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

• India's aluminium industry calls for higher import duties
  
  
• Copper prices hit 2-month low on China demand concerns
  
  

Base metals prices on the London Metal Exchange (LME) showed negative trends, except for zinc, which witnessed a gain of 1.46% d-o-d. Meanwhile, stocks at LME-registered warehouses showed mixed movements, with zinc decreasing by 0.94% d-o-d.

COMEX market update

Copper prices on the COMEX market decreased by 1% to $8,965/tonne (t) compared to the previous close.

Indian market overview

In India's non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 749,000/t ex-Delhi. Aluminium tense scrap prices remained stable d-o-d, with ex-Delhi at INR 172,000/t and ex-Chennai at INR 173,000/t.

Global updates

Aluminium industry seeks protection against imports

The Aluminium Association of India (AAI) has urged the government to raise import duties on aluminium products to protect the domestic industry. Rising imports, particularly from China, threaten local growth. With cumulative investments of over INR 1.5 lakh crore having been made already, AAI seeks an additional INR 3 lakh crore to meet growing demand, create jobs, and support India's self-reliance.

Copper prices hit two-month low amid China demand concerns

Copper prices fell to a two-month low due to growing concerns over weak demand from China, the world's largest copper consumer. Economic uncertainty and slowing industrial activity in China have raised fears of reduced consumption, pressuring global copper markets. This decline reflects broader market jitters about global economic recovery and industrial growth.

China urged to boost aluminium, recycled copper use amid copper shortages

China's copper industry faces profit erosion, as tight concentrate supplies hit smelters. The China Nonferrous Metals Industry Association (CNIA) has advocated for increased use of recycled copper and aluminium to reduce reliance on foreign resources. By 2030, recycled copper volumes could rise by 1 million tonnes (mnt), helping stabilise production and reduce costs.

Oil prices fall

Crude oil prices fell, as market sentiment turned bearish. OPEC's fourth downward revision of global demand for 2025 has intensified selling pressure. Economic uncertainty and supply-demand imbalances continue to weigh on prices, making a significant rebound unlikely in the near term.

Brent crude futures were recorded at $71.84/barrel. Meanwhile, WTI crude oil futures edged down by 0.69% d-o-d to $67.96/barrel.

Natural gas prices inch down

Natural gas prices stood at $2.95/metric million British thermal unit (MMBtu), down by 1.01% 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 106.60, up by 0.21% d-o-d. The Indian rupee was recorded at INR 84.40 against the dollar.