- US raises steel, aluminium tariffs sharply
- Congo mine flooding disrupts copper production
Base metals prices on the London Metal Exchange (LME) increased d-o-d, with zinc increasing by 2.98% to $2,698/tonne (t). Meanwhile, inventories at LME-registered warehouses dropped d-o-d, with lead recording the steepest fall of 1.52%.
COMEX market
Copper prices on the COMEX stood at $10,398/t, down by 2.7% 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
Flooding disrupts Congo copper mine
The Kamoa-Kakula mine in Congo, one of the world’s major copper sources, faces severe disruption following underground flooding triggered by seismic activity. Damage to electrical infrastructure has delayed recovery, with water levels still rising. Analysts warn output could be halted until Q4 2025. Ivanhoe and its Chinese partners are racing to restore operations using high-capacity pumps.
U.S. tariff hike raises prices, hits production
U.S. President Trump’s decision to double tariffs on steel and aluminium to 50% starting 4 June has led to a sharp price surge, with U.S. aluminium premiums up 54% and steel climbing 7.4%. Industry experts predict that higher prices will stifle U.S. manufacturing, dampening industrial activity and affecting global production.
Oil prices up d-o-d
Brent crude futures were recorded at $64.75/barrel today. Meanwhile, WTI crude oil futures increased by 0.37% d-o-d to $62.72/barrel.
Natural gas prices up
Natural gas stood at $3.71/metric million British thermal unit (MMBtu), up by 0.60% 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 98.74, down by 0.38% d-o-d at the time of reporting. The Indian rupee was recorded at INR 85.44 against the dollar.
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