- High demand in China boosts copper tags in 2025
- Oil prices rise on strong demand, supply concerns
Base metals prices on the London Metal Exchange (LME) showed positive trends, with aluminium recording the highest gain of 1.64% d-o-d. Meanwhile, inventories at LME-registered warehouses witnessed outflows, in which zinc decreased by 1.64% d-o-d.
COMEX market update
Copper prices on the COMEX market stood at $9,4076/tonne (t), dropping by 17% compared to the previous close.
Indian market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 750,000/t ex-Delhi. Aluminium Tense scrap prices remained stable d-o-d, with ex-Delhi at INR 174,000/t and ex-Chennai at INR 175,000/t.
Global updates
Copper prices rise amid optimism over China’s economic growth
Copper prices surged in early 2025 to a three-week high, driven by strong demand in China amid ongoing stimulus efforts to boost the economy. The metal’s price rally was supported by supply constraints and the global shift towards green energy. However, the potential impact of Trump’s tariffs may limit further gains later in the year.
Korea Zinc in talks to supply antimony to US buyers
Korea Zinc is in preliminary discussions with US entities to supply antimony following China’s export ban to the US, which disrupted the market. The company, the world’s largest zinc smelter, also produces antimony and aims for long-term contracts, as prices of the commodity are expected to hit record levels due to the ban.
Oil prices edge up
Oil prices experienced upward pressure, supported by strong seasonal demand and tightening supply concerns. However, rising US fuel inventories and a stronger dollar limited further gains. Market sentiment remained cautious, with traders weighing the impact of these opposing factors on the near-term outlook for prices.
Brent crude futures were recorded at $77.41/barrel today. Meanwhile, WTI crude oil futures increased slightly by 0.62% d-o-d to $74.38/barrel.
Natural gas prices rise
Natural gas stood at $3.80/metric million British thermal unit (MMBtu), up by 2.73% 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 109.16, up by 0.14% d-o-d at the time of reporting. The Indian rupee was recorded at INR 85.75 against the dollar.
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