Base metals prices on LME show mixed trends, stocks witness outflows

• JSW Group to invest INR 2,600 crore in copper mining
  
  
• China's industrial profits decline 3.3% y-o-y in 2024
  
  

Base metals prices on the London Metal Exchange (LME) showed mixed trends, with aluminium recording a drop of 1.48% d-o-d. Meanwhile, inventories at LME-registered warehouses witnessed negative movements, with zinc decreasing by 0.94% d-o-d.

COMEX market update

Copper prices on the COMEX market stood at $9,330/tonne (t), up by 1% compared to the previous close.

Indian market overview

In India's non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 762,000/t ex-Delhi. Aluminium Tense scrap prices remained stable d-o-d, with ex-Delhi at INR 175,000/t and ex-Chennai at INR 176,000/t.

Global updates

China's industrial profits decline in 2024

China's industrial profits dropped 3.3% y-o-y in 2024, marking a third consecutive year of losses. Despite a 5% GDP growth, challenges such as a weak property market, declining factory-gate prices, and fragile business confidence impacted profits. State-owned firms saw a 4.6% y-o-y decline, while private companies posted a modest 0.5% y-o-y gain in earnings.

JSW Group to invest INR 2,600 crore in copper mining

JSW Group announced an investment of INR 2,600 crore to develop two copper mines and establish a concentrator plant in Jharkhand. This marks the group's entry into the non-ferrous metal sector. The mines, with a 3 MTPA ore capacity, are expected to begin operations in H2FY'27. Notably, JSW has secured a 20-year mine developer and operator (MDO) contract with Hindustan Copper.

Oil prices gain

Brent crude futures were recorded at $77.47/barrel today. Meanwhile, WTI crude oil futures increased slightly by 0.48% d-o-d to $73.52/barrel.

Natural gas prices drop

Natural gas stood at $3.66/metric million British thermal unit (MMBtu), down by 0.81% d-o-d.

Dollar index inches up

The dollar index, which measures the value of the greenback against a basket of six major currencies, hovered at 107.75, up by 0.55% d-o-d at the time of reporting. The Indian rupee was recorded at INR 86.53 against the dollar.