- Alcoa fined $39m for forest clearing
- Oil steadies amid US-Iran talks
Base metals on the London Metal Exchange traded mostly lower day-on-day. Aluminium fell 0.76% to $3,014 per tonne, copper declined 1.54% to $12,561/t, nickel slipped 0.57% to $16,665/t, zinc edged down 0.18% to $3,250/t, and lead dipped 0.16% to $1,899/t.
Warehouse inventory movements were mixed. Aluminium stocks decreased 0.42% to 477,550 tonnes, copper inventories dropped sharply by 22.76% to 221,625 tonnes, zinc stocks fell 0.15% to 102,025 tonnes, while nickel stocks rose 0.28% to 287,730 tonnes and lead inventories increased significantly by 23.42% to 287,125 tonnes.
Domestic market overview
Domestic non-ferrous scrap prices in India remained mostly steady across key markets. Aluminium Tense Scrap (Loose), ex-Delhi, held firm at INR 213,000/t, while Aluminium Tense Scrap (Loose), ex-Chennai, also stayed unchanged at INR 218,000/t, indicating stable trade conditions.
In contrast, Copper Armature Scrap (Cu 99%), ex-Delhi, slipped by INR 3,000 or 0.3% to INR 1,127,000/t from INR 1,130,000/t, reflecting slight selling pressure in the copper scrap segment.
Other market updates
US manufacturing returns to expansion, signalling potential earnings boost
US manufacturing shifted back into growth in January, with the ISM Manufacturing PMI rising to 52.6 and New Orders climbing to 57.1, indicating stronger demand and improving business momentum. Although the US economy is largely services-driven, manufacturing trends often act as an early signal for corporate earnings, particularly in cyclical sectors such as industrials and materials. Investors are watching for sustained gains in orders, backlogs and margins to assess whether this rebound signals a broader economic acceleration or merely a temporary uptick in activity.
Alcoa to pay $39 million for illegal forest clearing
Alcoa will pay $39 million after illegally clearing nearly 2,100 hectares of native forest in Western Australia without approval between 2019 and 2025. The funds will support conservation efforts, including protection of endangered black cockatoos and restoration initiatives, with the government calling the penalty unprecedented.
Oil steadies as traders assess US-Iran talks
Oil prices inched higher after a recent 2% drop as investors weighed progress in US-Iran nuclear discussions but remained cautious about a final deal. Brent traded near $67.57 a barrel and WTI at $62.45, while markets also looked ahead to U.S. inventory data from the American Petroleum Institute and the Energy Information Administration for supply cues.
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