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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 $92.03/mt, as prices reversed yesterday's losses
- Last trade was $2,160/mt (9:10 AM CST)
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Rio Tinto's first-half profit rose by 1.8% to $5.8 billion despite missing estimates, as the company remained resilient amid China's economic slowdown. Despite lower iron ore and aluminum prices, stronger copper prices helped offset the impact. CEO Jakob Stausholm emphasized stable demand from China, maintaining full-year production guidance. The company is at a growth "inflection point," with increased cash flow from the Oyu Tolgoi copper mine ramp-up and ongoing investments in the Simandou project and Rincon lithium project. Rio's shares gained 1.2% following the earnings announcement, reflecting a positive long-term outlook despite immediate challenges. (Source: Bloomberg)
- LME Copper 3M Select is up $261.64/mt, reversing most of last week's losses
- Last trade was $9,104.5/mt (9:10 AM CST)
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Copper surged over 2% from a four-month low as the dollar weakened and traders speculated on Chinese stimulus due to continued weak factory data. Chinese equities saw their best day since April, bolstered by expectations of economic support. Industrial metals, including tin, gained as the yen and yuan strengthened against the dollar. Despite initial 2024 optimism, disappointing Chinese demand has hindered metals markets, though some signs suggest a potential market rebound. Major miner Rio Tinto noted stable Chinese demand. (Source: Bloomberg)
- Prompt month CME HRC Steel last traded at $713/st, as prices trade $47 higher
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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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