LME base metals prices move southward; copper stocks gain over 3%
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Base metals prices on the London Metal Exchange (LME) witnessed downtrend, with the highest rise seen in nickel prices. Similarly, metal stocks at LME registered warehouses saw mixed movements with the highest inflow seen in copper.
COMEX market
Copper prices on the Commodity Exchange (COMEX) dipped 1.5% to $9,855/t against the previous closing.
India's non-ferrous market
BigMint's assessment of domestic copper armature scrap prices stood at INR 794,000/t exy-Delhi, range-bound with marginal fall yesterday. Meanwhile, aluminium scrap prices in the northern region remained stable as of yesterday.
Global updates
NALCO surges on signing bauxite mines lease deed
National Aluminium Company (NALCO) surged 1.69% after executing a mining lease deed in Odisha for bauxite mines, projecting a capacity of 3.5 mnt annually. With reserves estimated at 111 mnt, the move aims to secure raw material supply for its refinery in Damanjodi, supporting future expansions and meeting growing aluminum demand.
China's zinc concentrate imports drop sharply
China's zinc concentrate imports plummeted by 24% in 2024's first four months, fuelling concerns of a tight raw materials market. Weak global mine output exacerbates the situation. Chinese smelters struggle with rock-bottom treatment charges, contrasting with surging refined zinc imports and ample LME stocks, indicating a metal surplus despite concentrate scarcity.
China's copper surplus influences global markets
China's copper surplus impacts global markets, with record-high inventories reflecting weak demand in key sectors. Despite robust imports, including from Russia, and increased domestic production, the squeeze on raw materials eases. China's surplus metal likely to enter global markets, stabilising prices around $10,000/t. Adjustments expected in trade flows as China's refined copper imports may ease in the coming months.
Oil prices dip
Oil prices declined on Friday as investors assessed the implications of prolonged higher U.S. interest rates. However, crude benchmarks are set for their strongest weekly performance in over two months following optimistic forecasts for crude and fuel demand.
Brent oil futures were down slightly by 0.52% to $82.32 per barrel. Crude oil WTI futures edged down by 0.64% to $78.12 per barrel at the time of reporting.
Natural gas prices down
Prices of natural gas were recorded at $2.933/MMBtu, down 0.88%.
Dollar index
The dollar index, which gauges the value of the greenback in a basket of six different currencies, hovered at 105.32, slightly up by 0.12%.
The rupee was recorded at INR 83.54 against the dollar, largely stable against the previous closing.
