Base metals prices on the London Metal Exchange (LME) mostly showed positive trends, with zinc recording the largest gain of 3.10%. Meanwhile, metal stocks in LME-registered warehouses saw declines.
COMEX market update
Copper prices on the COMEX market slightly increased by 1% from the previous close, settling at $9,217/tonne (t).
India market overview
Aluminium
Aluminium tense scrap remained stable, with ex-Delhi-NCR prices at INR 174,000/t and ex-Chennai prices at INR 175,000/t.
Copper
Domestic copper armature prices were assessed at INR 729,000/t ($8,682/t) exy-Delhi, up by 2.1% w-o-w. Copper futures on the LME recently hit a 4-month low, falling to $8,750/t. However, prices have since rebounded to $9,202/t, reaching levels seen in July.
BigMint reported a 0.7% w-o-w rise in talk scrap prices from the US to $4,850/t. Middle East-origin scrap, primarily from the UAE, increased by 1.1% to $4,650/t. Copper motor mix scrap is offered at $1,200/t in the EU and US, though actual trades are occurring at $1,160-1,170/t.
Global market updates
Arizona copper mine’s impact on 2024 election
Arizona’s Resolution Copper mine, vital for U.S. copper supply, faced strong opposition from native American and environmental groups. The U.S. Supreme Court may ultimately determine its fate, with the outcome potentially influenced by the 2024 presidential election. The mine’s development could also impact voter sentiment in Arizona, a key battleground state in the election.
Shyam Metalics targets Rs 40,000 crore revenue by FY’29
Shyam Metalics targets Rs 40,000 crore in revenue by financial year 2029 (FY’29), fuelled by its expansion into stainless steel and aluminum. The company plans to boost its stainless steel production from 150,000 t to 650,000 t and its aluminium output from 24,000 t to 42,000 t. With significant capital expenditure and a focus on sustainability, Shyam Metalics is set for substantial growth and enhanced operational efficiency.
Nickel prices rise after Putin’s export cut suggestion
Nickel prices rose by 2.6% to $16,145/t after Russian President Vladimir Putin hinted at potential export restrictions on nickel, uranium, and titanium in response to Western sanctions. Putin’s remarks, emphasising that these measures should not adversely affect Russia, also lifted shares in uranium mining companies. As a major nickel producer, Russia’s move to cut exports could significantly impact global markets.
Vedanta to boost nickel sulphate production amid growing EV demand
Vedanta is planning to increase its nickel and nickel sulphate production to meet rising demand for electric vehicle (EV) battery materials in northeast Asia. Although India’s EV market is still developing, Vedanta aims to capitalise on international opportunities. The company has also urged the Indian government to negotiate with Japan and South Korea to remove import duties on nickel sulphate.
Oil prices rise
Crude oil prices rose on concerns that Hurricane Francine could disrupt U.S. production by 1.5 million barrels, affecting Gulf of Mexico output. However, the rise was moderated by reduced global demand forecasts and increased U.S. crude inventories, with a 0.833 million barrel increase reported.
Brent crude oil futures were recorded at $72.50/barrel, while West Texas Intermediate (WTI) crude oil futures edged up by 0.78% to $69.51/barrel.
Natural gas prices edge up
Natural gas prices were recorded at $2.37/metric million British thermal unit (MMBtu), up by 0.72%.
Dollar index inches up
The dollar index, which measures the value of the greenback against a basket of six major currencies, hovered at 101.5, up by 0.07%. The Indian rupee was recorded at INR 83.92 against the dollar.
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