Base metals prices on LME show positive trends

• Glencore CY'24 production declines
  
  
• EU proposes Russian aluminum import ban
  
  

Base metals prices on the London Metal Exchange (LME) showed positive trends, except nickel which recorded a drop of 0.66% d-o-d. Meanwhile, inventories at LME-registered warehouses remained range-bound d-o-d.

COMEX market update

Copper prices on the COMEX market stood at $9,445/tonne (t), up by 1% compared to the previous close.

Indian market overview

In India's non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 752,000/t ex-Delhi. Aluminium Tense scrap prices dropped d-o-d, with ex-Delhi at INR 174,000/t and ex-Chennai at INR 175,000/t.

Global updates

Glencore reports lower CY'24 production

Glencore's 2024 production of copper, cobalt, zinc, nickel, and thermal coal fell in line with guidance. Copper production dropped 6% to 951,600 mnt, while thermal coal output decreased to 99.6 mnt. This decline reflects challenges in meeting rising demand, especially with copper, which is crucial for energy transition technologies.

EU proposes ban on Russian aluminum imports

The European Commission has proposed its 16th round of sanctions against Russia, targeting primary aluminum imports, including alloys. If approved, essential items might be exempted. In 2024, the EU imported about 330,000 t of Russian aluminum, while the total for 2023 surpassed 500,000 t.

Oil prices up

Brent crude futures were recorded at $77.27/barrel today. Meanwhile, WTI crude oil futures increased slightly by 0.82% d-o-d to $73.33/barrel.

Natural gas prices rise

Natural gas stood at $3.08/metric million British thermal unit (MMBtu), up by 1.08% d-o-d.

Dollar index inches up

The dollar index, which measures the value of the greenback against a basket of six major currencies, hovered at 108.05, up by 0.39% d-o-d at the time of reporting. The Indian rupee was recorded at INR 86.65 against the dollar.