March 13, 2024

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• LME Aluminum 3M Select is down $2/mt, pulling back after two days of gains.
  • Last trade was $2,261/mt (6:45 AM CST)
  • At a recent industry conference, the China Nonferrous Metals Industry Association requested its members step up aluminum exports to relieve a supply glut amid subpar demand. Last year, unwrought aluminum exports fell by 14% compared to a year prior. In 2022, the country exported a record 6.6 million mt. Rising exports from China, the world’s largest producer, could be a burden on global prices. (Source: Bloomberg, China Customs)
• LME Copper 3M Select is up $163/mt, now at the highest level since August.
  • Last trade was $8,811.5/mt (6:45 AM CST)
  • One of Codelco’s most important copper mines remains closed after a fatal accident. Last Friday, a trucking accident at the Radomiro Tomic mine caused one fatality, and the mine has been closed since. This latest issue adds to the myriad that Codelco has had in recent years. Last year, the company’s production hit a 25-year low due to political strife and weather-related issues. Codelco is Chile’s state-owned copper miner and the world’s largest producer. (Source: Bloomberg)
• Prompt month CME HRC Steel last traded at $802/st, up $2/st (6:45 AM CST).
  • Outokumpu, Europe’s largest stainless steel producer, believes its stainless steel deliveries will be lower this quarter due to a port strike in Finland. Deliveries will be similar to last quarter, they believe. The port strike, which is expected to last two weeks through March 25, stems from political issues that are directly related to Outokumpu. (Source: Bloomberg)

Price Indications

Today's Charts

AEGIS Insights

3/6/2024: AEGIS Factor Matrices: Most important variables affecting metals prices

2/27/2024: Aluminum Consumers Should Still Implement Hedges, Even Though Russia Sanctions Mean Little

2/13/2024: Important US Economic Data (AEGIS Reference)

2/2/2024: China's Real Estate Woes Provide Opportunity for Copper Consumers

1/25/2024: Aluminum Starts 2024 On a Down Note, But Potential Supply Shocks Give Consumers a Reason to Hedge

1/4/2024: Year-End Review of LME Aluminum, Copper, CME HRC Steel and Hedging Implications for 2024

3/7/2024: Panama asks First Quantum to suspend visitor program at disputed copper mine

3/6/2024: US imposes preliminary duties on aluminum extrusions from China, Indonesia, Mexico, Turkey

3/5/2024: Commerce Department Announces Affirmative Preliminary Subsidy Determinations on Imports of Aluminum Extrusions from China, Indonesia, Mexico, and Turkey, Wiley Rein LLP Reports

3/5/2024: Nippon Steel exec to meet USW head to seek support for U.S. Steel deal

3/5/2024: China sets GDP 2024 target of ‘around 5%,’ plans to issue ‘ultra-long’ special bonds for major projects

3/5/2024: Future of First Quantum mine is for the people of Panama to decide, US official says

3/4/2024: China's Huayou Cobalt chief proposes battery material policy to tackle overcapacity

3/3/2024: China breaks with tradition at annual ‘Two Sessions’ meeting by scrapping premier’s press conference

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.