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 $-21.50 lower to $3173.50 at 8:36:02 AM
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LME Copper 3M Select trades $-2.50 lower to $13800 at 8:36:01 AM
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(Bloomberg) – Copper headed for a monthly advance on growing signs of tight supply, fueled in part by large flows of material to the US ahead of a highly-anticipated decision by the Trump administration on import tariffs. Optimism over demand from data centers and power infrastructure helped to push the metal 3% higher in July, while a squeeze on scrap flows in China has tightened the market. But a major factor is the flow of refined copper to the US as traders watch for a verdict from President Donald Trump on levies. The Commerce Department was supposed to deliver a fresh recommendation to Trump at the end of June, but nothing has been announced yet, even as the White House rolls out several other tariff initiatives. Copper stockpiles in Comex warehouses in the US stand at a record of almost 714,000 short tons — or nearly 650,000 metric tons — after traders shipped big volumes from the rest of the world to benefit from better prices. The hoard has more than doubled from a year ago, tightening supply for buyers elsewhere. Import premiums into China have spiked, rising to the highest since 2022 last week at $115 a ton before edging back slightly, while copper in London is in the widest backwardation since January. That structure, where prices for prompt delivery are higher than future contracts, suggests a tight market.
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CME HRC Steel last traded at $1193 and $-2 lower at 7/30/2026
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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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