April 24, 2024

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• LME Aluminum 3M Select is up $27.5/mt, bouncing after two days of losses.
  • Last trade was $2,603.5/mt (6:45 AM CST)
  • The Russian government will soon discuss supportive measures for Rusal, according to Tass, Russia’s state-owned news agency. These measures could include purchasing Rusal’s products for state reserves and/or abolishing the export tariff. The authorities also stated that they need to perform a study on the global aluminum market before implementing any supportive measures. These comments were made by Viktor Yevtukhov, Russia’s Deputy Minister of Industry and Trade. (Source: Bloomberg)
• LME Copper 3M Select is up $56/mt, also trying to hold steady.
  • Last trade was $9,784/mt (6:45 AM CST)
  • Chinese buyers are stepping back from purchases, several domestic market participants have stated. This is particularly true for fabricators, who are price-sensitive, especially in times of uncertain demand. At an industry conference earlier this week, Gu Yan, director of copper at Citic Metal Co., stated, “Demand from fabricators is very weak after the recent rally. There is only a bit of demand from the renewable-energy sector, not much
    from any other markets. Fabricators are all waiting for a price correction to get a breather.” At the same conference, Wang Wei of Shanghai Wooray Metals Group Co. echoed similar comments, proclaiming, “Fabricators have struggled to pass on higher costs to their customers, forcing them to rein in purchases since March. (Source: Bloomberg)
• Prompt month CME HRC Steel last settled at $813/st (6:45 AM CST).
• Energy prices have slumped dramatically in recent weeks, as the Middle East has yet to create any major supply disruptions. For example, prompt month CME diesel prices have fallen about 40 cents since early February and currently hover near $2.55/gal. If you are a metals producer who also has exposure to the diesel market, please contact AEGIS for hedging strategies.

Price Indications

Today's Charts

AEGIS Insights

4/17/2024: AEGIS Factor Matrices: Most important variables affecting metals prices

4/3/2024: Important US Economic Data (AEGIS Reference)

3/20/2024: Midwest Premium Buyers Should Hedge While Prices Hover at 3-Year Lows, and Demand Appears To Be Stabilizing

2/27/2024: Aluminum Consumers Should Still Implement Hedges, Even Though Russia Sanctions Mean Little

2/2/2024: China's Real Estate Woes Provide Opportunity for Copper Consumers

1/25/2024: Aluminum Starts 2024 On a Down Note, But Potential Supply Shocks Give Consumers a Reason to Hedge

4/23/2024: Gold holds steady as focus turns to U.S. economic data

4/23/2024: Miner Freeport-McMoRan beats quarterly profit estimates on strong production

4/23/2024: Zambia seeks power imports for key mining sector

4/23/2024: Shortages key to copper's upward price trajectory to new peaks

4/22/2024: Chile's Antofagasta CEO foresees higher 2024 copper prices, plans growth at home

4/22/2024: Codelco eyeing more output, not competition with BHP, Chile's mining minister says

4/22/2024: Chile's president says Codelco output to grow; touts investment climate

4/22/2024: Copper output at Chile's Codelco set to rise this year, CESCO says

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.