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

Base metals prices on the London Metal Exchange (LME) exhibited mostly mixed trends, with copper prices witnessing the highest decline of 1.82%. Meanwhile, metal stocks at LME-registered warehouses also showed contrasting movements.

COMEX market update

Copper prices on the COMEX market remained steady, settling at $9,858/tonne (t) compared to the previous close.

Indian market overview

In India's non-ferrous markets, BigMint assessed domestic copper armature scrap at INR 754,000/t ex-Delhi. Aluminium tense scrap remained stable, with ex-Delhi-NCR prices at INR 175,000/t and ex-Chennai prices at INR 176,000/t.

India's spot prices of aluminium ADC12 alloyed ingots remained range-bound w-o-w in both the northern and southern regions, influenced by week demand and stable domestic raw material costs.

According to BigMint's benchmark assessments for the ADC12 (non-OEM) grade stood at INR 207,000/t in Delhi and INR 209,000/t in Chennai, showing minimal change w-o-w.

Global market updates

Hydro and PADNOS launch advanced aluminium scrap sorting unit in the US

Hydro and PADNOS have begun commercial operations of their joint venture, Alusort LLC, in Grandville, Michigan, focusing on advanced aluminium scrap sorting. Utilising Hydro's proprietary HySort technology, the facility aims to enhance recycling efficiency, processing 20,000 t annually. This initiative supports the production of low-carbon aluminium, crucial for sustainable manufacturing and reducing landfill waste.

India boosts manufacturing to cut Chinese imports

India's production-linked incentive scheme has attracted over $17 billion in investments since its 2020 launch, as part of the country's ongoing efforts to reduce imports from China. Offering 4-6% cash incentives across 14 sectors, the programme has spurred significant growth in electronics manufacturing. India aims to enhance local production of laptops and IT hardware and has planned for substantial output increases in the coming years.

Malaysia's energy surplus fuels development

Malaysia is generating enough energy surplus to support major development projects and exports. The country plans a special economic zone near Singapore to attract investment while pursuing renewable energy goals for net-zero emissions by 2050. Economic growth is strong, bolstered by significant investments, especially in data centres, positioning Malaysia as a regional leader.

Oil prices decline

US crude oil inventories declined by 4.339 million barrels, exceeding analysts' forecasts. Petrol and distillate inventories also fell significantly. The reduction coincided with China's announcement of a monetary stimulus to boost its economy, which has influenced market dynamics and contributed to shifts in inventory levels.

Brent crude oil futures were recorded at $72.91/barrel, while West Texas Intermediate (WTI) crude oil futures edged down by 0.82% to $69.12/barrel.

Natural gas prices inch up

Natural gas prices were recorded at $2.66/metric million British thermal unit (MMBtu), up by 1.14%.