LME Copper 3M rallies as warehouse inventories continue to drop. |
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This morning LME Copper stocks were pegged at 123,400 mt, a new low for the year. Copper stocks have dropped by 20,250 mt since last Thursday (10/28/2021) alone. Copper on warrant (i.e. available to trade) has risen to 38,400 mt. However, this is only an increase from 30,300 mt last Thursday and only slightly above the October 15 low of 14,150 mt. If those that are short in the nearby contracts need to roll forward into the future, the increase in copper on warrant is supportive to deferred contracts, as it could decrease the backwardation between the cash and deferred contracts. The CME Aluminum Midwest Premium (MWP) has dropped over 18% since last Wednesday. Cancellation of Russian export tariffs and slowing demand in the US are being cited for this sell-off. (11/4/2021) |
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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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Price Indications |
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Today's Charts |
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AEGIS Insights |
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11/01/2021: Section 232 Tariffs: Most relevant developments (AEGIS Reference) 10/28/2021: AEGIS Factor Matrices: Most important variables affecting metals prices 10/14/2021: Is It Wise to Hedge HRC Steel with Crude Oil? |
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Important Headlines & Economic Data |
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AISI Steel Capability Utilization Rate Investing.com Economic Calendar 11/04/2021: China’s coal miners commit to cut prices after state intervention 11/03/2021: China coal prices claw back after Beijing signals pacing down price drive 11/03/2021: China coking coal futures track spot prices higher, jump over 14% 11/02/2021: Iron Ore Back Below $100 as China’s Steel Curbs Roil Market 11/02/2021: China eases power crunch with boost to coal production 11/02/2021: Aluminium prices to stay high until next year, owing to high energy cost: Global Analysts 10/30/2021: U.S., EU end Trump-era tariff war over steel and aluminum 10/30/2021: APAA Supports the Biden Administration's Tariff-Rate Quota Deal with the European Union 10/30/2021: USW Supports Interim Arrangement with EU on Section 232 |
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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.
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