October 22, 2021

LME contracts bounce into weekend after an overall bearish week. 

LME intervention with copper markets is helping to relax markets.  This is supportive to deferred contracts relative to cash price, specifically the 3M and further down the forward curve.

In other news, late yesterday, embattled real estate firm Evergrande made an $83.5 million interest payment to offshore bondholders.  This last-minute payment averts a potential default, which would have triggered on October 23.  (10/22/2021)

Note: Clients with AEGIS Platform access can see this and other research, plus hedge portfolio reporting and tools here. 

Price Indications

Today's Charts

AEGIS Insights

10/14/2021: Is It Wise to HRC Steel with Crude Oil?

10/5/2021: Section 232 Tariffs: Most relevant developments (AEGIS Reference)

09/16/2021: AEGIS Factor Matrices: Most important variables affecting metals prices

09/07/2021: China Exports Are an Economic Spot as Value Hits All-Time High

08/09/2021: China's Copper Imports Slow as Prices Weigh on Demand

Important Headlines & Economic Data

AISI Steel Capability Utilization Rate

Investing.com Economic Calendar 

10/22/2021: Evergrande averting default to do little to revive China property bond sales

10/20/2021: China Evergrande shares plunge 12.5%, after $2.6 billion asset sale falls through

10/20/2021: China's commodity prices tumble after planner mulls coal intervention

10/20/2021: Russia may extend and raise scrap export duty

10/20/2021: London Metal Exchange moves to stem draining copper reserves

10/20/2021: Cost pressures mount for China's aluminum smelters as regions end discount power deals

10/19/2021: Trafigura played key role in draining LME copper inventories

10/19/2021: China's Sep primary aluminum output posts first on-year decline since June 2020

10/19/2021: Chinese developer Sinic defaults as Evergrande deadline looms

10/18/2021: Steel Dynamics Reports Record Third Quarter 2021 Results

10/18/2021: Dow futures shed 100 points as investors await a big week of earnings

10/18/2021: Defaults loom over more property developers as China reassures investors on Evergrande

10/17/2021: China Sept daily steel output lowest since Dec 2018 on power curbs

10/17/2021:  China’s coal hub Shanxi emerges from floods, easing coal supply concerns

10/17/2021: Coal supply to non-power sector has been controlled, not stopped: Coal India official

10/15/2021: Rusal plans to supply 300,000-400,000 tonnes of aluminium to China in 2021