Base metals prices on LME mostly up; stocks witness outflows

Base metals traded on the London Metal Exchange (LME) remained resilient on Tuesday's closing, 9 April, benefiting from a relatively steady macroeconomic environment. This stability came ahead of significant events such as the European Central Bank meeting and the release of the US Consumer Price Index report later in the week.

Three-month aluminium futures remained largely stable at $2,454/tonne (t), while nickel prices were at $18,000/t (up 0.7%). Copper prices settled at $9,435/t, while zinc edged up by 1.3% to $2,700/t. Lead prices were up by 0.9% to $2,157/t.

Copper surged, driven by supply concerns and improving demand prospects. LME prices have soared over 10% this year due to global mine disruptions, particularly in China.

COMEX market

Copper prices on the Commodity Exchange (COMEX) gained by 0.2% to $9,415/t from $9,393/t at the previous closing.

India's non-ferrous markets

Imported aluminium scrap prices in India saw a modest uptick, buoyed by rising LME futures prices. LME's three-month price rose by 3.4% to $2,460/t, with stocks decreasing by 3.3% to 533,150 t. BigMint assessments noted a 2.9% increase in scrap prices, attributed to the upward aluminium trend. Trading slowed amid Ramadan, impacting Middle Eastern offers.

Meanwhile, the domestic aluminium scrap prices in Delhi remained firm as of yesterday.

Global updates

ICRA: Minimal impact of CBAM on Indian aluminium

ICRA's report suggests that the Carbon Border Adjustment Mechanism (CBAM) ruling on EU exports will minimally affect India's primary aluminium producers, as it excludes indirect emissions until 1 January, 2026. CBAM regulations, targeting six sectors including aluminium, impose taxes on embedded carbon imports, affecting EU importers financially from 2026 onwards.

Zinc smelter charges decline: Teck Resources agrees to lower rates

Benchmark zinc smelter treatment charges have markedly declined this year, signalling a tightening in the mine supply chain. Teck Resources has agreed to pay Korea Zinc $165/t for converting zinc concentrate to refined metal, down from $274 last year. This shift reflects the impact of mine closures and a surplus in refined metal production.

Jaguar Land Rover sales soar, driving first annual profit in five years

Indian automaker Tata Motors reported that Jaguar Land Rover's fourth-quarter sales surged by 11% to 114,038 units, attributed to heightened production and sustained global demand. Full-year sales for fiscal year 2024 also rose by 22% to 431,733 units, contributing to Tata Motors' first annual profit in five years.

Maruti Suzuki boosts annual capacity to 2.35 million units with Manesar plant expansion

Maruti Suzuki has expanded its Manesar plant in Haryana, India, with a new assembly line, increasing annual capacity to 900,000 vehicles. This addition elevates Maruti's total annual capacity to 2.35 million units. With aspirations to reach 4 million units annually by fiscal 2031, the company manufactures eight models at the Manesar facility.