Base metals prices on the London Metal Exchange (LME) remained range-bound, with zinc recording a drop of 1.47% d-o-d. Meanwhile, inventories at LME-registered warehouses showed marginal declines, with aluminium dropping by 0.91% d-o-d.
COMEX market update
Copper prices on the COMEX stood at $10,294/tonne (t), down 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 795,000/t ex-Delhi. Aluminium Tense scrap prices remained stable d-o-d, with ex-Delhi at INR 182,000/t and ex-Chennai at INR 183,000/t.
Key updates
BHP earns right to 75% stake in Cobre’s Botswana projects
BHP has secured the right to acquire a 75% stake in Cobre’s Kitlanya copper projects in Botswana in exchange for exploration funding. This follows Cobre’s selection in BHP’s Xplor programme. The deal includes committed funding within two years and a planned exploration budget starting next month. The partnership aims to accelerate copper discovery efforts.
Replacing Canadian aluminium imports may hurt US sustainability efforts
Producing aluminium in Canada is energy-intensive, requiring nearly 15,000 kilowatt hours per tonne. If the US were to replace 2.7 mnt of imported Canadian aluminium, it would need over 40 million megawatt-hours – nearly four and a half times the annual output of the Hoover Dam. This shift would drastically increase energy consumption and undermine sustainability efforts.
Oil prices drop
Brent crude futures were recorded at $70.08/barrel today. Meanwhile, WTI crude oil futures decreased by 0.48% d-o-d to $66.72/barrel.
Natural gas prices rise
Natural gas stood at $4.63/metric million British thermal units (MMBtu), up by 5.34% 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 103.86, up by 0.05% d-o-d at the time of reporting. The Indian rupee was recorded at INR 87.20 against the dollar.
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