- China’s aluminium scrap imports dip 1% y-o-y in Mar
- Hindustan Zinc plans for potash mining in Rajasthan
Base metals prices on the London Metal Exchange (LME) inched down d-o-d, with nickel experiencing the highest drop of 1.74%. Meanwhile, inventories at LME-registered warehouses also saw negative trends, with zinc recording a drop of 1.23% d-o-d.
COMEX market
Copper prices on the COMEX stood at $10,706/tonne (t), up by 2.1% compared to the previous close.
Indian market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 794,000/t ex-Delhi. Aluminium Tense scrap prices increased by INR 2,000/t d-o-d, with ex-Delhi at INR 189,000/t and ex-Chennai at INR 190,000/t.
Key updates
Geologists discover massive copper reserves in Tibetan plateau
Geologists have discovered over 20 million tonnes (mnt) of copper in China’s Qinghai-Xizang (Tibetan) Plateau, with potential reserves reaching 150 mnt. This breakthrough positions the region as a world-class copper hub, strengthening China’s resource security and global market influence.
Hindustan Zinc plans for potash mining in Rajasthan
Vedanta’s Hindustan Zinc plans potash mining in Rajasthan (with potential lithium reserves) to diversify beyond zinc/lead, aligning with India’s critical mineral goals. It has secured Rajasthan’s Dugocha gold and Andhra’s tungsten assets and is eyeing auctions. The company’s Q4 revenue rose 20% y-o-y, while shares fell 3.34% to INR 444.
Hindustan Zinc also allocated $225-250 million as its FY’25 capex, and its current CEO’s tenure has been extended. The company aims to cut import reliance and boost exploration.
China’s aluminium scrap imports dip y-o-y in Mar
China’s aluminium scrap imports dropped slightly by 1% in March compared to the previous year, mainly due to reduced purchases by domestic secondary aluminium producers.
Oil prices up d-o-d
Brent crude futures were recorded at $67.25/barrel today. Meanwhile, WTI crude oil futures increased by 0.63% d-o-d to $63.42/barrel.
Natural gas prices up
Natural gas stood at $2.95/metric million British thermal unit (MMBtu), up by 0.44% 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 99.32, down by 0.07% d-o-d at the time of reporting. The Indian rupee was recorded at INR 85.21 d-o-d against the dollar.
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