Base metals prices, stocks on LME witness mixed trends
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- German import prices up 0.6% y-o-y in Nov'24
- Aluminium Tense scrap prices hold firm d-o-d
Base metals prices on the London Metal Exchange (LME) showed divergent trends, with zinc increasing by 0.44% d-o-d. Meanwhile, inventories at LME-registered warehouses witnessed mixed movements, with nickel stocks increasing by 1.0% d-o-d.
COMEX market update
Copper prices on the COMEX market remained stable at $9,013/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 740,000/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
German import prices rise 0.6% y-o-y in Nov
German import prices increased by 0.6% y-o-y in November, surpassing analysts' expectations of a 0.3% rise. The price growth reflects ongoing economic trends and inflationary pressures. The data highlights the continued impact of global supply chains and economic conditions on Germany's import costs, indicating potential challenges for businesses and consumers.
Chile files environmental charges against Anglo American
Chile's environmental regulator has filed four charges against Anglo American's Los Bronces copper mine for violating environmental permits. The charges could result in a fine of 17 billion pesos ($17.17 million). The accusations involve unresolved acid drainage issues and inadequate mitigation systems, with the company given 15 days to present a mitigation plan.
Oil prices edge up
Brent crude futures were recorded at $72.95/barrel today. Meanwhile, WTI crude oil futures increased slightly by 0.40% d-o-d to $69.95/barrel.
Natural gas prices rise
Natural gas stood at $3.70/metric million British thermal unit (MMBtu), up by 1.42% d-o-d.
Dollar index up
The dollar index, which measures the value of the greenback against a basket of six major currencies, hovered at 107.89, up by 0.16% d-o-d at the time of reporting. The Indian rupee was recorded at INR 85.19 against the dollar.