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- LME Aluminum 3M Select trades $-23.25 lower to $3015.50 at 8:55:25 AM
- LME Copper 3M Select trades $60.25 higher to $14638 at 8:55:25 AM
- (Bloomberg) – Copper climbed towards a record high, with Europe’s top producer Aurubis AG stating that huge shipments of metal to the US are fueling tight market conditions. Comments from the smelter came after Benchmark Minerals reported that the company has offered a record premium of $347 a ton to supply its customers for 2027, marking a 10% increase over this year’s levels. The surcharges — which customers pay on top of futures — are a widely watched gauge of supply and demand in the physical market. Traders have been shipping record volumes of copper to the US in advance of potential tariffs on the metal, tightening conditions elsewhere and helping to lift prices to record highs this year. Copper reached a record near $14,900 last month, and has since hovered not far from that level against a backdrop of uncertainty about Fed policy and the impact of the US-Iran war. Data on US consumer prices due later Wednesday will be closely watched as it could steer the central bank’s next move after September’s first hike since 2023. Ahead of the US inflation figures, New York Fed President John Williams said he still sees one more interest-rate hike as appropriate this year, and that he doesn’t believe another will be necessary in 2027. Higher rates can be a headwind for metals by cooling the economy and raising costs.
- CME HRC Steel last traded at $1280 and $4 higher at 8:04:23 AM
Price Indications
Today's Charts
Metals Factor Matrix
AEGIS Factor Matrices: Most important variables affecting metals prices
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