- Copper surge due to US tariff expectations
- Novelis achieves 100% recycled aluminium milestone
Base metals prices on the London Metal Exchange (LME) showed mixed trends, with copper recording a drop of 1.83% d-o-d. Additionally, inventories at LME-registered warehouses showed negative movements, with zinc decreasing by 2.43% d-o-d.
COMEX market update
Copper prices on the COMEX stood at $11,487/tonne (t), remaining stable compared to the previous close.
Indian market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 822,000/t ex-Delhi. Aluminium Tense scrap prices remained stable d-o-d, with ex-Delhi and ex-Chennai at INR 188,000/t.
Key updates
Copper hits new record
Copper prices surged to a new high amid reports that a US tariff on the metal could come sooner than expected. Analysts predict copper could reach $12,000/t this year due to supply concerns and strong industrial demand. With tight market conditions and significant copper imports into the US, higher tariffs are expected to further impact prices.
Novelis achieves 100% recycled aluminium milestone
Novelis, a global leader in aluminium products, has achieved a major milestone by producing the first-ever aluminium coil made entirely from 100% end-of-life automotive scrap. This innovation boosts the circular aluminium industry by reducing dependence on virgin materials and lowering carbon emissions. In collaboration with Thyssenkrupp, Novelis is improving material recovery and supply chain efficiency, with aluminium recycling consuming 95% less energy than primary production.
Oil prices fall
Brent crude futures were recorded at $73.76/barrel today. Meanwhile, WTI crude oil futures decreased by 0.03% d-o-d to $69.63/barrel.
Natural gas prices dip
Natural gas stood at $3.86/metric million British thermal unit (MMBtu), down by 0.03% d-o-d.
Dollar index inches up
The dollar index, which measures the value of the greenback against a basket of six major currencies, hovered at 104.03, up by 0.17% d-o-d at the time of reporting. The Indian rupee was recorded at INR 85.77 against the dollar.
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