Base metals prices on LME show divergent trends; stocks see mixed movements

Base metals prices on the London Metal Exchange (LME) threw up mixed trends, with aluminium witnessing the highest increase of 1.02%. Meanwhile, metal stocks at LME-registered warehouses showed mixed movements, except zinc which gained 1.37%.

COMEX market update

Copper prices on the COMEX market increased by 1%, settling at $9,603/tonne (t) compared to the previous close.

Indian market overview

In India's non-ferrous markets, BigMint assessed domestic copper armature scrap at INR 742,000/t ex-Delhi. Aluminium tense scrap remained stable, with ex-Delhi prices at INR 172,000/t and ex-Chennai at INR 173,000/t.

Global updates

Vietnam's aluminium industry charts strategic path forward

The 2nd Congress of the Vietnam Aluminium Profile Association convened to set a transformative five-year agenda (2024-2029) amid rapid sectoral growth. Despite doubling output to 1.3 mnt annually, the industry faces challenges: reliance on imported raw aluminium, fluctuating global prices, and trade barriers. The Association focuses on trade defence, aiming to bolster resilience and sustainable growth.

Copper prices decline amid China's stimulus concerns

Copper prices fell as China's stimulus measures failed to alleviate demand worries. Despite a drop in Shanghai inventories and increased imports, concerns persist. Investors look toward a potential RMB 10 trillion stimulus at the upcoming National People's Congress.

Hindustan Zinc plans $2 bn investment to double production

Hindustan Zinc, a Vedanta Group company, will invest up to $2 billion to double its production capacity to 2 mnt. CEO Arun Misra stated they are seeking mining partners and will announce project details soon. The company targets 1.2 mnt by 2025, increasing to 2 mnt over subsequent years. Recent profits rose 34.5% to 2,327 crore in Q2 2024.

Oil prices drop

Oil prices dropped sharply, with Brent crude futures were recorded at $72.71/barrel. Meanwhile, WTI crude oil futures edged down by 4.56% d-o-d to $68.51/barrel.

The decline came as Israel's recent strike on Iran focused on military sites rather than oil or nuclear facilities, reducing immediate fears of disruption in Middle Eastern oil supplies.

Natural gas prices inch down

Natural gas prices stood at $2.46/metric million British thermal unit (MMBtu), down by 3.75% d-o-d.

Dollar index edges up

The dollar index, which measures the value of the greenback against a basket of six major currencies, hovered at 104.32, up by 0.18% d-o-d. The Indian rupee was recorded at INR 84.10 against the dollar.