- Rio Tinto investing in 1 mnt aluminium project in India
- China’s alumina exports surge in CY’24 amid oversupply
Base metals prices on the London Metal Exchange (LME) showed positive trends d-o-d, with aluminum experiencing the highest gain of 2.18%. Meanwhile, inventories at LME-registered warehouses saw negative trends, with zinc recording a drop of 3.75% d-o-d.
COMEX market
Copper prices on the COMEX stood at $10,590/tonne (t), down by 1.7% compared to the previous close.
Indian market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 794,000/t ex-Delhi. Aluminium Tense scrap prices increased by INR 2,000/t d-o-d, with ex-Delhi at INR 189,000/t and ex-Chennai at INR 190,000/t.
Key updates
Rio Tinto, AMG M&M launch green aluminum project in India
Rio Tinto and AMG M&M have signed an MoU to explore a low-carbon aluminum project in India. Powered by renewable energy, it targets up to 1 mnt of aluminum and 2 mnt of alumina production annually. The initial study will assess a 500,000 t smelter, focusing on sustainable energy, alumina sourcing, and efficient smelting technology.
Vedanta targets $1B IPO to triple Zambia copper output
Vedanta plans a $1 billion US IPO to fund Konkola Copper Mines, aiming to boost annual copper production to 300,000 t in five years. Holding 80% of KCM, Vedanta regained control in 2024 after legal disputes. Financing options include debt and equity to tap into Zambia’s rich copper and cobalt reserves.
China’s alumina exports surge in CY’24
China is set to stay a net alumina exporter in 2024, driven by oversupply from rapid capacity growth. March exports hit a six-year high at 296,728 t. Domestic output surged, cutting imports by 94%. High global prices and bauxite shortages fuelled export growth, with capacity projected to rise by 10 mnt in 2025.
Oil prices up d-o-d
Brent crude futures were recorded at $66.22/barrel today. Meanwhile, WTI crude oil futures increased by 0.18% d-o-d to $62.38/barrel.
Natural gas prices dip
Natural gas stood at $2.98/metric million British thermal unit (MMBtu), down by 1.16% 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 99.45, down by 0.20% d-o-d at the time of reporting. The Indian rupee was recorded at INR 85.45 d-o-d against the dollar.
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