- Philippines pitches nickel supply deal to India
- Copper tags rise amid China’s new action plan
Base metals prices on the London Metal Exchange (LME) showed mixed trends, with lead recording the highest decline of 0.68% d-o-d. Additionally, inventories at LME-registered warehouses showed negative trends, with lead dropping by 1.45% d-o-d.
COMEX market update
Copper prices on the COMEX stood at $10,890/tonne (t), up 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 810,000/t ex-Delhi. Aluminium Tense scrap prices remained stable d-o-d, with ex-Delhi and ex-Chennai at INR 186,000/t.
Key updates
Copper prices rise amid Chinese consumption boost
Copper prices on the COMEX touched a five-month high on Monday, rising 1% d-o-d. This surge followed China’s announcement of an action plan to boost consumption, despite struggles in the property sector. Copper prices have risen 12% this year, driven by US tariff concerns, supply shortages, and maintenance at major mines. Market watchers expect prices to hit $10,000/t soon, as global markets remain tight.
Philippines seeks nickel supply deal with India
The Philippines, the world’s second-largest nickel producer, is pitching its nickel supplies to India as part of efforts to diversify exports beyond China. Filipino Foreign Minister Enrique Manalo emphasised the importance of Indian involvement in the Philippines’ nickel sector, which is crucial for battery production. The Philippines aims to deepen ties with India through a preferential trade agreement (PTA) and expand trade, in areas such as automobiles, batteries, and pharmaceuticals.
Oil prices rise
Brent crude futures were recorded at $71.44/barrel today. Meanwhile, WTI crude oil futures increased by 0.50% d-o-d to $67.92/barrel.
Natural gas prices rise
Natural gas stood at $4.001/metric million British thermal unit (MMBtu), up by 0.42% 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 103.41, up by 0.04% d-o-d at the time of reporting. The Indian rupee was recorded at INR 86.59 against the dollar.
Leave a Reply