February 6, 2024

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• LME Aluminum 3M Select is up $18/mt, recouping about half of yesterday’s losses.
  • Last trade was $2,222.5/mt (6:45 AM CST)
  • Qatar Aluminum, one of the Middle East’s largest aluminum producers, reported a 51% drop in profits last year, the company announced on Monday. During the earnings release, the company stated that this drop in profit was due to much lower realized sales prices compared to 2022. They also stated that sales volumes were slightly lower than in 2022 due to weaker demand. LME aluminum prices were volatile in 2023 but finished the year essentially unchanged. (Source: Bloomberg)
• LME Copper 3M Select is up $17/mt, stalling after four days of losses.
  • Last trade was $8,391.5/mt (6:45 AM CST)
  • Copper production in the Democratic Republic of Congo (DRC) continues to grow. Ivanhoe Mines, which operates the Kamoa-Kakula as part of a joint venture, just secured a $200 million loan from the DRC’s Rawbank SA. These funds will be used to finance hydropower, which will, in turn, give the ability to increase output to 600,000 mt per year. Kamoa-Kakula produced nearly 400,000 mt in 2023. The DRC is the world’s third-largest copper producer and top cobalt producer. (Source: Bloomberg, Ivanhoe Mines)
• Prompt month CME HRC Steel last settled at $967/st (6:45 AM CST).
  • Spanish stainless steelmaker Acerinox will buy Haynes International, an Indiana-based alloy producer, the companies announced on Monday. Acerinox will also invest an additional $200 million into the US, including $170 million into Haynes. The deal is expected to close in 3Q2024. (Source: Bloomberg)

Price Indications

Today's Charts

AEGIS Insights

2/2/2024: China's Real Estate Woes Provide Opportunity for Copper Consumers

1/31/2024: AEGIS Factor Matrices: Most important variables affecting metals prices

1/25/2024: Aluminum Starts 2024 On a Down Note, But Potential Supply Shocks Give Consumers a Reason to Hedge

1/11/2024: Important US Economic Data (AEGIS Reference)

1/4/2024: Year-End Review of LME Aluminum, Copper, CME HRC Steel and Hedging Implications for 2024

12/8/2023: Aluminum and Copper Markets Diverge but Hedging Opportunities Persist for End-Users

2/6/2024: Aurubis Q1 profit misses forecast on lower metal prices

2/5/2024: Trump adds to Nippon-U.S. Steel deal woes in blow for Japan Inc

2/5/2024: Gold hits more than one-week low as dollar strengthens, yields rise

2/5/2024: Anglo American explores for copper, cobalt in Zambia

2/5/2024: Rare earths prices seen rebounding in second half of 2024 -analysts

2/5/2024: Analysts see weak demand dragging on base metals in 2024

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.