- Copper down 7.8% from previous close
- Copper prices fall amid tariff concern
Base metals prices on the London Metal Exchange (LME) witnessed a decline as of 4 April, 2025 with copper experiencing the steepest drop of 6.26%. LME-registered warehouse inventories saw mixed trends, with zinc dropping by 2.31%.
COMEX market
Copper prices on the COMEX stood at $9,659/tonne (t), down 7.8% compared to the previous close.
Indian market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 790,000/t ex-Delhi. Aluminium Tense scrap prices dropped by INR 2,000/t d-o-d, with ex-Delhi and ex-Chennai at INR 185,000/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, respectively, amid the decline in LME levels.
Key updates
Copper prices drop amid tariff fears
Copper prices dropped sharply due to concerns over potential demand declines from new tariffs imposed by President Trump. Market sentiment is cautious as investors fear economic slowdown and reduced consumption. Trade tensions, especially with China and the EU, add to the uncertainty. Major copper producers saw significant stock losses, with further price declines expected.
Oil prices dip d-o-d
Brent crude futures were recorded at $63.76/barrel today. Meanwhile, WTI crude oil futures dropped by 2.86% d-o-d at $60.22/barrel.
Natural gas prices down
Natural gas stood at $3.75/metric million British thermal unit (MMBtu), down by 2.08% 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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