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 $24.75 higher to $3184 at 8:11:06 AM
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LME Copper 3M Select trades $131 higher to $13774 at 8:11:07 AM
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(Bloomberg) – Copper extended its July advance as a pause in fighting between the US and Iran softened fears of further disruption to the world economy. US forces halted a near two-week run of strikes on Iran, while the Islamic Republic said it would refrain from any retaliatory attacks for now. The lull has raised tentative hopes for fresh ceasefire negotiations, with crude oil sinking and the US dollar declining on Monday in Asia. Copper has enjoyed a strong month as the global market showed signs of supply tightness, including falling inventories and a backwardation structure on the London Metal Exchange. The possibility of US tariffs on refined metal — and the large inflow there this year — has offered an upside risk for prices elsewhere. Still, the potential for intensified military action in the Middle East had fueled more cautious trading in recent sessions. In China, copper inventories held in Shanghai Futures Exchange warehouses fell to their lowest since February 2024, extending an unusually steep decline since March. Import premiums, paid on top of exchange prices, have spiked this month as Chinese buyers turn to overseas markets amid tight supplies at home. “The continued downward trend in domestic inventories has kept copper prices high, although the pace of destocking has slowed,” Jinrui Futures Co. wrote in a note. Investors are still awaiting any decision on copper import levies from President Donald Trump some four weeks after the US Commerce Department was due to deliver an updated recommendation. The administration has announced a flurry of new tariff initiatives or threats in the past week.
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CME HRC Steel last traded at $1156 and $0 lower at 7/24/2026
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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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