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

• Ivanhoe reopens Kipushi zinc mine after 31 years
  
  
• Rusal cuts aluminium output on rising alumina costs
  
  

Base metals prices on the London Metal Exchange (LME) showed positive trends, with zinc recording the highest gain of 1.82% d-o-d. Meanwhile, inventories at LME-registered warehouses witnessed downward movements, with zinc declining by 1.20% d-o-d.

COMEX market update

Copper prices on the COMEX market remained stable at $9,108/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 753,000/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

Ivanhoe's Kipushi zinc mine reopens in DRC

Ivanhoe Mines has officially reopened its Kipushi zinc-copper-lead-germanium mine in the Democratic Republic of the Congo (DRC). The reopening ceremony, attended by DRC President Felix Tshisekedi, Ivanhoe's president Marna Cloete, and Gecamines' chairman Guy Robert Lukama, follows the restart of production in June after 31 years. The mine is expected to produce 50,000-70,000 t of zinc this year, with future production averaging 278,000 t annually.

Rusal reduces aluminium production amid high costs

Rusal is cutting its annual aluminium output by 250,000 t (5.5%) due to soaring alumina prices and weak consumer demand. Alumina prices have doubled to $700/t, making up over 50% of production costs. Additionally, the global aluminium market is facing oversupply, and demand in Russia has declined considerably. However, despite implementing production cuts at its facilities, Rusal plans to maintain its workforce.

Oil prices edge up

Brent crude futures were recorded at $73.38/barrel. Meanwhile, WTI crude oil futures increased by 0.29% d-o-d to $69.14/barrel.

Natural gas prices drop

Natural gas prices stood at $3.34/metric million British thermal unit (MMBtu), down by 0.86% d-o-d.

Dollar index rises

The dollar index, which measures the value of the greenback against a basket of six major currencies, hovered at 107.11, up by 0.33% d-o-d. The Indian rupee was recorded at INR 84.28 against the dollar.