- Adani to launch Kutch Copper smelter in 4 weeks
- Chile’s copper miners see uneven trends in output
Base metals prices on the London Metal Exchange (LME) increased d-o-d on 10 April 2025, with nickel experiencing the highest gain of 5.07%. Inventories at LME-registered warehouses saw mixed trends, with lead increasing by 2.91% d-o-d.
COMEX market
Copper prices on the COMEX stood at $9,652/tonne (t), remaining range-bound compared to the previous close.
Indian market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 774,000/t ex-Delhi. Aluminium Tense scrap prices remained stable d-o-d, with ex-Delhi at INR 183,000/t and ex-Chennai at INR 185,000/t.
Key updates
Adani to launch major copper smelter
Adani Enterprises will begin operations at its massive Kutch Copper smelter in India within four weeks. This marks the first phase of what could become the world’s largest metallurgical complex. Despite market challenges such as negative refining charges, the project aligns with India’s rising copper demand amid industrial growth and energy transition efforts.
Chile sees mixed trends in major miners’ copper output
Codelco’s copper production dropped 6% in February to 98,100 t, continuing its declining trend. Meanwhile, BHP’s Escondida mine surged 16% to 113,400 t. Collahuasi’s output plummeted 62% to 17,000 t, with Anglo American citing life-cycle stage issues. These shifts highlight uneven production trends among Chile’s top copper producers, impacting global copper supply dynamics.
China ramps up exports before tariffs hit
China’s exports likely grew 4.4% in March as factories rushed shipments ahead of sweeping US tariffs by President Trump. However, imports remained weak, down 2.0%. As trade tensions escalate, with China and the US imposing steep retaliatory duties, analysts warn of major risks to global trade and China’s economic outlook. Official trade data will be released on Monday.
Oil prices gain d-o-d
Brent crude futures were recorded at $64.02/barrel today. Meanwhile, WTI crude oil futures increased by 1.13% d-o-d to $60.75/barrel.
Natural gas prices down
Natural gas stood at $3.54/metric million British thermal unit (MMBtu), down by 0.37% 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 100.35, down by 0.26% d-o-d at the time of reporting. The Indian rupee was recorded at INR 86.13 d-o-d against the dollar.
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