- LME adds 3 warehouses in Hong Kong
- COMEX copper tags rise nearly 3% d-o-d
Base metals prices on the London Metal Exchange (LME) showed mixed trends d-o-d, with lead gaining 0.97% to $1,981/tonne (t). Meanwhile, inventories at LME-registered warehouses dropped d-o-d, with zinc recording the steepest fall of 2.53%.
COMEX market
Copper prices on the COMEX stood at $10,334/t, increasing by 2.7% compared to the previous close.
Indian market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 789,000/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
LME expands Hong Kong warehouse network
The LME has approved three new warehouse facilities in Hong Kong, increasing the region’s total to seven, according to the Hong Kong Stock Exchange (HKEX) chief. This expansion is expected to enhance storage capacity and logistical efficiency, reinforcing Hong Kong’s position as a key hub for global metals trading and supporting the region’s growing demand for secure and reliable metal storage solutions.
ADNOC, EGA finalise $500-mn pet coke supply agreement
ADNOC and Emirates Global Aluminium (EGA) have entered into a landmark five-year supply agreement valued at $500 million (AED 1.84 billion). Under the deal, ADNOC will provide up to 1.5 million tonnes (mnt) of calcined petroleum coke, a critical raw material for aluminium production. This partnership strengthens EGA’s supply chain security and supports the continued growth of the UAE’s aluminium industry.
HAI, LS Cable open new extrusion facility in South Korea
Hammerer Aluminium Industries (HAI), together with strategic partner LS Cable & System, inaugurated a new extrusion production hall in Gumi, Gyeongsangbuk-do province, South Korea. This facility marks a significant step in expanding HAI’s presence in Asia and enhancing its aluminium extrusion capabilities to meet growing regional demand.
Oil prices up d-o-d
Brent crude futures were recorded at $66.01/barrel today. Meanwhile, WTI crude oil futures increased by 1.05% d-o-d to $62.88/barrel.
Natural gas prices drop
Natural gas stood at $3.38/metric million British thermal unit (MMBtu), down by 1.17% d-o-d.
Dollar index inches down
The dollar index, which measures the value of the greenback against a basket of six major currencies, hovered at 99.40, down by 0.58% d-o-d at the time of reporting. The Indian rupee was recorded at INR 85.56 against the dollar.
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