LME base metals prices edge down, stocks show mixed trends

Base metals prices on the London Metal Exchange (LME) showed a downtrend except aluminium with nickel witnessing the largest decrease of 1.21%. Similarly, metal stocks at LME-registered warehouses showed mixed trends with the largest inflow seen in copper which rose by 2.13%.

COMEX market

Copper prices on COMEX fell by 1% to $9,020/t against the previous closing.

India market

In India's non-ferrous market, BigMint's assessment of domestic copper armature scrap prices stood at INR 747,000/t ex-Delhi. Meanwhile, aluminium tense scrap prices have remained range-bound, with ex-Delhi NCR at INR 176,000/t and ex-Chennai at INR 178,000/t.

Spot prices of aluminium ADC12 alloy ingots (non-OEM) in Delhi NCR and Chennai fell w-o-w following placement of the Union Budget for 2024-25, as per BigMint's latest assessment.

Global updates

Cobre Panama mine won't reopen this year: First Quantum CEO

First Quantum CEO doesn't foresee the Cobre Panama mine reopening in 2024. The mine has been closed since November due to government orders amid environmental concerns. Discussions with Panama's new administration are ongoing, but complexities suggest resolution won't happen this year.

Major Chinese banks cut deposit rates

Five major Chinese state-owned banks, including ICBC, AgBank, and China Construction Bank, have cut deposit rates by 5 to 20 basis points. This move follows China's recent reduction in benchmark lending rates aimed at supporting economic growth amidst challenges like a property crisis and weak loan demand.

Anglo takes $1.6 billion write-down at Woodsmith mine after loss

Anglo American took a $1.6 billion write-down on its UK fertilizer project after a $672 million first-half loss. CEO faces pressure to improve returns and implement a May plan to focus on copper and iron ore. The company announced a reduced interim dividend and is advancing asset sales.

Oil prices down

Oil prices fell due to concerns over weakening demand in China and expectations of advancing ceasefire talks in the Middle East. These factors overshadowed the positive impact of reduced U.S. crude and gasoline inventories, leading to a decline in oil prices.

Brent oil futures were down by 0.67% to $81.16 per barrel. Meanwhile, crude oil WTI futures were marginally down by 0.75% to $77.01 per barrel at the time of reporting.

Natural gas prices down