- LME copper, aluminium prices post modest gains, zinc falls
- Oil rallies from multi-year lows on Venezuela supply concerns
Base metals prices on the London Metal Exchange largely moved higher on 19 December, led by strong gains in nickel. Nickel surged 1.73% d-o-d to $14,641/tonne (t), while aluminium rose 0.34% to $2,916/t. Copper edged up 0.21% to $11,778/t, and lead gained 0.20% to $1,964/t. However, zinc prices slipped 0.29% to $3,064/t.
LME warehouse stocks showed mixed trends across metals. Zinc inventories increased 1.74% to 99,400 t, while aluminium stocks remained unchanged at 519,600 t. Copper stocks declined by 1.59% to 164,275 t, lead inventories fell 1.30% to 262,125 t, and nickel stocks edged lower by 0.02% to 253,938 t.
Domestic market overview
In India’s non-ferrous markets, BigMint assessed copper armature scrap at INR 1,000,000/t ex-Delhi, down by INR 7,000/t d-o-d, while Aluminium Tense scrap prices remained stable d-o-d, at INR 195,000/t ex-Delhi and INR 188,000/t ex-Chennai, respectively.
Other market updates
India-Japan explore partnership for green aluminium production
India’s AM Green and Japan’s trading major Mitsui & Co have signed a non-binding pact to assess collaboration in low-carbon aluminium, including a potential equity investment by Mitsui in AM Green’s clean metals value chain and a prospective offtake arrangement. Backed by the founders of Greenko Group, AM Green is developing a large integrated alumina refinery and aluminium smelter in Andhra Pradesh, fully powered by renewable energy such as solar, wind, and hydropower. The proposed project aims to deliver significantly lower emissions than conventional coal-based aluminium production, supporting decarbonisation goals across the India-Japan industrial corridor.
Oil rebounds from multi-year lows amid Venezuela supply risks
Crude oil prices rebounded from multi-year lows, their weakest levels seen since early 2021, on Wednesday after former US President Donald Trump ordered restrictions on sanctioned oil tankers operating to and from Venezuela, reviving near-term supply concerns. At the time of reporting, US crude traded at $55.87/bbl and Brent at $59.69/bbl; however, both benchmarks posted marginal d-o-d declines of 0.23% and 0.22%, respectively. The US benchmark had touched a four-year low in the previous session as markets priced in the possibility of a peace agreement in Ukraine, which could allow additional Russian crude to re-enter an already well-supplied global market.
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