Latest Insight
Last Look - Oil rises to $69 after Trump announces tariffs on Venezuelan energy
| Base metals were mostly higher this week, with aluminum and copper posting gains despite a slightly stronger US dollar. Copper has climbed more than 13% in 2025 to date, as US President Trump's tariff threats triggered a surge in copper flows into the US, tightening supplies elsewhere. According to analysts at ING, the US imported around 850,000 tons of copper in 2024, accounting for around 50% of domestic consumption. As such, copper prices look well-supported in the near term as traders front-load ahead of potential US tariffs. |
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LME Aluminum |
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LME Aluminum 3M settled at $2,662.50/mt, down $59/mt on the week.
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LME Copper |
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LME Copper 3M settled at $9,855.50/mt, up $75/mt on the week.
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LME Nickel 3M settled at $16,057/mt, down $413/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 $937/T, up $162/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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