- Argentina reviews AD duties on aluminum
- Indian rupee at INR 86.68 against USD
Base metals prices on the London Metal Exchange (LME) showed mixed trends, with aluminium recording the highest drop of 1.43% d-o-d. Meanwhile, inventories at LME-registered warehouses witnessed mixed movements, with zinc down by 1.71% d-o-d.
COMEX market update
Copper prices on the COMEX stood at $10,102/tonne (t), increased by 1% to the previous close.
Indian market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 788,000/t ex-Delhi. Aluminium Tense scrap prices increased by INR 1,000/t d-o-d, with ex-Delhi at INR 179,000/t and ex-Chennai at INR 180,000/t.
Global updates
Argentina reviews anti-dumping duties on Chinese aluminum sheets
Argentina’s Ministry of Economy has initiated the first anti-dumping (AD) sunset review for Chinese aluminum sheets following requests from local companies. Additionally, a review of changes in circumstances has been launched due to potential market shifts. The current 80.14% AD duty is suspended pending the outcome of these reviews.
Oil prices slip
Oil prices slipped in Asia on Monday due to the potential resumption of exports from Kurdistan’s oilfields. This follows a pressure from the US on Iraq to restore supply flows, which had been disrupted for nearly two years. Investors also awaited updates on the ongoing Russia-Ukraine conflict and potential peace talks.
Brent crude futures were recorded at $74.33/barrel today. Meanwhile, WTI crude oil futures decreased by 0.26% d-o-d to $70.22/barrel.
Natural gas fall
Natural gas stood at $4.03/metric million British thermal unit (MMBtu), down by 4.70% d-o-d.
Dollar index inches down
The dollar index, which measures the value of the greenback against a basket of six major currencies, hovered at 106.17, down by 0.31% d-o-d at the time of reporting. The Indian rupee was recorded at INR 86.68 against the dollar.
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