. |
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LME Aluminum |
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LME Aluminum 3M settled at $2,684.50/mt, up $113.00/mt on the week.
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LME Copper |
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LME Copper 3M settled at $9,190.50/mt, up $98.50/mt on the week.
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LME Nickel 3M settled at $16,097/mt, up $439/mt on the week. |
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CME Hot Rolled Coil (HRC) Steel |
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Prompt month HRC Steel last traded/settled at $695/T, down $9/t on the week.
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AEGIS Insights |
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11/06/2024: AEGIS Factor Matrices: Most important variables affecting metals prices 4/25/2024: Mexico's New Tariffs on Steel and Aluminum Imports Create Uncertainty in U.S. Markets 2/27/2024: Aluminum Consumers Should Still Implement Hedges, Even Though Russia Sanctions Mean Little |
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Notable News |
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5/29/2024: Anglo rejects BHP's last-ditch attempt to continue takeover talks 5/27/2024: India's NALCO tops Q4 profit estimates on lower input costs 5/24/2024: India's Hindalco beats Q4 profit view as lower costs outpace weak aluminium prices |
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