Base metals prices on the London Metal Exchange (LME) showed an upward trend, with nickel recording the highest gain of 2.98% d-o-d. Meanwhile, inventories at LME-registered warehouses remained range-bound, with lead dropping by 1% d-o-d.
COMEX market update
Copper prices on the COMEX stood at $10,021/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 786,000/t ex-Delhi. Aluminium Tense scrap prices inched up by INR 1,000/t d-o-d, with ex-Delhi at INR 180,000/t and ex-Chennai at INR 181,000/t.
Key updates
Impact of customs duty removal on copper scrap in Budget’26
The Union Budget 2025-26’s removal of customs duty on copper scrap and INR 1,500-crore allocation for critical mineral recycling under the National Critical Mineral Mission (NCMM) will enhance domestic scrap inflow. This move strengthens recyclers, promotes circular economy, and boosts copper production, reducing reliance on mined copper ore for refined copper.
Zinc prices rise on China’s fiscal stimulus hopes
Zinc prices increased by 1.26%, boosted by expectations of fiscal stimulus from China, the world’s largest consumer. China’s manufacturing PMI improved, signalling stronger industrial activity. The People’s Bank of China is expected to adjust policies for growth. Zinc production declined globally, with a market shift to a 62,000 t deficit in 2024.
Oil prices drop
Brent crude futures were recorded at $70.94/barrel today. Meanwhile, WTI crude oil futures decreased by 0.70% d-o-d to $67.89/barrel.
Natural gas prices drop
Natural gas stood at $4.0/metric million British thermal units (MMBtu), down by 1.26% 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 106.49, down by 0.17% d-o-d at the time of reporting. The Indian rupee was recorded at INR 87.36 against the dollar.
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