- Chinese aluminium output increases, pressuring prices
- SHFE plans to open nickel futures to foreign investors
Base metals prices on the London Metal Exchange (LME) showed negative trends d-o-d, with lead decreasing by 1.93% to $1,962/tonne (t). Meanwhile, lead inventories at LME-registered warehouses dropped by up to 2.82% d-o-d.
Aluminium prices declined due to rising inventories and increased Chinese production. The surge in available stocks at the London Metal Exchange and higher output from China contributed to a bearish market sentiment.
COMEX market
Copper prices on the COMEX stood at $10,118/t, increasing by 0.6% compared to the previous close.
Indian market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 790,000/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
Alba launches EternAl-AC low-carbon aluminium
Aluminium Bahrain (Alba) has expanded its EternAl low-carbon product line with the launch of EternAl-AC, featuring verified in-house carbon offsets. Customers benefit from traceable, third-party certified greenhouse gas reductions, offering transparent carbon footprint data. The new series provides flexible, tiered carbon reduction options, supporting sustainability goals and advancing Alba’s commitment to environmental responsibility and the circular economy
SHFE plans to open nickel futures to foreign investors
The Shanghai Futures Exchange (SHFE) is considering allowing foreign investors to trade its domestic nickel futures contract this year. This move aims to enhance SHFE’s global presence and offer an alternative to the London Metal Exchange (LME), especially after the LME’s 2022 trading suspension. Foreign participation would be facilitated through China’s Qualified Foreign Institutional Investor (QFII) programme, pending regulatory approval.
Oil prices up d-o-d
Brent crude futures were recorded at $65.46/barrel today. Meanwhile, WTI crude oil futures increased by 0.05% d-o-d to $62.72/barrel.
Natural gas prices up
Natural gas stood at $3.14/metric million British thermal unit (MMBtu), up by 0.96% 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 100.080, down by 0.21% d-o-d at the time of reporting. The Indian rupee was recorded at INR 85.48 against the dollar.
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