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Note: Clients with AEGIS Platform access can see this and other research, plus hedge portfolio reporting and tools here.
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- LME Aluminum 3M Select is up $21.68/mt, as prices modestly rebound from a four-month low
- Last trade was $2,263.65/mt (9:30 AM CST)
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Aluminum prices rebounded from a four-month low amidst indications that the industrial metals market may have been oversold. Concerns over global demand, particularly from China, have weighed heavily on industrial metals. Aluminum's 14-day relative strength index fell below 30, signaling oversold conditions to some market participants. Improved global risk appetite supported the rebound, coinciding with a rise in stock prices and anticipation of favorable economic data from the Federal Reserve regarding inflation. (Source: Bloomberg)
- LME Copper 3M Select is down $90.68/mt, extending Monday's losses
- Last trade was $9,000/mt (9:30 AM CST)
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Copper prices have fallen to their lowest in over three months amidst concerns over weakening Chinese demand. The recent leadership meeting in China did not yield substantial stimulus measures to bolster metals demand, contributing to a nearly 20% decline in copper prices since late May. Additionally, the copper market faces a surplus, exacerbated by a significant increase in global inventories. Refined copper production outpaced demand growth in the first five months of the year, resulting in a surplus of approximately 496,000 tons. This oversupply has driven prices down further, reflecting a well-supplied market. (Source: Bloomberg)
- Prompt month CME HRC Steel last traded at $655/st, as prices trade $2 lower from Monday and remain near the lowest since Dec 2022
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Price Indications
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Today's Charts
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AEGIS Insights
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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
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| Important Headlines |
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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
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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.
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