- US exempts aluminum, copper from tariffs
- Oil, gas imports exempted from tariffs
Base metals prices on the London Metal Exchange (LME) showed marginal downtrends, with lead recording a drop of 1.10% d-o-d. Additionally, inventories at LME-registered warehouses remained range-bound d-o-d.
COMEX market
Copper prices on the COMEX stood at $10,737/tonne (t), dropped by 3.3% compared to the previous close.
Indian market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 816,000/t ex-Delhi. Aluminium Tense scrap prices remained stable d-o-d, with ex-Delhi and ex-Chennai at INR 187,000/t.
Key updates
US exempts aluminum & copper from reciprocal tariffs
On April 2, 2025, President Trump introduced a 10% baseline tariff on all imports, with higher reciprocal tariffs targeting countries with significant trade surpluses. However, aluminum and copper were exempted to avoid disrupting critical supply chains. This strategic move aims to balance trade deficit correction while maintaining stable markets for essential materials already subject to Section 232 tariffs.
Oil prices dip
Oil, gas, and refined product imports were exempted from Trump’s new tariffs, providing relief to the US oil industry. The move addresses concerns over potential disruptions and cost increases but adds to ongoing trade tensions with major partners.
Brent crude futures were recorded at $73.16/barrel today. Meanwhile, WTI crude oil futures dropped by 2.54% d-o-d at $69.89/barrel.
Natural gas prices down
Natural gas stood at $3.99/metric million British thermal unit (MMBtu), down by 1.38% 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 102.49, down by 0.97% d-o-d at the time of reporting. The Indian rupee was recorded at INR 85.51 against the dollar.
Leave a Reply