- Global alumina output drops 2.5% in April
- Indian rupee stands at INR 85.47 per dollar
Base metals prices on the London Metal Exchange (LME) showed a downward trend d-o-d, with nickel decreasing by 2.58%% to $15,011/tonne (t). Meanwhile, inventories at LME-registered warehouses dropped d-o-d, with zinc recording the steepest fall of 5.09%.
COMEX market
Copper prices on the COMEX remained stable at $10,347/t, compared to the previous close.
Indian market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 788,000/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
EGA’s Guinea dispute halts production, stockpile hits 2 mnt
Emirates Global Aluminium (EGA) has amassed nearly 2 mnt of bauxite in Guinea after operations were suspended in October 2024. Exports fell from 14.1 mnt to 10.8 mnt, with a $488 million impairment loss. Guinea’s government halted activity over EGA’s failure to build a refinery, pushing for more local processing of mineral resources.
Global alumina output drops in April
Global alumina production declined by 2.5% m-o-m in April to 12.407 mnt, according to the IAI. China led output with 7.384 mnt, followed by Oceania and Africa/Asia. While chemical alumina rose to 793,000 t, metallurgical alumina fell to 11.614 mnt from 11.974 mnt in March, reflecting a broader production slowdown.
Oil prices up d-o-d
Brent crude futures were recorded at $66.05/barrel today. Meanwhile, WTI crude oil futures increased by 1.89% d-o-d to $63.01/barrel.
Natural gas prices down
Natural gas stood at $3.53/metric million British thermal unit (MMBtu), down by 0.76% 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 99.98, up by 0.20% d-o-d at the time of reporting. The Indian rupee was recorded at INR 85.47 against the dollar.
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