December 12, 2023

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• LME Aluminum 3M Select is up $14/mt, bouncing after six days of losses.
  • Last trade was $2,138/mt (6:45 AM CST)
  • Chinese aluminum production will be up slightly this month to 3.56 million mt, bringing the yearly total to 41.5 million mt, according to estimates by Shanghai Metal Market. Both figures would be records. This mainly depends on power issues in the southwest, specifically Yunnan province, the country’s top production region. Through November, China has produced 946 million mt of primary aluminum this year, up 3.6% compared to last year. (Source: Shanghai Metal Market)
• LME Copper 3M Select is up $27/mt, trending sideways.  
  • Last trade was $8,370/mt (6:45 AM CST)
  • In a final blow to First Quantum’s Panamanian copper operation, last Friday, the government ordered that the Cobre Panama “end extraction, processing, refining, transportation, export, and sales activities," effectively shutting down the operation, according to a statement from First Quantum. The company also stated that it has to secure the facility and take measures to stop environmental damage. This closure removes 1.5% of global production from the marketplace. (Source: Reuters, USGS)  
• Prompt month CME HRC Steel last settled at $1,072/st (6:45 AM CST).
  • Last Friday, Anglo American Plc, one of the largest iron ore producers in the world, stated that it would cut South African production over the next three years due to continual problems with the country’s rail system. South Africa’s port and rail operator, Transnet, has struggled with cable theft, locomotive shortages, and infrastructure vandalism. Like Anglo American, South Africa is one of the world’s largest and most important iron ore producers. (Source: Reuters)

Price Indications

Today's Charts

AEGIS Insights

12/8/2023: Aluminum and Copper Markets Diverge but Hedging Opportunities Persist for End-Users

12/06/2023: AEGIS Factor Matrices: Most important variables affecting metals prices

12/06/2023: Important US Economic Data (AEGIS Reference)

11/17/2023: Aluminum and Copper End-Users Should Hedge As Inflation Eases

12/12/2023: Jubilee Metals forms Zambian copper recovery venture with UAE's IRH

12/11/2023: China 2023 steel output set to rise despite property woes

12/8/2023: Anglo's S.African iron ore unit cuts production as rail woes persist

12/8/2023: Panama gov't orders First Quantum to end mining operations, country unit says

12/8/2023: Energy transition investing is caught in traps

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