- LME zinc inventory surges by nearly 80,000 t
- Alcoa faces $90 mn loss in Q2 due to US tariffs
Base metals prices on the London Metal Exchange (LME) remained range-bound d-o-d, with zinc experiencing the highest drop of 1.26%. Meanwhile, inventories at LME-registered warehouses saw mixed trends, with zinc recording the sharpest change, an increase of 70% d-o-d.
COMEX market
Copper prices on the COMEX stood at $10,096/tonne (t), steady compared to the previous close.
Indian market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 780,000/t ex-Delhi, down by INR 18,000/t d-o-d. Aluminium Tense scrap prices increased by INR 2,000/t d-o-d, with ex-Delhi at INR 186,000/t and ex-Chennai at INR 188,000/t.
Key updates
Zinc prices plunge as LME inventory surges
LME zinc prices dropped sharply after a sudden inventory surge of nearly 80,000 t d-o-d and growing economic uncertainties. SHFE zinc also weakened, with futures and spot markets reflecting bearish sentiment. Despite some restocking in regional markets, high premiums and cautious demand kept trading moderate, as tariffs and global instability continue to pressure prices.
Rio Tinto, AMG Metals partner for low-carbon aluminium project in India
Rio Tinto has signed an MOU with AMG Metals & Materials to explore a low-carbon aluminium project in India. The initiative could produce up to 1 million tonnes per annum (mtpa) of primary aluminium and 2 mtpa of alumina, powered by renewable energy sources such as wind, solar, and pumped hydro storage, boosting sustainable material production. The first phase will involve a 500,000-t primary aluminium smelter.
Alcoa faces $90 million tariff impact in Q2
Alcoa expects a $90 million hit in Q2CY’25 due to the 25% US tariffs on Canadian aluminium imports. About 70% of its Canadian output serves US customers. Annual costs may rise by $100 million, with an additional $10-15 million due to tariffs on Chinese inputs. Alcoa warns of ongoing US supply shortfalls.
Oil prices up d-o-d
Brent crude futures were recorded at $66.57/barrel today. Meanwhile, WTI crude oil futures increased by 1.36% d-o-d to $63.32/barrel.
Moreover, oil prices saw a modest recovery this week, rebounding after earlier declines triggered by global tariff tensions. The rise was supported by strong Chinese import data and temporary hopes of tariff exemptions. However, ongoing trade uncertainties continued to cap gains, keeping markets cautious about a sustained upward trend.
Natural gas prices rise
Natural gas stood at $3.27/metric million British thermal unit (MMBtu), up by 0.77% d-o-d.
Dollar index inches up
The dollar index, which measures the value of the greenback against a basket of six major currencies, hovered at 99.32, up by 0.21% d-o-d at the time of reporting. The Indian rupee was recorded at INR 85.52 d-o-d against the dollar.
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