Base metals prices on LME show negative trends

• Zinc supply shortage impacts pricing trends
  
  
• Indian rupee at INR 86.58
  
  

Base metals prices on the London Metal Exchange (LME) showed mixed trends, with zinc recording a drop of 2.25% d-o-d. Meanwhile, inventories at LME-registered warehouses witnessed mixed movements, with zinc decreasing by 1.94% d-o-d.

COMEX market update

Copper prices on the COMEX market stood at $9,249/tonne (t), down 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 760,000/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

Zinc premium over lead narrows

Zinc's premium over lead decreased to $888/t, according to London Metal Exchange data, after peaking in late 2024. Zinc prices rose due to supply shortages, while lead faced oversupply. As zinc mine production recovers and lead stocks surge, market dynamics may shift further in 2025, impacting future pricing trends for both metals.

Oil prices fall

Brent crude futures were recorded at $77.27/barrel today. Meanwhile, WTI crude oil futures decreased slightly by 0.20% d-o-d to $73.62/barrel.

Natural gas prices drop

Natural gas stood at $3.35/metric million British thermal unit (MMBtu), down by 3.49% 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 86.58 against the dollar.