Base metals prices on the London Metal Exchange (LME) showed a downtrend, with lead recording the highest decline of 1.95% d-o-d. Additionally, inventories at LME-registered warehouses showed divergent trends, with copper increasing by 0.59% d-o-d.
COMEX market update
Copper prices on the COMEX stood at $11,195/tonne (t), stable compared to the previous close.
Indian market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 824,000/t ex-Delhi. Aluminium Tense scrap prices increased by INR 1,000/t d-o-d, with ex-Delhi and ex-Chennai at INR 188,000/t.
Key updates
India’s business growth slows in March
India’s business activity growth slowed in March, with a dip in services demand despite strong manufacturing performance. The Composite PMI fell slightly to 58.6, driven by a decline in services to 57.7. Manufacturing saw an increase to 57.6. International demand softened, and businesses became less optimistic, impacting hiring and future activity projections.
Hydro to invest in new wire rod cast house
Norsk Hydro is investing NOK 1.65 billion to build a new wire rod cast house at its Karmoy aluminum smelter. The facility, with an annual capacity of 110,000 t, will produce aluminum wire for power cables in Europe, starting in 2028. This is Hydro’s largest investment in Norway in ten years, supporting low-carbon solutions for critical infrastructure.
Oil prices dip
Oil prices dipped as investor sentiment shifted following discussions about a potential Russia-Ukraine ceasefire, raising hopes of increased Russian oil exports. While OPEC+ production trends beyond April remain uncertain, the possibility of eased US sanctions on Russian oil weighed on the market. Investors are balancing optimism from tighter supply expectations with concerns over supply-demand dynamics.
Brent crude futures were recorded at $72.03/barrel today. Meanwhile, WTI crude oil futures decreased by 0.12% d-o-d to $68.20/barrel.
Natural gas prices fall
Natural gas stood at $3.94/metric million British thermal unit (MMBtu), down by 0.83.% 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 103.67, down by 0.08% d-o-d at the time of reporting. The Indian rupee was recorded at INR 85.85 against the dollar.
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