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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 Select 3M Select trades $13 lower at $2,646/mt (9:10 AM CDT)
- PT Alumindo Light Metal Industry, Southeast Asia’s largest flat-rolled aluminum producer, is indefinitely shutting down operations due to US tariffs that have drastically reduced its revenue since 2018. The tariffs, initially imposed under Donald Trump and continued by the Biden administration, cut the company’s revenue from over $57 million last year to less than one-fifth of pre-tariff levels. This closure underscores the challenges Indonesia faces in developing its metals sector, despite efforts to attract investment by banning key raw exports like bauxite. With the upcoming US election, there’s limited hope for relief as Trump promises further tariff increases and Kamala Harris also signals a hawkish trade stance. (Bloomberg)
- LME Copper 3M Select trades $16 higher at $9,546.50
- Copper prices held steady, with marginal increases on the London and Shanghai exchanges, as traders monitored upcoming U.S. presidential elections and potential economic stimulus from China. Market sentiment remains cautious, with the November 5 election potentially affecting U.S. economic policy for metals, while China’s upcoming legislative meeting may introduce substantial stimulus. Geopolitical tensions in the Middle East have also shifted investor focus toward safe-haven assets like gold and the dollar, while a strong greenback dampens demand for dollar-denominated metals. Weak import premiums for copper in China further reflect subdued demand, underscoring the market’s pause as it awaits potential shifts from both the U.S. and China.
- CME HRC Steel last traded at $700/st, prices are $9 lower from yesterday’s settle
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Price Indications
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Today's Charts
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AEGIS Insights
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10/09/2024: AEGIS Factor Matrices: Most important variables affecting metals prices
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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