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- LME Aluminum 3M Select trades $7.50 higher at $2,660.5/mt; prices modestly extend gains (8:55 AM CDT)
- There are signs that the aluminum market is facing a mounting squeeze as October contracts on the London Metal Exchange trade at a growing premium over November, putting traders caught in a queue to withdraw metal under pressure. The situation has been exacerbated by warehouse owner Istim Metals LLC’s controversial decision to increase a key fee, making it more expensive for traders to re-register aluminum if prices move against them. Market participants are also closely watching a large long position in October contracts held by Trafigura Group, which initially deposited the aluminum stockpile in Istim’s facilities. Despite the tension, aluminum prices in London remained stable on Monday.. (Bloomberg)
- LME Copper 3M Select trades $25 lower at $9,918.5/mt; prices reverse some of Friday's gains (8:55 AM CDT)
- Base metal prices were mixed as trading remained subdued due to the final day of China's Golden Week holiday. Analysts from SP Angel noted that low processing fees amid increased smelter capacity in China, Indonesia, and Congo are putting pressure on copper smelters, potentially leading to capacity shutdowns. Such shutdowns could lend support to refined copper prices as China introduces fiscal stimulus to revive its economy. (Dow Jones)
- CME HRC Steel last traded at $734/st; prices trade $10 higher from Friday's settle
- Iron ore prices climbed as traders speculated that China’s National Development and Reform Commission might announce new stimulus measures at a Tuesday press briefing, following recent interest-rate cuts and support for the property sector. The steelmaking commodity jumped 2.6% in Singapore, extending a rally fueled by expectations of increased public spending to boost economic growth. After a week-long holiday, investors are looking for further fiscal stimulus details that could sustain the recent momentum in metals markets.
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Price Indications
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Today's Charts
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AEGIS Insights
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10/02/2024: 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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