Base metals prices on LME rise barring nickel; lead stocks witness gains
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Base metals prices on the London Metal Exchange (LME) witnessed positive trends barring nickel as of the last closing. Meanwhile, stocks at LME registered warehouses witnessed outflows barring lead.
Three-month aluminium futures gained by 0.3% to $2,235/tonne (t), nickel prices were at $17,717/t (down 0.2%), copper prices settled at $8,577/t (up 1%), zinc edged up by 1.5% to $2,494/t, and lead prices gained by 0.9% to $2,065/t.
Meanwhile, lead stocks witnessed inflows by 2.1% reaching 191,800 t from 187,750 t.
COMEX market
Copper prices on the Commodity Exchange (COMEX) gained marginally by 0.8% to $8,514/t from $8,447/t compared to the previous closing.
India's non-ferrous market
Aluminium
Spot prices for aluminium ADC12 alloy ingots rose slightly to INR 205,000/t w-o-w exw Delhi, amidst increased local scrap prices in India. OEMs saw a m-o-m price hike of INR 10,000/t to INR 214,000/t exw Delhi. Tense offers in Chennai were at INR 173,000/t, with spot prices around INR 212,000/t exw.
Copper
Copper prices in the domestic market witnessed a slight increase as of yesterday. Armature scrap stood at INR 689,000/t and secondary copper CCR was assessed at INR 729,000/t, both ex-Delhi.
Global updates
China exports surge amid semiconductor demand
China's export and import growth in January-February surpassed expectations, indicating a global trade rebound amid semiconductor demand. Exports rose 7.1%, imports up 3.5%. Structural reforms are eyed as manufacturing struggles persist. Export gains may be short-lived due to pricing strategies. Market response muted, with challenges remaining despite positive indicators.
ECB to maintain record interest rates
The European Central Bank is expected to maintain record-high interest rates, cautiously monitoring falling inflation. Despite projections of lower economic growth and inflation, rate cuts may be delayed until June, awaiting crucial wage data. Market expects potential rate reductions by year-end. Lagarde to address ECB's ongoing review and mounting losses.
First Quantum's Panama mine closure cost $800m
The closure of First Quantum's copper mine in Panama is estimated to cost around $800 million, with the government exploring alternative measures to cover expenses. The shutdown, prompted by environmental concerns and a court ruling, raises questions about funding for the closure process. Panama's GDP is expected to see a significant impact, with growth slowing to 2.5% in 2024.
India's copper stock, flow model unveiled: ICA
The International Copper Association India (ICA India) and Fraunhofer Institute collaborated to launch "India's Copper Stock and Flow Model," aiming to understand India's copper landscape comprehensively. The model addresses gaps in recycling data, empowering stakeholders to make informed decisions.
It reveals India's active copper stock, end-of-life scrap generation, and recycling rates, highlighting the nation's reliance on secondary copper. This scientific approach enhances understanding of copper's lifecycle and promotes sustainability in the industry.
Oil prices dip
Brent oil futures down slightly by 0.13% to $82.85 per barrel. Crude oil WTI futures down by 0.04% to $79.10 per barrel at the time of reporting.
Natural gas prices up
Prices of natural gas were recorded at $1.933/MMBtu, up by 0.21%.
Dollar index
The dollar index, which gauges value of the greenback in a basket of six different currencies, hovered at 103.27, slightly down by 0.10%.
The rupee was recorded at INR 82.77 against the USD, appreciating marginally against the previous closing.