Base metals prices, excluding aluminium, on the London Metal Exchange (LME) witnessed mixed trends. Similarly, the stocks at the LME registered warehouses saw varied trends.
Three-month aluminium futures gained by 0.04% to $2,670/tonne (t), while nickel prices were at $19,739/t (up 2.1%). Copper prices settled at $9,829/t, while zinc edged down by 0.4% to $2,832/t. Lead prices were down by 2.1% to $2,170/t.
COMEX market
Copper prices on the Commodity Exchange (COMEX) down by 0.4% to $9,900/t against the previous closing.
India’s non-ferrous market
Yesterday, domestic prices of aluminium, copper, zinc and lead witnessed uptrend as compared to the previous trading day.
Global updates
Japan manufacturing PMI shows improvement
Japan’s manufacturing activity showed signs of improvement in April, with the au Jibun Bank flash PMI rising to 49.9 from 48.2 in March. Although still below the 50.0 mark indicating expansion, it approached the break-even level for the first time in 11 months, reflecting a potential turnaround in the sector.
ECB sticks to rate cut plans
European Central Bank (ECB) officials maintained plans for multiple interest rate cuts this year, despite delayed Fed policy changes and high oil prices. ECB President Christine Lagarde hinted at a rate reduction in June, with colleagues expecting further cuts to combat low inflation. Incoming data will guide decisions. Meanwhile, the US stocks rebounded amid corporate result anticipation.
Copper prices expected to rise
Antofagasta CEO Ivan Arriagada anticipates copper prices surpassing last year’s levels, citing growing demand and supply constraints. Analysts predicted a deficit as mining closures and lowered production guidance from major producers impact supply. Antofagasta aims for organic growth but remains open to acquisitions in the Americas. Production expansion planned in Chile.
Codelco targets production growth
Codelco aims to surpass its 2023 copper output, expecting production improvements this year, particularly at Andina, Salvador, and Chuquicamata mines. Despite challenges in structural projects, including delays in Chuquicamata’s $5 billion revamp, CESCO predicted better performance. Copper prices surged, nearing record highs, but rising above $4.50 per pound could dampen demand.
Oil prices steady
Oil prices rose slightly on Tuesday following a decline in the previous session, with investors still evaluating the impact of geopolitical tensions in the Middle East.
Brent oil futures were up slightly by 0.5% to $87.51 per barrel. Crude oil WTI futures edged up by 0.59% to $82.38 per barrel at the time of reporting.
Natural gas prices down
Prices of natural gas were recorded at $1.787/MMBtu, down 0.22%.
Dollar index
The dollar index, which gauges value of the greenback in a basket of six different currencies, hovered at 105.94, slightly down by 0.13%.
The rupee was recorded at INR 83.29 against the dollar, appreciating marginally against the previous closing.