Base metals prices, stocks on LME show mixed trends

• India's copper scrap imports may become duty-free
  
  
• Chinese cargo arrivals in US rise 14.5% y-o-y in Dec
  
  

Base metals prices on the London Metal Exchange (LME) showed mixed trends, with nickel recording the highest gain of 1.55% d-o-d. Meanwhile, inventories at LME-registered warehouses also witnessed mixed movements, with zinc decreasing by 1.61% d-o-d.

COMEX market update

Copper prices on the COMEX market stood at $9,615/tonne (t), up 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 743,000/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

US importers rush to stockpile goods from China amid tariff threat

As President-elect Trump prepares to impose new tariffs, US importers rushed to stockpile goods from China, with December exports reaching record levels. US seaports saw a 14.5% y-o-y increase in Chinese cargoes in December, driven by fears of escalating trade protectionism. Companies such as Helen of Troy Limited have been building inventories to mitigate tariff impacts on consumer goods.

Shanxi alumina plant set to restart in Jan'25

A Shanxi-based alumina plant with a capacity of 1 million tonne per annum (MTPA) is scheduled to resume operations in January after being idle since August 2022 due to domestic bauxite shortages. The plant plans to rely on imported bauxite for its production moving forward.

Copper scrap imports may become duty-free

The Indian government is considering removing the 2.5% concessional basic customs duty on copper scrap. This follows a previous reduction from 5% to 2.5% in earlier budgets. A proposal to entirely eliminate the duty has been submitted to the finance ministry for consideration in the 2025 Union Budget.

Oil prices rise

Brent crude futures were recorded at $82.24/barrel today. Meanwhile, WTI crude oil futures increased slightly by 0.27% d-o-d to $80.26/barrel.

Natural gas prices drop

Natural gas stood at $4.07/metric million British thermal unit (MMBtu), down by 0.29% 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 109.01, up by 0.09% d-o-d at the time of reporting. The Indian rupee was recorded at INR 86.48 against the dollar.