June 1, 2023

• LME Aluminum 3M Select is up $17.5/mt, near the highs of the day.
  • Last trade was $2,264.5/mt (6:45 AM CST)
  • Press Metal Aluminium, a Malaysia-based aluminum extruder, had poor 1Q results due to the recent slump in global aluminum prices. Aluminum demand could fall in the near term as increasing interest rates could weigh on regional real-estate sectors throughout the world, Hong Leong IB analyst Jeremie Yap recently suggested. Because of this, spot aluminum prices could remain subdued, he also stated. (Source: Wall Street Journal)
• LME Copper 3M Select is up $121/mt, recouping this week’s earlier losses.
  • Last trade was $8,231/mt (6:45 AM CST)
  • LME copper finished May down 5.6% for the month, its worst monthly performance since June 2022. This is largely due to a slower-than-expected economic recovery in China. Earlier this week, government data showed that their manufacturing sector contracted for the second month in a row. (Source: Bloomberg)
• Prompt month CME HRC Steel last settled at $934/st (6:45 AM).
  • Argus’sweekly domestic US HRC Midwest assessment fell to $989/st this week, the first dip below $1,000/st since February. This assessment has now fallen 18% since the $1,200/st high seen in April. This recent drop in prices is largely due to subpar spot demand. Buyers are only doing contracted orders, with no additional buying, one source told Argus. (Source: Argus)

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Price Indications

Today's Charts

AEGIS Insights

05/31/2023: AEGIS Factor Matrices: Most important variables affecting metals prices

05/17/2023: Cobalt End-Users Should Hedge While Market Is Oversupplied

05/3/2023: Copper Producers Can benefit From Hedging Both Inputs and Production

5/30/2023: US HRC: Prices drop below $1,000/st

5/30/2023: US HDG/CRC: Prices remain pressured

5/30/2023: BHP taps Microsoft, AI, to improve recovery at top copper mine

5/29/2023: Toyota's April global sales rise on stronger demand in Japan, China

5/28/2023: China industrial profits tumble 18% in April as demand sputters

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