- LME aluminium futures drop d-o-d
- Oil, natural gas prices decline d-o-d
Base metals prices on the London Metal Exchange (LME) showed negative trends, with lead recording the highest decline of 1.00% d-o-d. Meanwhile, inventories at LME-registered warehouses witnessed mixed movements, with lead down by 1.60% d-o-d.
COMEX market update
Copper prices on the COMEX stood at $10,084/tonne (t), stable compared to the previous close.
Indian market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 780,000/t ex-Delhi. Aluminium Tense scrap prices increased by INR 1,000/t d-o-d, with ex-Delhi at INR 176,000/t and ex-Chennai at INR 177,000/t.
Global updates
LME aluminium futures drop d-o-d as China resumes production post-LNY
Aluminium futures prices on the LME declined d-o-d amid the gradual resumption of production in China following the Lunar New Year holidays, where January’s output rose 3.8% y-o-y but dipped slightly m-o-m. Chinese smelters faced profitability challenges, with some regions experiencing production cuts. Russian-origin aluminium stocks at LME warehouses increased, as the EU’s proposal to phase out Russian aluminium imports raised concerns. Global primary aluminium output also showed y-o-y growth in December.
Oil prices fall
Brent crude futures were recorded at $76.72/barrel today. Meanwhile, WTI crude oil futures decreased by 0.42% d-o-d to $73.31/barrel.
Natural gas prices fall
Natural gas stood at $3.5/metric million British thermal unit (MMBtu), down by 0.03% 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 107.96, up by 0.12% d-o-d at the time of reporting. The Indian rupee was recorded at INR 86.82 against the dollar.
Leave a Reply