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Worries about China's economy continued this week, with inflation numbers trending back toward zero. China has been attempting to avoid deflation for some time now as its economy cools down. Despite this, aluminum, copper, and nickel traded higher. Expectations of increased US tariffs may have driven some of the increase. |
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LME Aluminum |
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LME Aluminum 3M settled at $2,571.50/mt, up $32.50/mt on the week. Aluminum prices were down this week. The futures forward curve remains in a contango, meaning nearby prices are lower than forward prices. Aluminum consumers concerned about increasing prices might consider hedging future needs by buying swaps or call options. Depending on risk tolerance, end-users might consider strategies that use only swaps or options or a combination of both. The aluminum market has sufficient liquidity to use swaps and options. Please get in touch with AEGIS for specific strategies that fit your operations. |
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LME Copper |
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LME Copper 3M settled at $9,091.50/mt, up $215/mt on the week.
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LME Nickel 3M settled at $15,658/mt, up $176/mt on the week. |
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CME Hot Rolled Coil (HRC) Steel |
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Prompt month HRC Steel last traded/settled at $691/T, down $84/t on the week.
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AEGIS Insights |
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11/06/2024: AEGIS Factor Matrices: Most important variables affecting metals prices 4/25/2024: Mexico's New Tariffs on Steel and Aluminum Imports Create Uncertainty in U.S. Markets 2/27/2024: Aluminum Consumers Should Still Implement Hedges, Even Though Russia Sanctions Mean Little |
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Notable News |
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5/29/2024: Anglo rejects BHP's last-ditch attempt to continue takeover talks 5/27/2024: India's NALCO tops Q4 profit estimates on lower input costs 5/24/2024: India's Hindalco beats Q4 profit view as lower costs outpace weak aluminium prices |
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