- Weaker dollar prompts copper price gains on LME
- India’s aluminium Tense scrap tags hold firm d-o-d
Base metals prices on the London Metal Exchange (LME) increased d-o-d, with copper experiencing the highest gain of 4.35%. Meanwhile, inventories at LME-registered warehouses saw mixed trends, with lead increasing by 2.05% d-o-d.
COMEX market
Copper prices on the COMEX stood at $9,982/tonne (t), increasing by 3.4% compared to the previous close.
Indian market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 785,000/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.
BigMint’s monthly assessment for the OEM grade of ADC12 stood at INR 226,000/t in Delhi, rising by INR 9,000/t m-o-m, and INR 228,000/t in Chennai, up by INR 12,000/t m-o-m.
Key updates
Copper-gold discovery in Chagai revives Pakistan’s mining hopes
National Resource Ltd. has discovered copper-gold mineralisation at Tang Kaur, Chagai, with drill holes showing up to 148 m of mineralised zones and copper-equivalent grades reaching 0.56%. The licence area holds 18 prospects, with all 13 initial drill holes intersecting significant ore. The find is timely as global copper demand is projected to double by 2035.
LME copper gains as weaker dollar boosts buying interest
LME copper prices rose, as the US dollar weakened, making dollar-priced metals more attractive to global buyers. The US dollar index slipped amid uncertainty over US-China tariffs. Copper climbed up towards $9,200/t, supported by softer dollar sentiment and hopes of improved Chinese demand.
Oil prices drop d-o-d
Brent crude futures were recorded at $64.95/barrel today. Meanwhile, WTI crude oil futures decreased by 0.36% d-o-d to $61.72/barrel.
Natural gas prices down
Natural gas stood at $3.48/metric million British thermal unit (MMBtu), down by 1.19% 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 99.19, down by 0.66% d-o-d at the time of reporting. The Indian rupee was recorded at INR 85.96 d-o-d against the dollar.
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