Base metals prices on the London Metal Exchange (LME) showed positive trends, except for nickel, which recorded a decline of 1.59% d-o-d. Meanwhile, inventories at LME-registered warehouses witnessed negative movements, with copper down by 0.63% d-o-d.
COMEX market update
Copper prices on the COMEX stood at $9,995/tonne (t), decreasing by 3% compared to the previous close.
Indian market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 785,000/t ex-Delhi. Aluminium Tense scrap prices remained stable d-o-d, with ex-Delhi at INR 179,000/t and ex-Chennai at INR 180,000/t.
Global updates
Copper prices soar after US probe announcement
Copper prices spiked yesterday after President Trump ordered an investigation into possible tariffs on metal imports, aimed at protecting US producers. This move is part of a broader effort to adjust global supply chains. Copper miners in the US saw stock increases, and analysts predict volatility in copper price differences between the US and international markets.
Indonesia plans $1.8 Billion Nickel plant
Indonesia’s PT Merdeka Battery Materials will build a $1.8 billion high-pressure acid leach plant in Sulawesi’s Indonesia Morowali Industrial Park, aiming to boost domestic nickel processing. The plant will extract nickel and cobalt, key for electric vehicle batteries. The project, financed partially by a $1.4 billion loan, will take 18 months, addressing growing demand and local production capacity.
Oil prices rise
Brent crude futures were recorded at $72.75/barrel today. Meanwhile, WTI crude oil futures increased by 0.17% d-o-d to $68.74/barrel.
Natural gas prices rise
Natural gas stood at $3.98/metric million British thermal unit (MMBtu), up by 0.68% 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 106.61, up by 0.26% d-o-d at the time of reporting. The Indian rupee was recorded at INR 87.21 against the dollar.
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