Base metals prices on the London Metal Exchange (LME) remained range-bound, with zinc recording the highest decline of 1.16% d-o-d. Additionally, inventories at LME-registered warehouses remained range-bound, with aluminium increasing by 1.42% d-o-d.
COMEX market update
Copper prices on the COMEX stood at $10,176/tonne (t), up by 2% compared to the previous close.
Indian market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 785,000/t ex-Delhi. Aluminium Tense scrap prices inched up by INR 1,000/t d-o-d, with ex-Delhi at INR 181,000/t and ex-Chennai at INR 182,000/t.
Key updates
Copper prices under pressure amid tariff concerns
Copper prices are under pressure due to uncertainty over potential US tariffs, which could tighten supply, as the country relies heavily on imports. Chile’s copper output has declined, while stockpiles in China have surged, signalling oversupply. The copper market is also facing continued liquidation, with ongoing market volatility.
Indonesia faces growing pains amid nickel boom
Indonesia now controls over 50% of global nickel production, driven by cheap coal-based power and Chinese technology that maximises the use of low-grade reserves. However, the rapid surge in production has led to a decline in nickel prices and a shortage of ore, forcing even the country’s own smelters to curb output. Despite its dominance, these challenges highlight the strain on Indonesia’s nickel industry.
Oil prices drop
Brent crude futures were recorded at $70.86/barrel today. Meanwhile, WTI crude oil futures decreased by 0.78% d-o-d to $67.73/barrel.
Natural gas prices drop
Natural gas stood at $4.30/metric million British thermal units (MMBtu), down by 1.03% d-o-d.
Dollar index inches down
The dollar index, which measures the value of the greenback against a basket of six major currencies, hovered at 105.56, down by 0.12% d-o-d at the time of reporting. The Indian rupee was recorded at INR 87.11 against the dollar.
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