- Chinese copper premiums surge amid supply squeeze
- Indian rupee recorded at INR 85.69 per dollar
Base metals prices on the London Metal Exchange (LME) remained range-bound d-o-d, with aluminuim increasing by 1.39% to $2,485/tonne (t). Meanwhile, inventories at LME-registered warehouses dropped d-o-d, with copper recording the steepest fall of 1.56%.
COMEX market
Copper prices on the COMEX stood at $10,347/t, decreasing by 1.6% compared to the previous close.
Indian market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 788,000/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
Glencore taps Russian copper for China
Glencore is withdrawing Russian copper from LME warehouses to supply China’s tightening market. Despite past sanctions and market aversion to Russian metal, soaring Chinese premiums and shrinking inventories are driving demand. With rivals like Mercuria and Trafigura also drawing stocks, the move underscores market stress and opportunism amid geopolitical tensions and shifting global copper trade dynamics.
Oil prices up d-o-d
Brent crude futures were recorded at $64.24/barrel today. Meanwhile, WTI crude oil futures increased by 0.26% d-o-d to $61.05/barrel.
Natural gas prices up
Natural gas stood at $3.43/metric million British thermal unit (MMBtu), up by 1.18% 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 99.64, up by 0.22% d-o-d at the time of reporting. The Indian rupee was recorded at INR 85.69 against the dollar.
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