- India imposes AD duty on Chinese aluminium foil imports
- Indonesia grants Freeport 6-month copper conc export permit
Base metals prices on the London Metal Exchange (LME) showed mixed trends, with lead recording the highest decline of 0.68% d-o-d. Additionally, inventories at LME-registered warehouses also showed divergent trends, with lead dropping by 9% d-o-d.
COMEX market update
Copper prices on the COMEX stood at $11,034/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 812,000/t ex-Delhi. Aluminium Tense scrap prices remained stable d-o-d, with ex-Delhi and ex-Chennai at INR 186,000/t.
Key updates
India imposes anti-dumping duty on Chinese aluminium foil
India has imposed a provisional anti-dumping duty on Chinese aluminium foil imports, ranging within $619-873/t. This move follows similar tariffs from the US and comes after the Directorate General of Trade Remedies found that Chinese companies were dumping foils at unfairly low prices, harming India’s domestic industry.
Indonesia grants Freeport 6-month copper export permit
Indonesia will grant Freeport Indonesia a six-month export permit for copper concentrate while the company is focused on repairing its Gresik smelter, which was impacted by a fire last October. This move ensures continued royalty payments to the government. Freeport’s operations are running at 40% of capacity, with a stockpile of 400,000 t, highlighting the disruption in production due to the smelter issue.
Oil prices fall
Oil prices fell, as a temporary halt in energy strikes between Russia and Ukraine raised hopes of easing supply disruptions. However, ongoing geopolitical tensions, particularly in the Middle East, alongside recession concerns and mixed inventory data, kept market sentiment cautious and limited the potential for significant price recovery.
Brent crude futures were recorded at $70.33/barrel today. Meanwhile, WTI crude oil futures decreased by 0.39% d-o-d to $66.64/barrel.
Natural gas prices rise
Natural gas stood at $4.089/metric million British thermal unit (MMBtu), up by 0.91% 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 103.03, up by 0.14% d-o-d at the time of reporting. The Indian rupee was recorded at INR 86.52 against the dollar.
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