Base metals prices on the London Metal Exchange (LME) showed slight positive trends, with lead gaining by 1.46% d-o-d. Meanwhile, inventories at LME-registered warehouses remained range-bound, with copper dropping by 1.58% d-o-d.
COMEX market update
Copper prices on the COMEX stood at $10,637/tonne (t), up by 1% compared to the previous close.
Indian market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 804,000/t ex-Delhi. Aluminium Tense scrap prices increased by INR 1,000/t d-o-d, with both ex-Delhi and ex-Chennai tags at INR 186,000/t.
Key updates
Nyrstar to cut Hobart zinc output by 25%
Nyrstar will reduce production at its Hobart zinc smelter in Australia by 25% from April due to financial losses amid weak market conditions. The 280,000 t/yr smelter, mainly exporting to Asia, faces rising costs and lower treatment charges. Independent zinc smelters are struggling with tight concentrate supply after major mine shutdowns in 2023, with further reductions expected in 2025.
US copper imports set to surge amid potential tariffs
US copper imports could rise by 50-100% as buyers stockpile ahead of potential tariffs. The surge may boost US inventories by 200,000-300,000 t by Q3, tightening global supply. A projected 180,000-t deficit in 2025, driven by electrification demand and slower mine growth, could push prices higher, impacting industries worldwide.
Oil prices drop
Brent crude futures were recorded at $70.85/barrel today. Meanwhile, WTI crude oil futures decreased by 0.22% d-o-d to $67.53/barrel.
Natural gas prices drop
Natural gas stood at $4.06/metric million British thermal units (MMBtu), down by 0.42% 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 103.60, up by 0.02% d-o-d at the time of reporting. The Indian rupee was recorded at INR 87.04 against the dollar
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