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Base metals prices on LME show negative trends

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Aluminium
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22 Jan 2025, 11:52 IST
Base metals prices on LME show negative trends

  • Alcoa plan focuses on smelter viability

  • Global auto recovery boosts rolled product demand

  • Base metals prices on the London Metal Exchange (LME) showed negative trends, with aluminium recording the highest decline of 1.67% d-o-d. Meanwhile, inventories at LME-registered warehouses witnessed mixed movements, with zinc decreasing by 2.01% d-o-d.

    COMEX market update

    Copper prices on the COMEX market stood at $9,480/tonne (t), up by 1% compared to the previous close.

    Indian market overview

    In the domestic non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 752,000/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

    Auto industry recovery boosts rolled product demand

    Following pandemic challenges, the global automotive sector saw recovery with growth in electric vehicles. In 2024, the US and China, leading car markets, reported a 2.1% sales increase. This sustained growth is expected to drive higher demand for rolled products, essential materials in car production.

    Alcoa partners to secure San Ciprian smelter's future

    Alcoa has signed a plan with Ignis Equity Holdings, the Spanish government, and Galicia to strengthen the long-term viability of its San Ciprian smelter in Spain. The agreement focuses on stabilising operations, prioritising smelter restart, renewable energy projects, CO2 compensation, and residue storage capital approvals, addressing energy costs and engaging with worker representatives for future sustainability.

    Oil prices fluctuate

    Brent crude futures were recorded at $79.32/barrel today. Meanwhile, WTI crude oil futures decreased by 2.56% d-o-d to $75.89/barrel.

    Natural gas prices drop

    Natural gas stood at $3.75/metric million British thermal units (MMBtu), up by 0.03% d-o-d.

    Dollar index inches down

    The dollar index, which measures the value of the greenback against a basket of six major currencies, hovered at 107.91, up by 0.05% d-o-d at the time of reporting. The Indian rupee was recorded at INR 86.53 against the dollar.

    22 Jan 2025, 11:52 IST

     

     

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