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

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Aluminium
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7 Jan 2025, 12:41 IST
Base metals prices on LME show positive trends, stocks see outflows

  • China discovers 20-mnt copper reserves on Tibetan Plateau

  • Vedanta's zinc output down, aluminium up y-o-y in Q3FY'25

Base metals prices on the London Metal Exchange (LME) showed positive trends, with copper recording the highest gain of 1.43% d-o-d. Meanwhile, inventories at LME-registered warehouses witnessed outflows, with zinc stocks decreasing by 1.34% d-o-d.

COMEX market update

Copper prices on the COMEX market inched up by 2% to $9,140/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 741,000/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

Vedanta's zinc output down, aluminium up y-o-y in Q3FY'25

Vedanta's zinc production in India fell 2% y-o-y to 265,000 t, while aluminium output rose 3% to 614,000 t. The company's total mined metal production increased by 1% y-o-y. Other sectors showed mixed results, with oil and gas production down 19% y-o-y, and finished steel output dropping by 3% y-o-y. The company's shares rose 1.8% d-o-d.

China discovers massive copper reserves on Tibetan Plateau

China has uncovered over 20 million tonnes (mnt) of copper resources on the Tibetan Plateau, boosting the country's reserves significantly. This discovery will strengthen copper production in China, with the plateau's potential contributions estimated at 150 mnt across four key regions. China is also the world's largest copper consumer, with the metal being a vital raw material for the country's electric power, transportation, and construction sectors.

Oil prices edge down

Brent crude futures were recorded at $76.30/barrel today. Meanwhile, WTI crude oil futures decreased slightly by 0.39% d-o-d to $73.39/barrel.

Natural gas prices drop

Natural gas stood at $3.64/metric million British thermal unit (MMBtu), down by 0.79% d-o-d.

Dollar index inches down

The dollar index, which measures the value of the greenback against a basket of six major currencies, hovered at 107.9, down by 0.11% d-o-d at the time of reporting. The Indian rupee was recorded at INR 85.67 against the dollar.

7 Jan 2025, 12:41 IST

 

 

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