AEGIS Hedging - Metals First Look
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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 3M Select trades $90 higher to $3653.50 at 8:29:17 AM
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LME Copper 3M Select trades $69.75 higher to $14092 at 8:29:16 AM
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(Dow Jones) – Copper refining now has a Strait of Hormuz problem. Copper futures on Comex settled at a record high of $6.53 a pound on Tuesday. A pound of copper now costs more than ever before - and there's more to the story than just the artificial-intelligence race. Sulfuric acid, a critical component in copper refining, has been in shorter supply lately because of the Iran war and shipping disruptions in the Strait of Hormuz. China also has placed restrictions on exports of the chemical - and both of those factors are likely increasing copper's production costs. Many of the paths to refining copper lead back to the Persian Gulf. The rally in the copper market, however, isn't just about escalating supply constraints - it's also being driven by the "collision of durable demand growth," said Jacob White, director of ETF product management at Sprott Asset Management. AI is clearly part of that demand story, particularly through data centers and the power infrastructure that support them, White told MarketWatch. That's the type of demand that is more resistant to a rise in prices, and less likely to decline because of higher costs, he said.
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CME HRC Steel last traded at $1082 and $0 lower at 10:00:02 PM
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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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