- Aluminium premiums surge on US-Canada tariffs
- China leads in EV sales despite EU tariffs
Base metals prices on the London Metal Exchange (LME) remained range-bound, with zinc gaining 1.96% d-o-d. Meanwhile, inventories at LME-registered warehouses witnessed mixed movements, with copper dropping by 3.61% d-o-d.
COMEX market update
Copper prices on the COMEX stood at $10,542/tonne (t), up 3% from the previous close.
Indian market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 800,000/t ex-Delhi. Aluminium Tense scrap prices increased by INR 1,000/t d-o-d, with ex-Delhi at INR 185,000/t, remaining stable d-o-d, and ex-Chennai at INR 185,000/t.
Key updates
Aluminium premiums surge amid US-Canada tariff dispute
Aluminium premiums in the US hit record highs after President Trump imposed a 50% tariff on Canadian metal. Canada retaliated with a 25% tariff on US electricity, increasing costs for producers. With Canadian smelters supplying 70% of US aluminium, rising costs may disrupt production and slow investments in new smelter capacity.
China leads increased EV purchases as EU tariffs start to hit
China led global EV purchases in February, despite European Union tariffs impacting sales of some China-made brands, research firm Rho Motion reported. Overall sales rose 49% y-o-y to 1.2 million but fell 3% from January. BYD gained market share, while brands like MG and SAIC faced declines. EU emissions targets boosted European sales by 19%.
Oil prices rise
Brent crude futures were recorded at $69.92/barrel today. Meanwhile, WTI crude oil futures increased by 0.56% d-o-d to $66.62/barrel.
Natural gas prices drop
Natural gas stood at $4.33/metric million British thermal units (MMBtu), down by 2.69% 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 103.49, down by 0.21% d-o-d at the time of reporting. The Indian rupee was recorded at INR 87.23 against the dollar.
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