- Lundin Mining, BHP make major copper discovery
- India launches portal for non-ferrous metals recycling
Base metals prices on the London Metal Exchange (LME) remained range-bound d-o-d, with aluminium dropping by 1.73% to $2,385/tonne (t). Meanwhile, inventories at LME-registered warehouses remained stable d-o-d.
COMEX market
Copper prices on the COMEX stood at $10,183/t, decreasing by 1.6% 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 remained stable d-o-d, with ex-Delhi at INR 194,000/t and ex-Chennai at INR 195,000/t.
Market updates
Lundin Mining, BHP make world’s largest copper discovery in 30 years
A major copper discovery by Lundin Mining and BHP at South America’s Filo del Sol project has positioned it among the world’s top copper resources. With 13 million tonnes (mnt) of measured and indicated copper and another 25 mnt inferred, this greenfield find marks a historic milestone, as it is the largest copper discovery in the past 30 years. The site’s vast high-grade core underscores South America’s growing dominance in global copper supply.
Govt launches portal to boost non-ferrous metal recycling
The Indian government has unveiled a dedicated portal to enhance the recycling ecosystem of aluminium, copper, lead, zinc, and critical elements. This initiative, led by Coal and Mines Minister G. Kishan Reddy, aims to improve data visibility, support policymaking, and significantly boost recycling production capacity through informed stakeholder participation.
Oil prices up d-o-d
Brent crude futures were recorded at $61.48/barrel today. Meanwhile, WTI crude oil futures increased by 0.71% d-o-d to $58.48/barrel.
Natural gas prices rise
Natural gas stood at $3.69/metric million British thermal unit (MMBtu), up by 0.50% 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 99.69, up by 0.26% d-o-d at the time of reporting. The Indian rupee was recorded at INR 84.68 against the dollar.
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