LME base metals prices edge down d-o-d

• LME copper inventories drop 2.86% d-o-d
• Indian rupee at INR 85.46 per US dollar

Base metals prices on the London Metal Exchange (LME) showed negative trends d-o-d, with copper decreasing by 1.36% to $2,480/tonne (t). Meanwhile, inventories at LME-registered warehouses dropped by up to 2.86% d-o-d.

COMEX market

Copper prices on the COMEX stood at $10,060/t, decreasing by 1.4% 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 remained steady d-o-d, with ex-Delhi at INR 196,000/t and ex-Chennai at INR 197,000/t.

Market updates

Copper inventories diverge across major exchanges

LME copper inventories have dropped to a 10.5-month low at 179,375 t, signaling tightening supply and potential price support. In contrast, SHFE copper inventories surged 34% to 108,142 t last week, while COMEX copper stocks reached a six-year high at 169,664 t. These divergent trends reflect shifting global supply-demand dynamics and could influence copper futures prices in the near term.

EGA to build $4bn aluminium plant in the US

Emirates Global Aluminium (EGA) will invest $4 billion to construct the first US aluminium smelter in 45 years, located in Oklahoma. The facility is expected to produce 600,000 t of primary aluminium annually and aims to be operational by 2029. Construction is set to begin by the end of 2026, marking a significant expansion of EGA’s global footprint.

Oil prices dip d-o-d

Brent crude futures were recorded at $65.07/barrel today. Meanwhile, WTI crude oil futures decreased by 0.45% d-o-d to $62.21/barrel.

Natural gas prices down

Natural gas stood at $3.24/metric million British thermal unit (MMBtu), down by 2.76% 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 100.66, down by 0.31% d-o-d at the time of reporting. The Indian rupee was recorded at INR 85.46 against the dollar.