Base metal prices and stocks on LME depict contrasting trends
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Base metals prices on the London Metal Exchange (LME) continued to display varied trends as of last closing. Similarly, stocks at the LME registered warehouses witnessed mixed trends with copper witnessing the highest inflow.
Three-month aluminium futures remained stable at $2,180/tonne (t), nickel prices were at $17,169/t (down 1.8%), copper prices settled at $8,466/t (down 1.1%), zinc edged up by 0.7% to $2,424/t, and lead prices gained by 0.1% to $2,097/t.
Notably, copper stocks at the LME warehouses rose by over 4% to 127,825 t from 122,900 t.
COMEX market
Copper prices on the Commodity Exchange (COMEX) saw a drop of 1.8% to $8,425/t compared to 8,579/t in the previous closing.
India's non-ferrous market
In India, imported and domestic aluminium scrap prices saw minor fluctuations, while on the primary market P1020 prices declined. Copper and zinc prices remained positive while lead prices remained largely stable.
Global updates
China's Zijin Mining Expands Julong Copper
Zijin Mining has obtained approval from the Tibet Autonomous Region Development and Reform Commission for the second-phase expansion of the Julong copper project in Tibet. The expansion will boost the mine's capacity to 350,000 t per day, making it China's largest single copper mine.
MIND ID Becomes Top Shareholder in Vale Indonesia Acquisition
Indonesia's MIND ID finalized the acquisition of a 14% stake in Vale Indonesia from Vale Canada and Sumitomo Metal Mining, making it the largest shareholder. This divestment is crucial for extending Vale Indonesia's mining permit beyond 2025. Vale Canada will receive around $160 million in cash. The government aims to issue the new mining permit within ten days, ensuring operational continuity.
German Exporters Show Slight Sentiment Uptick in February
In February, German exporters saw a slight improvement in sentiment. However, only a few sectors anticipated export growth. The overall export expectations indicator rose to minus 7.0 points from minus 8.5 points in January. Despite some optimism, challenges persist, particularly for industries like mechanical engineering, car manufacturing, and the metal sector, which continue to face export weaknesses.
Addionics to Build $400M U.S. Factory for Electric Vehicle Battery Components
Israeli battery tech firm Addionics announced plans to construct a $400 million U.S. factory for copper anodes, catering to electric vehicle batteries by 2027. With potential grants of up to $50 million, the facility aims to support U.S. EV production, utilizing recycled copper for sustainability.
Oil prices range-bound
Oil prices remained largely steady today with slight fluctuations, maintaining the previous day's increases following attacks on vessels in the Red Sea, which have heightened concerns about supply disruptions.
Brent oil futures gain slightly by 0.13% to $82.64 per barrel. Crude oil WTI futures up marginally by 0.18% to $77.72 per barrel at the time of reporting.
Natural gas prices dip
Prices of natural gas were recorded at $1.588/MMBtu, down by 4.28%.
Dollar index
Today, the dollar remained subdued as investors anticipated a week of U.S. economic data, offering insights into the Federal Reserve's potential timeline for interest rate cuts.
The dollar index, which gauges value of the greenback in a basket of six different currencies, hovered at 103.76, slightly down by 0.06%.
The rupee was recorded at INR 82.89 against the USD, largely stable against the previous closing.
