Base metals prices on the London Metal Exchange (LME) increased on Wednesday, 17 April, triggered by fresh limitations on metal sourced from Russia.
Three-month aluminium futures gained by 1% to $2,587/tonne (t), while nickel prices were at $18,238/t (up 0.28%). Copper prices settled at $9,582/t, while zinc edged up by 2.45% to $2,839/t. Lead prices were up by 0.33% to $2,156/t.
COMEX market
Copper prices on the Commodity Exchange (COMEX) inched up by 0.53% to $9,510/t against the previous closing.
India’s non-ferrous markets
Aluminium
As per BigMint’s assessment, spot prices for aluminium ADC12 alloy ingot experienced a slight uptick of INR 3,000/t, reaching INR 216,000/t w-o-w exw Delhi NCR. Notably, tense Ex-Delhi reached INR 186,000/t, marking a weekly increase of INR 3,000/t. The scrap-to-ADC12 spread continued to dwindle due to the prevalence of cheaper imports from FTA countries.
Global updates
Peru copper production growth near 13% in February
Peru’s copper production grew 12.7% in February to reach 2,16, 752 metric tonnes, the country’s ministry said on Tuesday. Peru is one of the world’s top producers of copper, and mining is a key driver of the Andean country’s economy. In the year’s first two months, Peru produced a total volume of 422 127 t, 5.4% more compared to the same period last year.
Alcoa corporation announces Q1 2024 results
Alcoa Corporation released its first-quarter 2024 results today, covering a period that involved the announced acquisition of Alumina Limited and ongoing efforts towards near-term enhancements.
Alumina production dropped by 4% to 2.67 mnt due to reduced output from Australian refineries. Alcoa’s aluminium production remained steady at 542,000 t compared to the previous quarter. Adjusted EBITDA, excluding special items, rose by $43 million to $132 million sequentially, driven by lower energy and raw material expenses, partly offset by decreased third-party aluminum prices and increased production costs.
Oil prices inch up
Brent oil futures were up slightly by 0.23% to $88.10 per barrel. Crude oil WTI futures edged up by 0.15% to $83.79 per barrel at the time of reporting.
Natural gas prices up
Prices of natural gas were recorded at $1.743/MMBtu, up by 1.81%.
Dollar index
The dollar index, which gauges the value of the greenback in a basket of six different currencies, hovered at 105.75, slightly down by 0.11%.
The rupee was recorded at INR 83.52 against the dollar, appreciating marginally against the previous closing.