LME base metals prices show positive trends d-o-d

• Copper prices on COMEX increase by 3.4% d-o-d
• China’s copper ore imports rise 25% y-o-y in Apr’25

Base metals prices on the London Metal Exchange (LME) showed positive trends d-o-d, with lead increasing by 1.90% to $1,981/tonne (t). Meanwhile, inventories at LME-registered warehouses declined d-o-d, with copper dipping by 1.29% to 191,775 t.

COMEX market

Copper prices on the COMEX stood at $10,278/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 792,000/t ex-Delhi. Aluminium Tense scrap prices remained steady d-o-d, with ex-Delhi at INR 195,000/t and ex-Chennai at INR 196,000/t.

Market updates

China’s copper ore imports surge in Apr’25, easing supply concerns

In April 2025, China imported a record 2.9 million tonnes (mnt) of copper concentrate, a 25% y-o-y increase, driven by expanding smelting capacity and strategic stockpiling. This import surge aims to alleviate domestic feedstock shortages amid global supply constraints. Despite overcapacity concerns, China’s robust demand underscores its pivotal role in the global copper market.

Hydro faces minimal impact from US tariffs

Norwegian aluminium producer Hydro expects minimal direct impact from recent US tariffs on aluminium, steel, and automotive products. This resilience is attributed to the company’s extensive domestic sourcing and pass-through pricing strategies. With only 6% of European vehicle production exported to the US in 2024, Hydro’s 15-20% market share in European automotive extrusions results in low direct exposure to potential auto tariffs.

Oil prices up d-o-d

Brent crude futures were recorded at $64.82/barrel today. Meanwhile, WTI crude oil futures increased by 1.52% d-o-d to $61.95/barrel.

Natural gas prices drop

Natural gas stood at $3.73/metric million British thermal unit (MMBtu), down by 1.53% 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 100.52, up by 0.36% d-o-d at the time of reporting. The Indian rupee was recorded at INR 84.78 against the dollar.