- Aluminium falls on China demand concerns
- Nickel nears cost threshold, sparks output cut talks
Base metals prices on the London Metal Exchange (LME) remained rangebound d-o-d, with aluminium decreasing by 1.11% to $2,451/tonne (t). Meanwhile, inventories at LME-registered warehouses dropped d-o-d, with copper recording the steepest fall of 4.06%.
COMEX market
Copper prices on the COMEX stood at $10,661/t, decreasing by 1.2% compared to the previous close.
Indian market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 801,000/t ex-Delhi. Aluminium Tense scrap prices remained steady d-o-d, with ex-Delhi at INR 196,000/t and ex-Chennai at INR 197,000/t.
Market updates
Aluminium slips on China demand concerns
Aluminium prices declined amid fresh concerns over China’s economic outlook, as its composite PMI hit a 2.5-year low due to manufacturing weakness. Despite tight physical markets and rising US aluminium premiums, bearish sentiment prevailed.
Nickel price pressure may trigger output cuts
Nickel prices nearing the $15,000/t mark threaten global production margins, with Indonesian producers eyeing $18,000/t as sustainable. Weak demand outside China, tariff concerns, sluggish EV uptake, and a Western stainless steel slump have weighed on prices. After strong early-year demand, May’s slowdown has prompted some Indonesian stainless steel producers to consider output cuts to stabilise prices.
Oil prices down d-o-d
Brent crude futures were recorded at $66.41/barrel today. Meanwhile, WTI crude oil futures decreased by 0.06% d-o-d to $64.54/barrel.
Natural gas prices down
Natural gas stood at $3.74/metric million British thermal unit (MMBtu), down by 1.14% 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 98.97, down by 0.18% d-o-d at the time of reporting. The Indian rupee was recorded at INR 85.64 against the dollar.
Leave a Reply