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The base metals complex is set to end the week higher on mounting concerns of trade wars and a generally weaker U.S. dollar, with copper up 0.7% on week and aluminum up 2.3% on week. Meanwhile, BNP Paribas AM raised its first-quarter average copper price expectations to $9,170 a ton from $8,835 to reflect the rally on U.S. tariff fears but still expects price weakness ahead on demand risks, a stronger U.S. dollar, and improving supply. |
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LME Aluminum |
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LME Aluminum 3M settled at $2,688/mt, up $50.50/mt on the week.
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LME Copper |
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LME Copper 3M settled at $9,559/mt, up $82/mt on the week.
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LME Nickel 3M settled at $15,517/mt, up $49/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 $778/T, up $3/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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