- Copper prices on COMEX remain unchanged d-o-d
- Aluminium Tense rises by INR 2,000/t d-o-d in India
Base metals prices on the London Metal Exchange (LME) remained range-bound d-o-d. Meanwhile, inventories at LME-registered warehouses witnessed slight fluctuations, with lead recording a drop of 0.99% d-o-d.
COMEX market
Copper prices on the COMEX stood at $10,315/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 792,000/t ex-Delhi. Aluminium Tense scrap prices increased by INR 2,000/t d-o-d, with ex-Delhi at INR 194,000/t and ex-Chennai at INR 195,000/t.
Market updates
Red Dog mine faces tariff disruption
The world’s largest zinc mine, Teck Resources’ Red Dog in Alaska, is set to re-route shipments away from China after new tariffs escalated US-China trade tensions. With over 20% of its zinc output previously sold to China, Teck Resources now faces major logistical challenges as it seeks alternative buyers. This is despite strong global demand for zinc and lead concentrates.
Oil prices up d-o-d
Oil prices rose on Wednesday, buoyed by optimism over upcoming US-China trade negotiations and expectations of reduced US production. Investors are hopeful that the talks may ease trade tensions, improving market sentiment. Additionally, signs of declining US output and increased demand in Europe and China contributed to the positive outlook.
Brent crude futures were recorded at $62.86/barrel today. Meanwhile, WTI crude oil futures increased by 1.30% d-o-d to $59.86/barrel.
Natural gas prices rise
Natural gas stood at $3.55/metric million British thermal unit (MMBtu), up by 2.51% d-o-d.
Dollar index inches up
The dollar index, which measures the value of the greenback against a basket of six major currencies, hovered at 99.27, up by 0.23% d-o-d at the time of reporting. The Indian rupee was recorded at INR 84.60 d-o-d against the dollar.
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