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Base metals advanced this week as the wider market shifted into a risk-on mood, reflecting optimism for a resolution to the China-U.S. trade war. MUFG analysts say in a note that hopes of accelerated stimulus from Beijing and still-firm demand in China can keep prices treading water in the near term. However, the increasingly apparent loss in global demand momentum in the coming months will eventually pressure base metal prices. |
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LME Aluminum |
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LME Aluminum 3M settled at $2,396.50/mt, up $18/mt on the week.
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LME Copper |
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LME Copper 3M settled at $9,154.50/mt, up $374.50/mt on the week.
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LME Nickel 3M settled at $15,069/mt, up $311/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 $938/T, up $163/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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