Base metals prices on the London Metal Exchange (LME) witnessed a downtrend, with the highest drop seen in nickel prices. Similarly, metal stocks at LME registered warehouses was mixed with the largest inflow seen in aluminium. Meanwhile, aluminium stocks in LME warehouses rose 3% to 1.12 mnt
COMEX market
Copper prices on the Commodity Exchange (COMEX) dipped 5% to $10,648/t against the previous closing.
India’s non-ferrous market
Aluminium ADC12 alloy ingot prices rose to INR 215,000/t exw-Delhi NCR, up INR 3,000/t w-o-w. Tense scrap prices rose 2.7% to INR 188,000/t ex-Delhi. In Chennai, tense offers are at INR 186,000/t-187,000/t, and ADC12 prices range between INR 218,000-220,000/t exw. An automotive company increased ADC12 prices to INR 221,750/t for June. The scrap-to-ADC12 spread stands at INR 27,000-28,000/t.
Global updates
BHP’s takeover offer for Anglo
BHP will maintain its takeover offer for Anglo American, focusing on addressing execution risks. BHP has until 29 May to finalise the bid or withdraw for six months. Anglo’s concerns include deal structure and South African assets. BHP’s offer is conditional on Anglo unbundling platinum and iron ore assets.
First Quantum expands copper projects
First Quantum Minerals is accelerating its copper projects in Peru, focusing on the $2.5 billion La Granja and $1.86 billion Haquira projects. This shift follows the annulment of its contract to operate the Cobre Panama mine. The company aims to build positive community relationships and ensure environmental stability.
Vedanta’s aluminum biz goes green
Vedanta Ltd’s aluminium business will halt new coal-fired capacity, shifting towards renewable energy. Currently using 5% renewables, it aims for 30% by 2030. The company plans to increase production capacity to 3 million metric tons by 2026, focusing on solar and wind power to meet its energy needs.
Southern Copper’s Peru expansion plans
Southern Copper plans to boost its copper production in Peru by 520,000 t over 8-10 years through its $8.5 billion project portfolio. Key projects include Tia Maria, Los Chancas, and Michiquillay. Current operations at Cuajone and Toquepala mines will also contribute to this expansion.
Oil prices dip
Oil prices declined for the fourth consecutive session on Thursday following the release of US Federal Reserve meeting minutes, which indicated potential interest rate hikes if inflation persists, a development that could negatively impact oil demand.
Brent oil futures were down slightly by 0.65% to $81.37 per barrel. Crude oil WTI futures edged down by 0.75% to $76.99 per barrel at the time of reporting.
Natural gas prices down
Prices of natural gas were recorded at $2.813/MMBtu, down 1.02%.
Dollar index
The dollar index, which gauges the value of the greenback in a basket of six different currencies, hovered at 104.86, slightly down by 0.07%.
The rupee was recorded at INR 83.26 against the dollar, appreciating marginally against the previous closing.