- Indian base metals prices dip d-o-d
- Codelco to supply copper concentrates to Adani’s smelter
Base metal prices on the London Metal Exchange (LME) witnessed a decline as of 3 April 3, 2025 with copper experiencing the steepest drop of 3.4%. LME-registered warehouse inventories also saw a d-o-d outflow, except for nickel, which remained largely stable.
COMEX market
Copper prices on the COMEX stood at $10,472/tonne (t), down 2.5% compared to the previous close.
Indian market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 804,000/t ex-Delhi. Aluminium Tense scrap prices remained stable d-o-d, with ex-Delhi and ex-Chennai at INR 187,000/t.
Similarly, zinc SHG ingot and lead re-melted ingot prices also dipped d-o-d to INR 270,000/t and INR 184,000/t ex-Delhi NCR amid the decline in LME levels.
Key updates
Codelco to supply copper concentrates to Adani’s smelter
Chile’s Codelco will supply copper concentrates to Adani Group’s Kutch Copper smelter in Gujarat, India. The world’s largest single-location copper smelter, Kutch Copper began operations last year. The supply agreement follows discussions between Codelco’s chairman, Maximo Pacheco, and Adani Group’s chairman, Gautam Adani.
Yazaki expands India presence with Chennai factory
Japanese auto parts maker Yazaki has expanded its presence in India by setting up a new factory in Chennai in collaboration with Horizon Industrial Parks. The built-to-suit facility spans 316,000 square feet and aims to boost production capacity, contributing to the growing demand for automotive components in the region.
UAE’s non-oil private sector growth slows in March
Growth in the UAE’s non-oil private sector slowed in March, with PMI falling to 54 from 55 in February. New order growth also decelerated, while input purchases increasing. Employment growth weakened, and Dubai’s PMI dropped to a five-month low. Despite this, firms remain optimistic.
US trade deficit narrows in February
The US’s trade deficit narrowed 6.1% to $122.7 billion in February, down from January’s record high. Imports remained steady at $401.1 billion, with businesses front-loading goods to avoid higher tariffs. Exports increased 2.9% to a record $278.5 billion. Despite the deficit reduction, the trade imbalance is expected to hinder first-quarter economic growth, with GDP estimates under 0.5%.
Oil prices dip d-o-d
Oil prices dropped nearly 1% on Friday, heading for their worst week in months following US President Donald Trump’s new tariffs, which raised concerns that a global trade war could dampen oil demand.
Although the tariff announcement on Wednesday had a significant impact on crude prices, the effects were felt even more strongly in other markets.
Brent crude futures were recorded at $69.54/barrel today. Meanwhile, WTI crude oil futures dropped by 0.91% d-o-d at $66.34/barrel.
Natural gas prices down
Natural gas stood at $4.108/metric million British thermal unit (MMBtu), down by 0.72% 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 101.68, down by 0.38% d-o-d at the time of reporting. The Indian rupee was recorded at INR 85.19 showing a slight appreciation d-o-d against the dollar.
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