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

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Aluminium
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21 Nov 2024, 13:09 IST
Base metals prices on LME show positive trends; stocks see mixed movements

  • Vedanta partners with GAIL for cleaner energy supply

  • Oil prices rise on geopolitical tensions, strong demand

Base metals prices on the London Metal Exchange (LME) showed positive trends, with zinc recording the highest gain of 1.22% d-o-d. Meanwhile, inventories at LME-registered warehouses witnessed mixed movements, with zinc surging by 2.83% d-o-d.

COMEX market update

Copper prices on the COMEX market remained stable at $9,223/t, compared to the previous close.

Indian market overview

In India's non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 755,000/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.

Global updates

Vedanta Aluminium partners with GAIL for natural gas supply

Vedanta Aluminium has signed an agreement with GAIL Gas Limited to supply natural gas to its smelter in Jharsuguda, Odisha, aiming for operational use by the end of 2025. This transition will reduce emissions by 47,292 t of CO2 annually, supporting Vedanta's goal of net-zero emissions by 2050 through cleaner energy and increased renewable energy use.

Chinese advisers recommend 5% national growth target for 2025

Four Chinese government advisers recommended a 5% growth target for the country for 2025, pushing for stronger fiscal stimulus to counter US tariff threats. While two advisers suggested slightly lower targets, they emphasised the need to bolster domestic demand to offset tariff impacts. The final target will be determined at the Central Economic Work Conference next month.

Korea Zinc takeover battle tests Seoul's corporate governance laws

The ongoing takeover battle for Korea Zinc has heightened pressure on Seoul to implement legislative reforms for better investor protection. Controversial decisions, such as a share issue plan to fend off a takeover attempt, sparked investor backlash. Despite the withdrawal of the plan, scepticism remains over the sufficiency of voluntary efforts to address corporate governance concerns in South Korea's family-run conglomerates.

Oil prices rise

Oil prices increased slightly, driven by escalating geopolitical tensions between Russia and Ukraine and strong demand in the US and India. However, the gains were limited by a larger-than-expected rise in US crude inventories and concerns over a potential supply surplus in 2025.

Brent crude futures were recorded at $72.93/barrel. Meanwhile, WTI crude oil futures increased by 0.20% d-o-d to $68.89/barrel.

Natural gas prices rise

Natural gas prices stood at $3.30/metric million British thermal unit (MMBtu), up by 3.38% d-o-d.

Dollar index edges down

The dollar index, which measures the value of the greenback against a basket of six major currencies, hovered at 106.52, down by 0.15% d-o-d. The Indian rupee was recorded at INR 84.44 against the dollar.

21 Nov 2024, 13:09 IST

 

 

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