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    May 16, 2024

    HR futures: Grinding lower while grinding to a halt

    Written by David Feldstein

    The last time we were together on April 18, the June hot-rolled coil (HRC) future was sitting around the $800 support level where the May future found a bottom in mid-February. Towards the end of April, HRC futures started to drift higher. The attempted rally quickly fizzled, but $800 still held. That is until Monday, May 6, when the June future dove to settle at $766. This clearly broke below the $800 support level as well as last August’s $771 low as the market responded to Nucor’s surprise $760 Consumer Spot Price (CSP) announcement. The June future has been trading in a range between $750-775 since.

    June 2024 CME hot-rolled coil future $/st

    David Feldstein, SMU Contributor

    David Feldstein

    SMU Contributor David Feldstein is president of Rock Trading Advisors. David has over 20 years of financial market trading experience and has been active in the ferrous futures space since 2012. Feldstein earned an MBA from the University of Chicago Booth School of Business with concentrations in economics, statistics and analytical finance. He can be reached at davefeldstein@gmail.com.

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