- India’s copper cathode imports plunge 34%
- China ADC12 market stays flat, weak demand
Base metals prices on the London Metal Exchange (LME) showed mixed trends d-o-d, with zinc decreasing by 1.75% to $2,619/tonne (t). Meanwhile, inventories at LME-registered warehouses dropped d-o-d, with copper recording the steepest fall of 7.55%.
COMEX market
Copper prices on the COMEX stood at $10,725/t, increasing by 0.6% 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
Copper cathode imports dip 34% in FY’25
India’s copper cathode imports dropped 34% year-on-year in FY25, from 27,000 t/month to just 2,000 t during Dec-Feb due to a Quality Control Order (QCO). Production slowed, especially in EVs and electronics. Meanwhile, imports of wires rose 17%, tubes 30%, and sheets 49%, reflecting rising demand and growing reliance on finished copper goods.
China ADC12 market holds steady amid weak demand
China’s secondary aluminium market saw stable ADC12 prices at RMB 19,900-20,100/mt ($2,770-2,780/t), supported by tight tense scrap supply. However, negative import margins curbed inbound flows, while inventories edging up in key provinces like Jiangsu and Guangdong, reflecting sluggish demand. Prices may remain range-bound amid seasonal softness and macroeconomic uncertainty.
Oil prices up d-o-d
Brent crude futures were recorded at $67.24/barrel today. Meanwhile, WTI crude oil futures increased by 0.21% d-o-d to $65.43/barrel.
Oil prices rise on US-China trade talk hopes
Oil prices inched up as markets awaited progress in US-China trade talks, which could ease tensions and support global fuel demand. Brent traded at $67.16/bbl and WTI at $65.42. Optimism over a deal lifted prices to their highest in weeks. Meanwhile, Iran plans a counter-proposal on the nuclear deal, with any easing of sanctions potentially boosting its oil exports. OPEC output edged up in May, and concerns remain over a possible supply surplus if OPEC+ continues relaxing production cuts.
Natural gas prices down
Natural gas stood at $3.63/metric million British thermal unit (MMBtu), down by 0.28% 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 99.07, up by 0.18% d-o-d at the time of reporting. The Indian rupee was recorded at INR 85.55 against the dollar.
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