May 22, 2023

• LME Aluminum 3M Select is down $21/mt, continuing on last week’s losses.
  • Last trade was $2,263/mt (6:45 AM CST)
  • Chinese primary aluminum production was 3.33 million mt in April, down from 3.37 million mt in March, according to China’s National Bureau of Statistics.
  • The country’s primary aluminum output is down this year due to power rationing in their top production region, Yunnan Province. (Source: Bloomberg)
• LME Copper 3M Select is down $96.5/mt, also adding to last week’s losses.    
  • Last trade was $8,145.5/mt (6:45 AM CST)
  • Copper and most other LME metals prices are falling this morning, as no progress was made on the US government debt ceiling over the weekend. 
• Prompt month CME HRC Steel last settled at $1,094/st. (6:45 AM).
  • South Korean automotive production and exports jumped in April as supply chains have begun to normalize, according to Argus.
  • Through April, the country has produced about 1.45 million cars this year, up approximately 27% compared to the same time last year. (Source: Argus)

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

05/17/2023: AEGIS Factor Matrices: Most important variables affecting metals prices

05/17/2023: Cobalt End-Users Should Hedge While Market Is Oversupplied

05/3/2023: Copper Producers Can benefit From Hedging Both Inputs and Production

5/19/2023: Affected By Power Rationing, China's Primary Aluminium Output Fell 1.2% MoM In April, NBS’s Official Data Shows

5/17/2023: Auto parts, EVs aid S Korean April auto output, exports

5/17/2023: Oil, auto demand drives Japan’s Jan-Mar economy rebound

5/17/2023: European car sales rise in April, ACEA says

5/16/2023: US HDG/CRC: Prices mostly flat, market slow

5/15/2023: Glassmaking decline to weigh on metals demand

5/15/2023: EU automotive industry braces for 2H slowdown

5/15/2023: Ma’aden finalizes groundbreaking agreement with Ivanhoe Electric Inc. to explore major untapped resources in Saudi Arabia

5/15/2023: LME to require warehouses to feel their nickel bags after heist

5/15/2023: Copper prices rise after last week's slump with China liquidity injection

5/15/2023: Platinum facing biggest deficit in years as carmakers snap up metal

5/12/2023: Global long steel demand outlook weak in 2023

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