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

• Hong Kong approved as LME warehouse
  
  
• Oil prices fall amid tariff delay
  
  

Base metals prices on the London Metal Exchange (LME) showed positive trends, with copper recording the highest gain of 0.92% d-o-d. Meanwhile, inventories at LME-registered warehouses witnessed mixed movements, with zinc decreasing by 1.11% d-o-d.

COMEX market update

Copper prices on the COMEX market stood at $9,415/tonne (t), down 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 remained stable d-o-d, with ex-Delhi at INR 175,000/t and ex-Chennai at INR 176,000/t.

Global updates

Hong Kong approved as LME warehouse hub

The London Metal Exchange (LME) has designated Hong Kong as an approved warehouse location, enabling storage of key metals like aluminum, copper, and zinc. This move positions Hong Kong as a strategic gateway to China, the world's largest metals consumer. The first warehouses will open within three months, strengthening its role as a critical hub for global metal trade.

China's aluminum exports, imports rise in CY'24

China's exports of unwrought aluminum products reached 6.7 mnt in 2024, a 17.4% rise. Imports grew 22.5%, totalling 3.8 mnt. In December, exports rose 3.1%, while imports fell 8.6%. Additionally, China's alumina exports surged 45%, reaching 190,000 t, while imports of aluminum ore grew by 12.4% to 158.8 mnt.

Oil prices fall

Oil prices fell as President Trump delayed new tariffs on Canada and Mexico and revealed plans to boost US oil and gas production. His strategy includes expediting permits, addressing trade practices, and replenishing strategic reserves, potentially impacting market trends.

Brent crude futures were recorded at $80.04/barrel today. Meanwhile, WTI crude oil futures decreased slightly by 0.82% d-o-d to $77.24/barrel.

Natural gas prices drop

Natural gas stood at $3.82/metric million British thermal unit (MMBtu), down by 3.04% 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 108.16, up by 0.30% d-o-d at the time of reporting. The Indian rupee was recorded at INR 86.48 against the dollar.