- US copper tags rise amid tariff concerns
- Natural gas, oil prices see uptick d-o-d
Base metals prices on the London Metal Exchange (LME) showed positive trends, with aluminium recording the highest gain of 1.14% d-o-d. Meanwhile, inventories at LME-registered warehouses witnessed negative movements, with zinc down by 1.03% d-o-d.
COMEX market update
Copper prices on the COMEX stood at $10,078/tonne (t), stable compared to the previous close.
Indian market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 784,000/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
Copper prices rise in US amid tariff concerns
Copper prices increased d-o-d in the US on Monday as the market reacted to President Trump’s plans to impose new tariffs on industrial metals, including copper. The premium of US COMEX copper tags over LME ones soared to a record high, reflecting heightened volatility. Traders quickly adjusted, pricing in the impact of the expected tariffs, leading to bullish momentum despite increased market uncertainty.
Oil prices increase
Brent crude futures were recorded at $76.12/barrel today. Meanwhile, WTI crude oil futures increased by 0.28% d-o-d to $72.52/barrel.
Natural gas prices rise
Natural gas stood at $3.46/metric million British thermal unit (MMBtu), up by 0.67% 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 108.26, up by 0.06% d-o-d at the time of reporting. The Indian rupee was recorded at INR 86.89 against the dollar.
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