Base metals prices on LME show positive trends

• US imposes AD duty, CVD on SK aluminium exporter
• China’s exports slow in early-2025 amid trade tensions

Base metals prices on the London Metal Exchange (LME) trended up, with copper recording the highest gain of 2.59% d-o-d. Meanwhile, inventories at LME-registered warehouses show marginal downtrends, with lead dropping by 1.45% d-o-d.

COMEX market update

Copper prices on the COMEX stood at $10,513/tonne (t), up by 3% compared to the previous close.

Indian market overview

In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 788,000/t ex-Delhi. Aluminium Tense scrap prices inched up by INR 1,000/t d-o-d, with ex-Delhi at INR 182,000/t and ex-Chennai at INR 183,000/t.

Key updates

US imposes AD duty, CVD on aluminium imports from South Korean company

The US government has imposed anti-dumping (52.79%) and countervailing (33.44%) duties on aluminium wire and cable imports from Pusan Cables and Engineering, a South Korean subsidiary of a Chinese company. The firm used Chinese materials for partial processing in South Korea. Other South Korean companies can avoid tariffs by proving their raw materials are not sourced from China.

China’s exports expected to slow in early-2025 amid US trade tensions

China’s exports likely grew at a slower pace in early 2025 due to Lunar New Year disruptions and rising US tariffs. Exports were expected to rise 5%, down from 10.7% in December. Meanwhile, China responded to US tariff hikes with countermeasures, escalating trade tensions. The January-February trade data will be released on Friday.

Oil prices rise

Brent crude futures were recorded at $69.64/barrel today. Meanwhile, WTI crude oil futures increased by 0.50% d-o-d to $66.64/barrel.

Natural gas prices drop

Natural gas stood at $4.38/metric million British thermal units (MMBtu), down by 1.55% 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 104.15, down by 0.10% d-o-d at the time of reporting. The Indian rupee was recorded at INR 87.04 against the dollar.