- India’s aluminium demand to rise 7-9% by CY’28
- Vedanta to raise $1 bn for Zambian copper assets
Base metals prices on the London Metal Exchange (LME) showed positive trends, with nickel recording the highest gain of 1.78% d-o-d. Meanwhile, inventories at LME-registered warehouses witnessed mixed movements, with copper down by 1.21% d-o-d.
COMEX market update
Copper prices on the COMEX stood at $9,859/tonne (t), remaining stable compared to the previous close.
Indian market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 790,000/t ex-Delhi. Aluminium Tense scrap prices remained stable d-o-d, with ex-Delhi at INR 175,000/t and ex-Chennai at INR 176,000/t.
Global updates
India’s aluminium demand to grow 7-9% by CY’28
India’s aluminium demand is set to rise 7-9% CAGR, reaching 2.4-2.5 mnt by 2028, driven by a 27% surge in EV sales. The automotive sector, contributing 40% of secondary aluminium demand in 2023, is expected to grow to 40-45% by 2028, reflecting a shift towards sustainable manufacturing.
Vedanta to raise $1 bn for Zambian copper mines
Vedanta Resources, aims to raise $1 billion through debt to develop its Konkola Copper Mines (KCM) in Zambia. The funds will help increase copper output to 300,000 t annually. The company is exploring multiple financing options while retaining its 80% stake in KCM.
Oil prices rise
Brent crude futures were recorded at $74.64/barrel today. Meanwhile, WTI crude oil futures increased by 0.37% d-o-d to $70.87/barrel.
Natural gas prices drop
Natural gas stood at $3.39/metric million British thermal unit (MMBtu), down by 0.47% d-o-d.
Dollar index inches up
The dollar index, which measures the value of the greenback against a basket of six major currencies, hovered at 107.69, up by 0.13% d-o-d at the time of reporting. The Indian rupee was recorded at INR 87.48 against the dollar.
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