- Lohum plans nickel mine acquisitions in Indonesia and Philippines
- Indian copper producers seek GST cut amid higher working-capital needs
LME base metals traded lower on 23 September. Nickel recorded the sharpest decline, falling 0.91% d-o-d to $16,481/t, followed by copper, down 0.88% to $14,618/t, and lead, which slipped 0.83% to $1,920/t. Meanwhile, aluminium eased 0.31% to $3,255/t, while zinc edged lower by 0.22% to $3,902/t.
The decline came as a stronger US dollar, driven by rising expectations of further Fed tightening, triggered profit-taking following recent rallies. Stronger US business activity and persistent inflation concerns lifted rate expectations, while elevated energy prices added to the hawkish backdrop. The decline appeared largely macro-driven, as copper, aluminium and lead inventories continued to fall, although high Chinese production and uneven downstream demand limited upside.
LME inventories recorded mixed trends, with most metals declining while nickel edged higher. Zinc stocks recorded the steepest fall, down 1.82% d-o-d to 114,725 t, followed by lead, down 0.81% to 369,700 t, and copper, lower by 0.64% to 254,250 t. Aluminium stocks eased 0.03% to 242,125 t, while nickel inventories rose 0.04% to 278,628 t.
Domestic market overview
India’s non-ferrous scrap market saw mixed movement on 23 September. Aluminium prices eased in Delhi and P1020, while Chennai remained unchanged. Copper scrap also declined.
Aluminium tense scrap (loose), ex-Delhi, fell by INR 1,000/t (0.4%) to INR 252,000/t, while ex-Chennai was unchanged at INR 250,000/t. P1020 prices declined by INR 1,000/t (0.3%) to INR 356,000/t. Comfortable inventories kept demand subdued, while prices broadly followed global trends.
Meanwhile, copper armature scrap (Cu 99%) declined by INR 5,000/t (0.4%) to INR 1,350,000/t. MCX copper fell 0.70% to $15,424/t. However, physical demand remained supported as Shanghai copper cathode inventories fell to 43,900 t, their lowest since 2023, with pre-holiday buying and direct deliveries to fabricators tightening warehouse stocks.
Other updates
Oil remains above $103 as Hormuz risk persists
Brent crude settled at $103.11/bbl on 24 September. Prices remained elevated as hopes for a near-term US-Iran diplomatic breakthrough weakened. Strait of Hormuz traffic stayed disrupted. Only two commodity vessels crossed on 21 September, versus about 125 daily before the conflict. Meanwhile, ship-to-ship transfers near Oman increased, while VLCC freight costs exceeded $30/bbl.
Lohum targets nickel mine acquisitions in Indonesia and Philippines
Lohum, an Indian critical minerals producer, plans to acquire nickel mines in Indonesia and the Philippines. The company targets a tenfold increase in annual nickel production to 10,000 t within 18 months. Current production stands at 1,000 t. Lohum plans to raise INR 10 billion in equity and INR 20 billion in debt. It is also expanding into lithium, cathode materials, battery recycling and rare earths.
Metlen to invest EUR 25 million in recycled aluminium capacity
Metlen plans to invest nearly EUR 25 million in its Greek subsidiary EP.AL.ME. The project includes automated sorting, processing and melting equipment. It will allow the plant to process more complex post-consumer aluminium scrap. The investment will also strengthen integration with Metlen’s primary aluminium operations. Once fully developed, total aluminium production is expected to exceed 250,000 t/y.
Indian copper producers seek GST cut amid higher working-capital needs
India’s primary copper producers are seeking a GST cut on copper products from 18% to 5%. The request comes as higher copper prices have increased working-capital requirements. Producers estimate that the change could release up to $3.6 billion tied up in tax payments. However, the proposal has not yet been approved.
Leave a Reply