Base metal prices on the London Metal Exchange (LME) mostly exhibited mixed trends, with nickel leading the gains with a 1.09% increase. However, Aluminuim prices declined by 0.90%. Despite these gains, metal stocks at LME-registered warehouses remained stable as LME was closed on previous day.
COMEX market update
India market overview
In India’s non-ferrous markets, BigMint assessed domestic copper armature scrap at INR 738,000/t ex-Delhi. Meanwhile, aluminium tense scrap prices remained stable, with ex-Delhi NCR prices at INR 177,000/t and ex-Chennai prices at INR 178,000/t.
Global market updates
BHP Group reports a profit exceeding expectations and focuses on growing its copper business. The miner plans to increase copper production in South Australia and is expanding with a significant acquisition near the Argentine-Chilean border. Copper’s contribution to profits is expected to rise as BHP leverages its existing assets and explores new opportunities.
Nornickel Evaluates Impact of New U.S. Sanctions
Russian mining giant Nornickel is assessing the effects of new U.S. sanctions targeting its non-production subsidiaries and the Bystrinsky copper and gold project. Despite the sanctions, Nornickel’s core production units remain unaffected. The company, a leading palladium and nickel producer, is navigating sanctions’ impact by redirecting sales to Asia and adjusting production logistics.
Canada to Impose 100% Tariff on Chinese EVs
Canada will implement a 100% tariff on all Chinese-made electric vehicles, including Teslas, starting October 1. This move, alongside a 25% tariff on Chinese steel, aims to counter China’s over-capacity policies. The decision follows similar actions by the U.S. and EU.
Oil prices
Oil prices rose 1% on Monday due to fears that the Gaza conflict might disrupt regional supplies. Brent crude reached $79.81 a barrel, while US crude hit $75.63. The increase follows gains from Friday’s Fed rate cut anticipation.
Brent crude oil futures have recorded at $81.35/ barrel, while WTI crude oil futures have down slightly by 0.23% to $77.24/barrel.
Natural gas
Natural gas prices were recorded at $1.94/MMBtu, down by 0.36%.
Dollar index
The dollar index, which measures value of the greenback against a basket of six major currencies, hovered at 100.86, remained stable.
The Indian rupee was recorded at INR 83.93 against the dollar, compared to the previous close.
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