- Domestic copper scrap prices rise d-o-d
- Oil dips on Ukraine-Russia ceasefire expectations
Base metals prices on the London Metal Exchange (LME) showed positive trends d-o-d, with aluminium increasing by 2.16% to $2,861/tonne (t). Meanwhile, inventories at LME-registered warehouses witnessed positive movements, with zinc recording the highest gain of 4.01%.
Domestic market overview
In India’s non-ferrous metals markets, BigMint assessed copper armature scrap at INR 889,000/t ex-Delhi, up by INR 4,000/t d-o-d. Aluminium Tense scrap prices were assessed at INR 188,000/t ex-Delhi, and at INR 184,500/t ex-Chennai, both are stable d-o-d.
Other updates
Germany remains EU’s top net contributor despite slowdown
Germany continued to be the European Union’s largest net contributor in 2024, paying €13.1 billion more into the EU budget than it received, even as its struggling economy reduced its contribution from previous years. Net payments have been on a declining trend-from €19.7 billion in 2022 to €17.4 billion in 2023. France and Italy followed as the next biggest contributors, while Greece topped the list of net recipients. Experts noted that the EU budget reflects shifting economic strengths within the bloc, with Germany’s below-average growth expected to further reduce its contribution ahead.
Oil slips on hopes of Ukraine-Russia ceasefire unlocking more supply
Oil prices fell on Thursday as expectations of a potential Ukraine-Russia ceasefire raised the possibility of Western sanctions easing and additional Russian oil returning to the market. Brent crude dropped to $62.8/bbl and WTI to $58.33/bbl in thin trading due to the US Thanksgiving holiday. Market sentiment softened as discussions on a peace plan gained traction and oversupply concerns persisted ahead of the upcoming OPEC+ meeting, where output levels are likely to remain unchanged. At the same time, growing expectations of a US Federal Reserve rate cut in December helped limit further price declines.
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