April 13, 2023

News:

• China’s refined copper production hit 951,400 mt in March, up 4.8% compared to February, according to a Shanghai Metal Market survey.
• Shanghai Metal Market predicts that output could reach 953,900 mt in April but could fall in May due to scheduled maintenance.
• Chinese copper production has climbed steadily this year. Late last month Bloomberg suggested China’s rising production comes while Chinese demand remains subpar.

Market Commentary:

• LME copper prices are up about 7.7% this year, despite the slowdown in Chinese demand.
• Prices could fall if Chinese demand remains subpar and production continues to grow.
• If you are worried that rising Chinese production could weigh on the global copper market, please contact AEGIS for strategies.

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

04/04/2023: AEGIS Factor Matrices: Most important variables affecting metals prices

03/14/2023: Why Are Steel Prices Increasing?

02/24/2023: European Aluminum Smelters Improve, But Not Enough To Entice More Production

02/07/2023: Will Aluminum's Rally Continue?

4/12/2023: Glencore adds Russian aluminium to LME system, source says

4/10/2023: NorthAm auto build outlook rises to 15.6mn

4/10/2023: US steel imports set to extend drop in March

4/10/2023: SMM Analysis of Aluminium Market from Macro and Fundamentals Perspective

4/6/2023: Germany's Stolberg lead smelter reopens after sale to Trafigura

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.