April 26, 2023

• LME Aluminum 3M Select is up $12/mt, due in part to a weakening US Dollar this morning.
  • Last trade was $2,344/mt (6:45 AM CST)
  • The US Aluminum Association is concerned about a potential supply glut of Russian aluminum. (Source: Bloomberg)
  • Russian aluminum now makes up nearly 53% of LME aluminum stocks. Most of these stocks are in Southeast Asian warehouses and are largely blocked from the US market due to the Biden administration’s 200% tariff on imports of Russian aluminum. It is also blocked from being delivered to US-based LME warehouses, per LME rules.
• LME Copper 3M Select is up $61/mt, after five consecutive down days.
  • Last trade was $8,590/mt (6:45 AM CST)
  • Miner Anglo American produced 178,000 mt of copper in 1Q2023, up 27% compared to the same period last year. Despite the growing production, last quarter’s production was below analysts’ estimates.
  • The company cited a ramp-up in operations at their new Quellaveco mine in Peru for the increase in production.
  • The increased Peruvian production helped to offset the 15% decline in Chilean output due to declining ore grades, the company also stated. (Source: Bloomberg, Anglo American)
• Prompt month CME HRC Steel last traded at $1,065/st.
  • While reporting earnings, steelmaker Cleveland Cliffs stated that steel demand is increasing alongside raw-material costs, thereby pushing steel prices higher.
  • CME HRC steel prices are up nearly 58% this year, largely due to Cleveland Cliffs and other producers raising prices in the physical market.

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

04/19/2023: 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

4/25/2023: Congo state miner and China's CMOC reach agreement on royalties

4/25/2023: Finland's Fortum begins battery material recovery from EV 'black mass'

4/24/2023: Nickel Asia to open two more Philippine mines, eyes power unit IPO

4/23/2023: Column: Aluminium's fortunes tied to Yunnan weather forecast

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