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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ME Aluminum 3M Select trades $-4.50 lower to $3337 at 8:42:52 AM
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LME Copper 3M Select trades $-39 lower to $14670 at 8:42:56 AM
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(Bloomberg) – Copper fell from a record and other industrial metals retreated as escalating hostilities in the Middle East underscored lingering headwinds, after a key gauge of London Metal Exchange prices surged to an all-time high. The LME’s all-in index of six base metals hit a record on Tuesday as copper soared to a fresh peak, aluminum extended gains and zinc breached $4,000 a ton for the first time since 2022. Supply-side issues have played a big part in the advance, but the Iran war remains a risk for prices by threatening global growth. In the latest flare-up of violence, the US said it attacked more Iranian oil tankers overnight in response to Iran’s Islamic Revolutionary Guard Corps targeting one of its warships. Brent crude topped $100 a barrel, fueling concerns about inflation ahead of US data on consumer prices due Friday.
“Caution remains warranted at the macroeconomic level,” Guangzhou Futures Co. wrote in a social media note. “There’s still uncertainty about US inflation, and shifting expectations for Federal Reserve policy can potentially put downward pressure on copper prices.”
The LMEX Index has gained more than 40% in the past year as metals markets tighten. For copper, the shift of hundreds of thousands of tons to the US in anticipation of import tariffs has left the LME market underserved. Zinc has faced significant pressures on ore supply, while the Iran war has crimped flows of aluminum from the Middle East.
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CME HRC Steel last traded at $1230 and $4 higher at 9/8/2026
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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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