- US aluminium industry aims to boost self-sufficiency
- Copper market sentiment wavers amid supply concerns
Base metals prices on the London Metal Exchange (LME) showed positive trends d-o-d, with zinc increasing by 3.17% to $2,480/tonne (t). Meanwhile, inventories at LME-registered warehouses showed mixed trends d-o-d, with copper down by 2.15%.
COMEX market
Copper prices on the COMEX stood at $10,141/t, decreasing by 0.4% compared to the previous close.
Indian market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 795,000/t ex-Delhi. Aluminium Tense scrap prices remained steady d-o-d, with ex-Delhi at INR 195,000/t and ex-Chennai at INR 196,000/t.
Market updates
US aluminium industry charts path to self-sufficiency
The US Aluminum Association’s new roadmap outlines strategies to reduce reliance on imports and bolster domestic aluminium production. Key initiatives include building new smelters, enhancing recycling efforts, and strengthening trade partnerships. Achieving self-sufficiency will require coordinated efforts between the public and private sectors, significant investments, and supportive energy and trade policies to ensure a resilient and sustainable aluminium supply chain.
Copper market sentiment wavers amid supply concerns
Copper market sentiment remains mixed. Initial optimism from the US-China trade truce has been tempered by ongoing supply constraints and a cautious investor outlook. Despite record-high copper concentrate imports by China, smelters face challenges due to negative treatment charges and tight feedstock availability. While the trade agreement offers short-term relief, long-term uncertainties persist, keeping the market on edge.
Oil prices dip d-o-d
Brent crude futures were recorded at $64.67/barrel today. Meanwhile, WTI crude oil futures decreased by 2.22% d-o-d to $61.75/barrel.
Natural gas prices down
Natural gas stood at $3.46/metric million British thermal unit (MMBtu), down by 0.83% 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 100.71, down by 0.16% d-o-d at the time of reporting. The Indian rupee was recorded at INR 85.61 against the dollar.
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