- Stocks at LME-registered warehouses decline d-o-d
- Global aluminium prices slide amid weak sentiment
Base metals prices on the London Metal Exchange (LME) showed positive trends d-o-d, with copper gaining 1.15% to $9,610/tonne (t). Meanwhile, inventories at LME-registered warehouses dropped d-o-d, with nickel recording the steepest fall of 1.13%.
COMEX market
Copper prices on the COMEX stood at $10,862/t, increasing by 5.1% 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
Global aluminium prices slide amid weak market sentiment
Global aluminium prices declined today as manufacturing concerns and easing supply constraints weighed on market sentiment. China’s output rose 4.2% y-o-y in April, boosting global supply. Falling US demand, debt worries, and China’s rate cuts added to the bearish tone. Improved alumina availability and stable smelter operations further signalled steady supply amid weakening economic signals and long liquidation trends.
Oil prices up d-o-d
Brent crude futures were recorded at $64.69/barrel today. Meanwhile, WTI crude oil futures increased by 0.26% d-o-d to $61.69/barrel.
Natural gas prices drop
Natural gas stood at $3.30/metric million British thermal unit (MMBtu), down by 0.75% 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 98.66, down by 0.35% d-o-d at the time of reporting. The Indian rupee was recorded at INR 84.88 against the dollar.
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