Base metals prices on LME exhibit negative trends; stocks witness outflows

• Global aluminium output edges down
  
  
• NuVau, Taseko projects pick up pace
  
  

Base metals prices on the London Metal Exchange (LME) largely trended downward, with nickel declining by 1.14%. Meanwhile, metal stocks at LME-registered warehouses also showed negative movements.

COMEX market update

Copper prices on the COMEX market decreased by 1%, settling at $9,576/tonne (t) compared to the previous close.

Indian market overview

In India's non-ferrous markets, BigMint assessed domestic copper armature scrap at INR 764,000/t ex-Delhi. Aluminium tense scrap remained stable, with ex-Delhi-NCR prices at INR 172,000/t and ex-Chennai at INR 173,000/t.

Global updates

Global aluminium production drops 3% m-o-m in Sep'24: IAI

According to the latest data from the International Aluminium Institute (IAI), in September 2024, aluminium production touched 6.007 million tonnes (mnt), a 3% decrease from 6.205 mnt in August 2024. In contrast, production rose by 2% y-o-y from 5.930 mnt in September 2023. Notably, China's output fell to 3.59 mnt, down by 3% from the previous month.

NuVau plans IPO to advance Quebec copper-zinc project

NuVau Minerals aims to go public this month to secure government support for its Bracemac McLeod copper-zinc project in Quebec. The company has a C$30 million agreement with Glencore and a preliminary economic assessment projecting a 10-year project with a C$115.9 million net present value. The IPO will help access provincial funding, with production expected by 2026 or 2027.

Taseko provides update on Florence copper project progress

Taseko Mines announced that its Florence copper project in Arizona is nearly 40% complete, with an aim to initiate production by Q4 of 2025. Since construction began, 300,000 work hours have been logged without injuries. Currently, 280 workers are on-site, focusing on earthworks and equipment installation. Taseko expects total costs to remain within 10-15% of the original $232 million estimate.

South Korea on track for economic recovery in Q3

South Korea's economy is projected to grow 0.5% in Q3, rebounding from a 0.2% contraction in the previous quarter. The expansion, driven by strong exports, is expected to yield a 2.0% annual growth rate. However, high borrowing costs continue to strain domestic demand.

Oil prices decline amid demand concerns

Crude oil futures fell today as concerns about slowing demand in China weighed on the market. Additionally, traders were wary of potential increases in global supply, with OPEC+ planning to restore production output in December.

Brent crude oil futures were recorded at $74.03/barrel. Meanwhile, West Texas Intermediate (WTI) crude oil futures edged up by 0.30% to $70.35/barrel.

Natural gas prices inch up

Natural gas prices were recorded at $2.33/metric million British thermal unit (MMBtu), up by 1.21%.

Dollar index holds steady

The dollar index, which measures the value of the greenback against a basket of six major currencies, hovered at 103.74, stable d-o-d. The Indian rupee was recorded at INR 84.07 against the dollar.