- China’s copper smelters hit by tariffs
- Aurubis launches $800 mn US smelter
Base metals prices on the London Metal Exchange (LME) declined on 9 April 2025, with lead experiencing the steepest drop of 1.50% d-o-d. LME-registered warehouse inventories saw negative trends, with zinc dropping by 2.13% d-o-d.
COMEX market
Copper prices on the COMEX stood at $9,702/tonne (t), up 6.9% compared to the previous close.
Indian market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 740,000/t ex-Delhi. Aluminium Tense scrap prices remained stable d-o-d with ex-Delhi at INR 183,000/t, up by INR 2,000/t, and ex-Chennai at INR 185,000/t.
Key updates
Aurubis boosts US copper recycling
Aurubis is launching its $800 million US copper recycling smelter in 2025, aiming to process 180,000 t of complex scrap and 70,000 t of refined copper annually. CEO Toralf Haag sees future investment potential, as North America lacks major recycling facilities and exports a significant share of its copper scrap.
China’s copper smelters face challenges amid US tariffs
China’s copper smelters are hit by Beijing’s new tariffs on US raw materials, halting copper scrap imports. This adds to existing struggles with raw material shortages and negative treatment charges. US exports of copper concentrate are expected to fall sharply, complicating the global supply chain for Chinese smelters.
Oil prices fall d-o-d
Oil prices are under pressure due to heightened US China trade tensions. The uncertainty from tariff increases is weighing on market sentiment, with concerns about global growth and oil demand. Short-term optimism is overshadowed by ongoing trade disputes and economic risks.
Brent crude futures were recorded at $64.79/barrel today. Meanwhile, WTI crude oil futures decreased by 0.91% d-o-d at $61.78/barrel.
Natural gas prices down
Natural gas stood at $3.69/metric million British thermal unit (MMBtu), down by 3.09% 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 102.37, down by 0.24% d-o-d at the time of reporting. The Indian rupee was recorded at INR 86.31 d-o-d against the dollar.
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