Latest Insight
Last Look - Oil prices rise, but post weekly loss on tariffs and OPEC+ production plans
| Base metals have been pressured lower as the U.S. dollar gained on tariff concerns, making it more expensive for international purchasers to buy dollar-denominated commodities. President Trump wants to assess whether action is needed to protect the domestic copper industry. The U.S. is heavily dependent on copper imports, which accounted for 45% of U.S. copper consumption in 2024, Commerzbank says. Speculation about U.S. tariffs on copper imports had already led to severe market distortions in recent weeks, with prices on the New York Comex surging compared to the LME. |
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LME Aluminum |
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LME Aluminum 3M settled at $2,605/.50mt, down $82.50/mt on the week.
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LME Copper |
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LME Copper 3M settled at $9,358/mt, down $201/mt on the week.
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LME Nickel 3M settled at $15,433/mt, up $84/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 $913/T, up $138/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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