| Steel, copper, and nickel advanced on the week, while aluminum prices fell. Copper prices were supported by strong underlying demand, as solid orders from the State Grid Corporation of China are boosting wire and cable manufacturers' purchases. The strength in base metals came despite a higher US dollar, which posted a third straight weekly gain. |
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LME Aluminum |
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LME Aluminum 3M settled at $2,396.50/mt, up $18/mt on the week.
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LME Copper |
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LME Copper 3M settled at $9,154.50/mt, up $374.50/mt on the week.
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LME Nickel 3M settled at $15,069/mt, up $311/mt on the week. |
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CME Hot Rolled Coil (HRC) Steel |
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Prompt month HRC Steel last traded/settled at $938/T, up $163/t on the week.
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AEGIS Insights |
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11/06/2024: AEGIS Factor Matrices: Most important variables affecting metals prices 4/25/2024: Mexico's New Tariffs on Steel and Aluminum Imports Create Uncertainty in U.S. Markets 2/27/2024: Aluminum Consumers Should Still Implement Hedges, Even Though Russia Sanctions Mean Little |
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Notable News |
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5/29/2024: Anglo rejects BHP's last-ditch attempt to continue takeover talks 5/27/2024: India's NALCO tops Q4 profit estimates on lower input costs 5/24/2024: India's Hindalco beats Q4 profit view as lower costs outpace weak aluminium prices |
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