July 17, 2023

• LME Aluminum 3M Select is down $28/mt, starting the week on a down note.
  • Last trade was $2,245.5/mt (6:45 AM CST)
  • In a recent letter to its members, the European Aluminum trade association stated that Rusal’s aluminum should not be sanctioned. According to Reuters, the letter discussed the possibility of "actively calling for EU sanctions on Russian aluminum", but not specifically on Rusal’s production. "Due to its strategic importance on the global aluminum market, European Aluminum recommends avoiding that EU sanctions would target Rusal (the main Russian aluminum producer) as a company." (Source: Reuters)
• LME Copper 3M Select is down $193/mt, wiping out most of last week’s gains.
  • Last trade was $8,478/mt (6:45 AM CST)
  • The Peruvian-based Las Bambas copper mine, which is one of the world’s largest copper mines, continues to have delays in opening a second pit, its parent company stated late last week. This is largely due to ongoing indigenous protests that have disrupted mining activity in recent years. Since 2016, the mine has been subjected to over 600 days of protests, according to Bloomberg.  The Las Bambas mine produced 254,836 mt of copper last year down about 12% compared to 2021 due to community protests. (Source: Bloomberg, MMG)
• Prompt month CME HRC Steel last settled at $897/st (6:45 AM CST).
  • Germany’s construction industry remains in dire straits.  According to its top construction association, residential construction orders fell by 29.8% month-over-month, its 13th consecutive month of decline. One large German steel product maker stated that Germany’s construction economy is suffering even worse than in France, Spain, Italy, or Poland. (Source: Bloomberg)

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Price Indications

Today's Charts

AEGIS Insights

07/12/2023: AEGIS Factor Matrices: Most important variables affecting metals prices

07/11/2023: Copper Prices Could Remain Subdued While African Production Grows

06/22/2023: Chinese Metals Imports Could Be the Canary in the Coal Mine for Demand

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

7/14/2023: Trade body flags possible EU ban on Russian aluminium, but not Rusal

7/12/2023: US dollar stumbles, drops to more than one-year low as inflation eases in June

7/11/2023: UPDATE 1-Japanese buyer agrees to pay Q3 aluminium premium of $127.5/T -source

7/11/2023: World's biggest gallium buyer says clients stockpiling

7/11/2023: China gallium curbs raise chip questions for future EV models

7/10/2023: SHFE And LME Aluminium Closed With Gains, High Interest Rates And Months Of Sluggish Consumer Spending Have Raised Concerns About US Economic Outlook, Market Pining Hopes On Stimulus Policies In China

7/7/2023: US Trade Representative asks Mexico to address increased steel, aluminum imports

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