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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LME Aluminum 3M Select trades $95 higher to $3390.50 at 8:26:10 AM
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(Bloomberg) – Iran’s weekend strikes on Persian Gulf aluminum plants are threatening to send a fragile market into crisis, raising the prospect of record prices for the metal used in everything from airplanes to food packaging and solar panels. On the first day of trading after two major producers confirmed attacks by Iranian drones and missiles, futures on the London Metal Exchange surged as much as 6%. Even before the industry became a direct target, the closure of the Strait of Hormuz had left the Middle East’s giant smelters running short of key inputs, and the industry had been bracing for a cascading series of production cuts in coming weeks. On Saturday, the region’s top supplier, Emirates Global Aluminium, said it sustained “significant damage” at its site in Abu Dhabi, while Aluminium Bahrain said it was assessing the extent of the damage to its facility. Confirming the strikes in a statement to Iranian state media on Saturday, the nation’s Islamic Revolutionary Guard Corps. said the two companies were suppliers to the US military, and the action was retaliation for US-Israeli strikes on infrastructure in Iran.
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LME Copper 3M Select trades $37 higher to $12230 at 8:26:10 AM
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CME HRC Steel last traded at $1047 and $6 higher at 8:24:50 AM
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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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