- Warehouse stocks show mixed trends
- Nickel up w-o-w but 3-month trend down
At close of trading on Friday, 24 January 2025, base metals prices on the London Metal Exchange (LME) showed positive trends, with nickel increasing by 3.62% w-o-w. Meanwhile, LME warehouse stocks exhibited negative trends, except for nickel, which showed a gain of 1.20% w-o-w.
On the LME, three-month aluminium stood at $2,571/tonne (t), up by 3.13%, while nickel prices decreased by 1.31% w-o-w to $15,111/t. Copper prices were at $9,091/t, up by 2.42% w-o-w, while zinc decreased by 0.69% w-o-w to $2,868/t. Lead inched up by 2.70% w-o-w to $1,975/t.
Aluminium
Imported aluminium scrap prices in India witnessed an uptrend w-o-w. Amid demand recovery and a rise in London Metal Exchange (LME) aluminium prices, certain scrap grades reported supply shortages.
BigMint’s benchmark assessment for Tense scrap originating from the US stood at $1,800/t, largely stable w-o-w, while wheels from the UK was priced at $2,495/t, up $85/t w-o-w, both CFR west coast, India.
Domestic aluminium Tense scrap prices remained stable w-o-w, with ex-Delhi at INR 175,000/t and ex-Chennai at INR 176,000/t.
BigMint’s weekly assessments for ADC12 (non-OEM) grade stood at INR 202,000/t in Delhi and INR 203,000/t in Chennai, stable w-o-w.
Copper
Domestic copper armature prices were assessed at INR 761,000/t ex-Delhi, up 1.7% w-o-w, while copper motors mix scrap prices moved up w-o-w to $1,150/t following LME prices which rebounded to over $9,300/t levels, up $140/t w-o-w.
Secondary continuously cast rods (CCR) (99.90%) were assessed at INR 808,000/t (ex-Delhi), reflecting a 0.7% weekly increase. Meanwhile, primary CCR prices rose by 0.9% to INR 835,000/t.
Zinc
Zinc prices experienced mixed trends. Imported zinc diecast from the Middle East was assessed at $2,110/t CFR Mundra, down $10/t w-o-w, while domestic zinc ingots dropped 0.7% w-o-w to INR 280,000/t. Hindustan Zinc Limited (HZL) zinc ingots, however, rose INR 5,200/t w-o-w to INR 296,800/t ex-Jodhpur.
Lead
In the lead segment, domestic primary ingots fell 0.7% w-o-w to INR 280,000/t, while re-melted ingots increased 0.9% w-o-w to INR 173,000/t. HZL lead ingots were up INR 1,800/t w-o-w to INR 200,400/t ex-Jodhpur.
Chinese base metals market overview
In the week ending 24 January, deliverable base metals inventories at warehouses registered with the Shanghai Futures Exchanges (SHFE) displayed a mixed picture, with copper showing the largest inflow of 10% w-o-w to 98,049 t, according to the exchange’s weekly stock report.
Market updates
S. Korea’s economic growth slows amid political crisis, external risks: South Korea’s economy grew just 0.1% in Q42024, below expectations, as political turmoil hurt domestic demand. The ongoing political crisis, including the impeachment of key leaders, dampened confidence, impacting growth outlook for 2025. Exports showed slight recovery, but risks, including potential tariffs under a second Trump presidency, threaten further economic strain.
Japan’s December exports exceed expectations amid tariff concerns: Japan’s exports grew by 2.8% in December 2024, driven by strong demand for chipmaking equipment and a weaker yen. However, exports to China and the US declined, and Japanese businesses remain cautious about potential US tariffs, preparing for future trade disruptions.
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