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    August 15, 2024

    HR futures: Lack of good news leads futures lower

    Written by Mark Novakovich

    The front end of CME hot-rolled (HR) coil steel futures contracts had drifted lower when this article was filed on Thursday afternoon. And the back end of 2024 had also come under pressure.

    Despite staging a late-month rally at the end of July back into the low $700s per short ton (st) range, the lead August HRC contract once again finds itself near YTD lows around $660/st at the time of writing. The December contract has shed nearly $60/st since the beginning of the month.

    Mark Novakovich

    Mark works at Crunch Risk LLC. He has nearly 20 years experience working in physical and financial commodity markets in various roles, including risk management, logistics, and trading. Most recently, Mark worked for S&P Global’s commodity division in sales and product development, where he was responsible for creating price benchmarks and financially-settled futures contracts.

    Read more from Mark Novakovich

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