AEGIS Hedging - Metals First Look
 |
| |
Note: Clients with AEGIS Platform access can see this and other research, plus hedge portfolio reporting and tools here.
|
-
LME Aluminum 3M Select trades $-18.50 lower to $3210 at 8:24:36 AM
-
(Bloomberg) – Canada’s government is set to announce programs to help workers and businesses ensnared in the country’s emerging trade war with the US. Domestic measures will include expanded jobless benefits and loans for businesses affected by new tariffs — similar to Ottawa’s coronavirus-era economic support programs, Bloomberg News is reporting Tuesday. It’s been dubbed the “One Canadian Economy Agenda.” University of Calgary economics professor Trevor Tombe estimated that 90,000 jobs — about 0.4% of Canada’s labor force — may be lost if the new levies persist. The moves follow the collapse of talks between Ottawa and Washington that led Donald Trump’s administration to start imposing a 50% import tax on about $20 billion worth of Canadian goods. Both sides blamed each other for changing demands at the 11th hour, and Prime Minister Mark Carney threatened to retaliate in kind starting Sept. 8.
The name-calling and threats have only escalated. Here’s a rundown of the fast-moving developments in an extraordinary three days for one of the world’s closest trading relationships
-
War of words: Trump and Ontario leader Doug Ford hurled personal insults, with Trump calling Ford “the less charismatic, intelligent, and overall unimpressive brother” and Ford calling the US president a “dictator” and “loser.”
-
Good cop, bad cop: The talks collapsed after last-minute pressure from Commerce Secretary Howard Lutnick, whom Canadians blame for moving the goalposts after discussions were running smoothly with US Trade Representative Jamieson Greer.
-
Attitude is everything: Carney said his government is still working on options for retaliating, but added that he’s willing to continue trade talks if the US adopts the “right attitude.”
-
Smelter envy: Trump lamented that his northern neighbor did have something he wants: aluminum. In a social media post, Trump also pitched a “desperately needed” aluminum plant in Oklahoma.
-
USMCA cohesion: Mexican President Claudia Sheinbaum expressed optimism she can reach a trade deal with Trump as her chief negotiator leads talks in Washington.
-
Arctic politics: Canada said it’s investing more than C$11 billion to build six new icebreakers for the Canadian Coast Guard in a partnership with Chantier Davie Canada.
-
Market fallout: Canada’s currency tumbled against the US dollar by the most in two months. Shares of Ford Motor dropped 3.3% on Monday, and General Motors fell 1.1%.
-
View from Beijing: China’s nationalist tabloid Global Times praised Canada’s retaliation, casting Ottawa’s move as validating Beijing’s opposition to Washington’s protectionist trade policies.
-
LME Copper 3M Select trades $27.75 higher to $14300.50 at 8:24:33 AM
-
CME HRC Steel last traded at $1196 and $2 higher at 8/24/2026
|
|
Price Indications
|
|
|
|
|
Today's Charts
|
 |
 |
 |
 |
Metals Factor Matrix
|
|
AEGIS Factor Matrices: Most important variables affecting metals prices
|
|
|
|
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.
|
