LME base metal prices and stocks witness contrasting trends

Base metals prices on the London Metal Exchange (LME) displayed varied trends as of last closing. Meanwhile, stocks at the LME registered warehouses witnessed outflows barring nickel.

Three-month aluminium futures fell by 0.9% to $2,198/tonne (t), nickel prices were at $17,392/t (up 2.7%), copper prices settled at $8,584/t (up 0.49%), zinc edged down by 0.3% to $2,386/t, and lead prices gained by 0.4% to $2,087/t.

Aluminium prices fell due to China's increased production in January. Although daily output remained steady, the operating rate of domestic aluminium processing enterprises slightly decreased.

COMEX market

Copper prices on the Commodity Exchange (COMEX) saw a marginal gain of 0.8% to $8,601/t compared to 8,536/t the previous closing.

India's non-ferrous market

India's domestic non-ferrous market remained largely stable as of yesterday, with no major activities in the market. Aluminium tense price stood at INR 172,500/t ex-Delhi with significant shortage seen in the nOrthern market. Meanwhile, copper armature scrap prices in the Delhi market stood at INR 680,000/t.

Global updates

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Zinc Short Positions Surge Amid Surplus

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Chhattisgarh BJP to Revive Aluminum Park at Korba

The Chhattisgarh BJP government aims to revive a 2021 proposal for an aluminum park in Korba to boost small-scale industries, partnering with BALCO to supply subsidized raw aluminum. With BALCO capable of producing 570,000 t, Vedanta plans to increase capacity to 1 mnt annually. After being shelved, the project resurfaced in 2015 under Raman Singh's government, with land identified near BALCO township. Newly-elected legislator spearheads the revival, allocating Rs 5 crore to kickstart the project.

US Jobless Claims Drop Spurs Economic Confidence

US jobless claims unexpectedly fell, indicating solid job growth in February, reducing pressure on the Fed to cut interest rates. Claims dropped to 201,000, lower than the forecasted 218,000. Despite concerns about layoffs, job gains and tight labor market conditions persist, with financial markets delaying rate cut expectations to June.