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

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Aluminium

BigMint Bureau

116 Reads

9 Oct 2024, 12:17 IST

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

Base metals prices on the London Metal Exchange (LME) exhibited mostly negative trends, with nickel witnessing the highest outflow of 3.27%. Meanwhile, metal stocks at LME-registered warehouses showed negative movements with zinc declining by 0.70%.

COMEX market update

Copper prices on the COMEX market decreased by 2%, settling at $9,775/tonne (t) compared to the previous close.

Indian market overview

In India's non-ferrous markets, BigMint assessed domestic copper armature scrap at INR 772,000/t ex-Delhi. Aluminium tense scrap remained stable, with ex-Delhi-NCR prices at INR 175,500/t and ex-Chennai prices at INR 176,500/t.

Global updates

Rio Tinto's strategic move to acquire Lithium

Rio Tinto is in negotiations to acquire Arcadium Lithium, with the goal of becoming the third-largest lithium producer globally. This strategic move aligns with Rio's upcoming launch of its Rincon project in Argentina, which is projected to produce up to 40,000 tof lithium. The acquisition would strengthen Rio's position in the electric vehicle (EV) market. With optimistic long-term forecasts for EV demand, this deal could significantly enhance Rio's production capacity, further cementing its role in the global lithium supply chain.

Argentina's trade reform measures

The Argentine government is preparing to implement new measures aimed at simplifying trade operations and bolstering the peso against the US dollar. By removing specific import pricing requirements and a fiscal stamp, exporters could benefit from a 1% increase in profitability, while importers may face a similar decrease. These regulations, designed to reduce bureaucracy, will soon be outlined in the Official Gazette.

Copper demand remains strong for EVs

Despite a slowdown in electric vehicle (EV) sales, copper demand remains strong, according to IXM. Tom Mackay, the head of refined metals, highlighted that while sales growth has fluctuated across regions, overall demand for metals like copper essential for EV wiring and batteries remains healthy. However, the market faces challenges, including advancements in battery technology and infrastructure development.

Oil prices edge up

Brent crude oil futures were recorded at $77.8/barrel. Meanwhile, West Texas Intermediate (WTI) crude oil futures edged up by 0.73% to $74.11/barrel.

Natural gas prices inch down

Natural gas prices were recorded at $2.70/metric million British thermal unit (MMBtu), down by 0.91%.

Dollar index edges up

The dollar index, which measures the value of the greenback against a basket of six major currencies, hovered at 102.33, slightly up by 0.05%. The Indian rupee was recorded at INR 83.96 against the dollar.