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- LME Aluminum 3M Select is down $40.07/mt to $2,428/mt as prices snap an eight-day rally (8:45 AM CDT)
- Aluminum’s longest winning streak in over three years ended, dropping 1.4% on the LME as traders reassessed the sustainability of the recent rally. Despite a 10% surge since late July fueled by global growth optimism, caution returned amid unclear demand prospects, particularly in China where traditional consumption weakens while "green" sectors slowly rise. The broader market saw mixed results, with zinc and lead gaining over 1%, as attention turns to the Fed’s Jackson Hole meeting for economic signals. (Bloomberg)
- LME Copper 3M Select is up $3.16/mt to $9,089/mt, as prices reverse some of yesterday's losses (8:45 AM CDT)
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Argentina is set to join the US-led Minerals Security Partnership, a strategic initiative involving 14 countries and the EU aimed at attracting investments in critical minerals like copper and lithium. The partnership seeks to reduce dependency on China by creating supply chains that adhere to strict environmental standards. Despite President Javier Milei's alignment with Washington, challenges remain in shifting Argentina's reliance away from Beijing, its second-largest trading partner. While the partnership offers investment opportunities in Argentina’s vast resources, the country still faces hurdles in accessing US incentives under the Inflation Reduction Act due to the absence of a free-trade agreement. (Bloomberg)
- Prompt month CME HRC Steel last traded at $674/st, as prices trade $12 higher from Tuesday
- Iron ore prices rose for a third consecutive day, recovering from last week's 9% drop, as optimism grows that Chinese authorities will introduce measures to revive the struggling property market. The steelmaking commodity increased as much as 3.5% in Singapore following reports that Beijing may allow local governments to purchase unsold homes using special bonds. Despite a 30% decline in iron ore prices this year due to China's economic slowdown and a lack of housing construction, the potential policy support has fueled a 7% gain this week. (Source: Bloomberg)
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Price Indications
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Today's Charts
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AEGIS Insights
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8/7/2024: 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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