 |
| |
Note: Clients with AEGIS Platform access can see this and other research, plus hedge portfolio reporting and tools here.
|
- LME Aluminum 3M Select is down $21/mt, taking away yesterday’s small gains.
- Last trade was $2,643/mt (6:45 AM CST)
- China’s aluminum processing industry contracted last month, according to a survey from Shanghai Metal Market. New orders slumped significantly last month, largely due to historically high aluminum. China’s EV sector has been a boon for aluminum demand in recent months but has started to push back at the elevated prices. (Source: Shanghai Metal Market)
- LME Copper 3M Select is down $198/mt, the lowest level in nearly a month.
- Last trade was $9,995/mt (6:45 AM CST)
- Copper prices have trended lower in the past few weeks, but some analysts remain optimistic. On Monday, Christopher LaFemina, of Jefferies LLC proclaimed, “The copper price is normalizing after a short-covering rally drove it to a new all-time high. When the smoke clears and fundamental tailwinds kick in (most likely in 2025), the price should resume an upward trend, but we would expect more volatility in the very near-term.” (Source: Bloomberg)
- Prompt month CME HRC Steel last traded at $750/st, down $1/st (6:45 AM CST).
- Nippon Steel’s vice chairman Takahiro Mori will return to the US this week for further talks with US officials regarding the company’s proposed buyout of US Steel. Nippon’s potential deal has been a source of controversy in recent months, with many US officials opposing the transaction. If you would like to discuss potential market implications or CME HRC Steel hedging strategies, please reach out to AEGIS. (Source: Reuters)
|
Price Indications
|
|
|
|
Today's Charts
|
 |
 |
 |
 |
AEGIS Insights
|
|
5/29/2024: AEGIS Factor Matrices: Most important variables affecting metals prices
5/2/2024: Important US Economic Data (AEGIS Reference)
4/25/2024: Mexico's New Tariffs on Steel and Aluminum Imports Create Uncertainty in US Markets
3/20/2024: Midwest Premium Buyers Should Hedge While Prices Hover at 3-Year Lows, and Demand Appears To Be Stabilizing
2/27/2024: Aluminum Consumers Should Still Implement Hedges, Even Though Russia Sanctions Mean Little
|
|
| Important Headlines |
|
6/4/2024: Volvo to issue world's first EV battery passport ahead of EU rules
6/4/2024: South Korea, Africa leaders pledge deeper ties, critical mineral development
6/3/2024: The PMI of the domestic aluminum processing industry recorded 41.7% in May | Shanghai Non ferrous Metals
6/2/2024: Nippon Steel's Mori returns to US this week for talks on US Steel takeover
|
|
|
|
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.
|
