AEGIS Hedging - Metals First Look
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LME Aluminum 3M Select trades $30.25 higher to $3486 at 8:19:53 AM
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(Bloomberg) – Aluminum rallied to the highest in nearly four years before paring some gains, with traders assessing the scale of supply disruptions in the Middle East as the war in Iran continues. Aluminum has surged since the start of the conflict in Iran, which has throttled supplies in the Persian Gulf, which accounts for about 9% of global output. There was some positive news on the supply front on Thursday as Norsk Hydro ASA said a major smelter in Qatar will be able to avert a full shutdown after securing gas supplies, but plants throughout the region are still facing widespread disruptions to shipments of metal and raw materials as the Strait of Hormuz remains effectively shut. Aluminum retains significant upside, with a scope for a move toward $3,700 a ton, BMI, a unit of Fitch Solutions Inc., said in a note. The spike in premiums in the US and Europe reflects “mounting concern among western buyers,” it added. Signs of a tightening market are emerging, with substantial orders to withdraw stockpiles from the London Metal Exchange’s warehouse network. Mercuria Energy Group Ltd. was the main trader involved in requests for nearly 100,000 tons of aluminum from LME warehouses in Malaysia earlier this week, according to people familiar with the move.
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LME Copper 3M Select trades $-24.25 lower to $13015.50 at 8:19:53 AM
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CME HRC Steel last traded at $1018 and $1 higher at 5:20:54 AM
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Price Indications
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Today's Charts
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Metals Factor Matrix
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AEGIS Factor Matrices: Most important variables affecting metals prices
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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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