- Copper surges, then retreats due to stronger USD
- Aluminium tags fluctuate on tariff-led uncertainty
Base metals prices on the London Metal Exchange (LME) showed marginal drops, with lead recording the highest decline of 1.44% d-o-d. Additionally, inventories at LME-registered warehouses showed divergent trends, with lead increasing by 4.21% d-o-d.
LME copper prices saw a strong surge on Thursday before retreating, driven by a stronger dollar and a tight supply outlook due to US tariffs. Market sentiment remained positive, supported by ongoing demand and low stock levels, although a cautious tone persisted as prices corrected. The wide premium between the LME and COMEX and concerns regarding potential tariffs on US copper imports led suppliers to divert material to the US.
COMEX market update
Copper prices on the COMEX stood at $11,195/tonne (t), down 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 826,000/t ex-Delhi. Aluminium Tense scrap prices increased by INR 1,000/t d-o-d, with ex-Delhi and ex-Chennai at INR 187,000/t.
Key updates
Hydro opens new recycling plant in Spain
Norwegian aluminium producer Norsk Hydro has started building an EUR 180 million recycling plant in Torija, Spain. The facility will process 70,000 t of scrap annually, producing 120,000 t of ingots. This development supports Hydro’s goals of boosting the European industry, saving energy, and reducing emissions while strengthening its local presence.
Aluminium market adjusts to tariff uncertainty
Aluminium prices and Midwest Premium futures have fluctuated due to US tariffs, with an initial surge followed by market uncertainty. As the tariff impact settles, demand conditions will be key in shaping future trends. Geopolitical factors, such as the potential ceasefire in the Russia-Ukraine conflict, may also influence supply chains and investor sentiment.
Oil prices rise
Brent crude futures were recorded at $72.21/barrel today. Meanwhile, WTI crude oil futures increased by 0.34% d-o-d to $68.30/barrel.
Natural gas prices fall
Natural gas stood at $3.90/metric million British thermal unit (MMBtu), down by 1.79% 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 103.73, up by 0.23% d-o-d at the time of reporting. The Indian rupee was recorded at INR 86.25 against the dollar.
Leave a Reply