October 10, 2023

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• LME Aluminum 3M Select is down $19.5/mt, taking away the modest gains from yesterday and Friday.
  • Last trade was $2,226.5/mt (6:45 AM CST)
  • Rusal, Russia’s top aluminum producer, exported 29 million mt of aluminum in the first nine months of 2023, according to Russian Railways, the country’s state-owned rail company. This is up about 4.8% compared to January through September 2022. At 3.82 million mt, Rusal’s alumina imports were up about 2% in January through September 2022. (Source: Bloomberg)
• LME Copper 3M Select is down $125/mt, wiping away Monday’s 1% rally.
  • Last trade was $7,986/mt (6:45 AM CST)
  • Copper demand is one of the hot-button issues being discussed at the LME week conference currently taking place in London. Chinese property demand remains a concern, with Laura Varriale of S&P Global Commodity Insights stated, "It is a worry if property construction isn't performing well." Other conference speakers proclaimed that today’s high interest rate environment remains a burden and that more interest rate hikes could fuel further bearishness. (Source: Bloomberg)
• Prompt month CME HRC Steel last settled at $701/st (6:45 AM CST).
  • Metals prices reacted little to the fighting that Hamas, which is backed by Iran, initiated in Israel over the weekend. This is likely because Israel is not a major metals producer. Iran, however, is the 10^th largest steel producer in the world. Most of their steel gets exported to the UAE, which is right across the Persian Gulf, for use in the oil industry. Any further escalation or counterattacks on Iran’s infrastructure could impact their steel production. (Source: USGS)

Price Indications

Today's Charts

AEGIS Insights

10/02/2023: Important US Economic Data (AEGIS Reference)

09/28/2023: Aluminum Buyers Should Hedge Alongside Chinese Importers

09/27/2023: AEGIS Factor Matrices: Most important variables affecting metals prices

09/08/2023: Despite Price Slump, Hedging is Still Feasible for Steel Producers

08/25/2023: Growing Secondary Aluminum Supply Could Further Weigh on Prices

10/10/2023: LME WEEK-China's top copper buyers expect a 36% cut in Codelco premium -sources

10/10/2023: From Detroit Three to healthcare, US labor unions flex muscle

10/9/2023: Investors on guard for oil price spike amid Middle East turmoil

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.