- Trump eyes new 25% steel, aluminum tariffs
- Philippines plans raw nickel export ban
Base metals prices on the London Metal Exchange (LME) showed positive trends, with copper recording the highest gain of 1.41% d-o-d. Meanwhile, inventories at LME-registered warehouses witnessed mixed movements, with nickel up by 1.24% d-o-d.
COMEX market update
Copper prices on the COMEX stood at $10,073/tonne (t), increasing by 2% compared to the previous close.
Indian market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 770,000/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
Trump to introduce new tariffs
President Trump plans to announce new 25% tariffs on steel and aluminum imports, effective Monday. These tariffs are in addition to existing duties. Trump also intends to implement reciprocal tariffs on foreign countries based on their import rates. Exemptions for Canada and Mexico are unclear, and Trump has threatened new tariffs related to border security measures.
Philippines plans nickel export ban to boost local processing and mining revenues
The Philippines plans to ban raw nickel exports by June 2025, aiming to develop a domestic processing industry. As the world’s second-largest nickel supplier, it seeks to replicate Indonesia’s success in increasing mining revenues. With most nickel exports currently going to China, the move could reshape global supply chains and impact international markets.
Oil prices rise
Brent crude futures were recorded at $75.21/barrel today. Meanwhile, WTI crude oil futures increased by 0.72% d-o-d to $79.51/barrel.
Natural gas prices rise
Natural gas stood at $3.41/metric million British thermal unit (MMBtu), up by 3.11% 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 108.17, up by 0.21% d-o-d at the time of reporting. The Indian rupee was recorded at INR 87.59 against the dollar.
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