| Base metals were mixed this week, with the US dollar weakening again. Price moves in aluminum and steel have been broadly muted since U.S. President Trump imposed 25% tariffs on imports of the metal products Wednesday. According to analysts at MUFG, a shortage of domestic aluminum production is prompting higher premiums for physical deliveries in the U.S., with prices on the U.S. commodities exchange Comex significantly above LME prices. Meanwhile, U.S. steel producers could gain from the higher steel tariffs--though low capacity utilization could cap gains. |
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LME Aluminum |
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LME Aluminum 3M settled at $2,681.50/mt, down $24/mt on the week.
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LME Copper |
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LME Copper 3M settled at $9,780.50/mt, up $167/mt on the week.
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LME Nickel 3M settled at $16,470/mt, down $34/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 $939/T, up $164/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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