Base metals prices on LME show negative trends, stocks witness outflows

• JSW Group explores expansion into copper, aluminium
  
  
• India seeks transition period for EU's CBAM regulations
  
  

Base metals prices on the London Metal Exchange (LME) showed negative trends, except for nickel, which increased by 1.95% d-o-d. Meanwhile, inventories at LME-registered warehouses witnessed negative movements, with lead stocks decreasing by 0.84% d-o-d.

Industrial metal prices fell on the LME, with copper dropping over 1%, amid stronger-than-expected US joblessness claims and unfavourable wholesale inflation data. The latter increased uncertainty ahead of the Federal Reserve's policy meeting. While most metals lost value, nickel rose nearly 2%, bolstered by China's stimulus measures aimed at countering domestic slowdowns and trade tensions.

COMEX market update

Copper prices on the COMEX market declined by 2% at $9,282/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 746,000/t ex-Delhi. Aluminium Tense scrap prices remained stable d-o-d, with ex-Delhi at INR 174,000/t and ex-Chennai at INR 175,000/t.

Global updates

JSW Group explores expansion into copper, aluminium

JSW Group, India's largest steelmaker, is considering expansion into copper and aluminium. CEO Jayant Acharya mentioned the company is assessing the financial viability of this move with consultants, though no final decisions have been made yet. He added that the group remains open to diversifying into alternative metals for future growth opportunities.

India seeks transition period for EU regulations

India has submitted a "non-paper" to the European Union, outlining concerns over regulations such as the carbon border adjustment mechanism (CBAM), deforestation, and due diligence. The document stresses the need for a "transition period" before these measures are fully implemented, highlighting potential economic disruptions and India's desire for a more gradual adjustment to these new norms. The paper aims to initiate discussions and address India's challenges in complying with these European regulations.

Oil prices rise

Brent crude futures were recorded at $73.44/barrel today, up by 0.04%. Meanwhile, WTI crude oil futures increased by 0.11% d-o-d to $70.10/barrel.

Natural gas prices drop

Natural gas stood at $3.43/metric million British thermal unit (MMBtu), down by 0.49% d-o-d.

Dollar index stable

The dollar index, which measures the value of the greenback against a basket of six major currencies, hovered at 106.79, stable d-o-d. The Indian rupee was recorded at INR 84.84 against the dollar.