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

• India's industrial output grows 3.1% in Sep'24
  
  
• Shortfall in global copper supply likely by 2030
  
  

Base metals prices on the London Metal Exchange (LME) showed negative trends, with copper witnessing the highest drop of 2.03% d-o-d. Meanwhile, stocks at LME-registered warehouses showed mixed movements, with zinc increasing by 0.42% d-o-d.

COMEX market update

Copper prices on the COMEX market decreased by 2% to $9,070/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 750,000/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

Hindalco Q2 profit soars on higher aluminium prices

Hindalco Industries reported a 78% y-o-y increase in Q2 net profit to INR 39.09 billion, driven by rising aluminium prices and strong demand in the transportation, construction, and packaging sectors. Revenue grew 7.4% y-o-y to INR 582.03 billion, despite a one-time cost linked to a plant disruption at its Novelis unit. Copper sales also saw steady growth.

Copper supply to fall short of demand by 2030

At the World Copper Conference in Shanghai, the vice president of China Minmetals Corporation warned that current and planned copper mines will meet only 80% of global demand by 2030, according to data from the International Energy Agency. This shortfall could have significant implications for copper production, impacting industries reliant on the metal for energy and infrastructure.

India's industrial output grows 3.1% in September

India's industrial output expanded by 3.1% in September, driven by a favourable base effect and increased activity during the festival season. The growth was supported by strong performance in the manufacturing, mining, and electricity sectors, indicating a recovery in industrial activity during the month.

Oil prices rise

Brent crude futures were recorded at $72.11/barrel. Meanwhile, WTI crude oil futures edged up by 0.28% d-o-d to $68.31/barrel.

Natural gas prices inch down

Natural gas prices stood at $2.88/metric million British thermal unit (MMBtu), down by 0.62% 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 106.01, up by 0.06% d-o-d. The Indian rupee was recorded at INR 84.39 against the dollar.