Base metals prices on LME show negative trends; stocks see outflows

• Vedanta to set up Saudi copper processing facility
  
  
• China's industrial profits decline 10% y-o-y in Oct
  
  

Base metals prices on the London Metal Exchange (LME) showed negative trends, except for zinc, which gained 1.82% d-o-d. Meanwhile, inventories at LME-registered warehouses witnessed downward movements, with zinc declining by 1.00% d-o-d.

COMEX market update

Copper prices on the COMEX market decreased by 1% to $9,040/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 744,000/t ex-Delhi. Aluminium tense scrap prices remained stable d-o-d, with ex-Delhi at INR 173,000/t and ex-Chennai at INR 174,000/t.

Imported aluminium scrap prices in India remained firm w-o-w, with few grades edging lower by up to 1.5% w-o-w. BigMint's benchmark assessment for Tense scrap originating from the UAE stood at $1,800/t, firm w-o-w, while Zorba 95/5 from the UK stood at $2,110/t, stable w-o-w, both prices CFR west coast, India.

Global updates

Vedanta to invest $2 billion in Saudi copper processing

Vedanta will invest $2 billion to establish copper-processing facilities in Saudi Arabia, including a smelter, refinery, and rod mill. The project, with a capacity of 400,000 t annually, supports rising copper demand, particularly for electric cables. This aligns with Saudi Arabia's Vision 2030 to diversify its economy by leveraging its $2.5 trillion in untapped resources. Full production is expected by 2026.

Oil prices edge up

Brent crude futures were recorded at $72.93/barrel today. Meanwhile, WTI crude oil futures increased by 0.15% d-o-d to $68.87/barrel.

Oil prices are projected to witness a slight uptick in the near term, given that crude production from key countries such as Iraq, Kazakhstan, and Russia has declined in compliance with OPEC+ production cuts. Additionally, Saudi Arabia is expected to extend its voluntary cuts until April 2025 instead of January. Although there are concerns about potential supply disruptions, a surplus is expected for 2025, despite uncertainties.

Natural gas prices inch down

Natural gas prices stood at $3.40/metric million British thermal unit (MMBtu), down by 0.86% d-o-d.

Dollar index drops

The dollar index, which measures the value of the greenback against a basket of six major currencies, hovered at 107.11, down by 1.76% d-o-d. The Indian rupee was recorded at INR 84.28 against the dollar.