LME base metals prices move southward; stocks remain stable

Base metals prices on the London Metal Exchange (LME) witnessed a downtrend except nickel. Meanwhile, zinc prices saw the steepest decline of 1.53%. Similarly, metal stocks at LME registered warehouses saw mixed movements.

COMEX market

Copper prices on COMEX dipped 1% to $10,142/t against the previous closing.

India's domestic market

In India's non-ferrous market, BigMint's assessment of domestic copper armature scrap prices stood at INR 784,500/t ex-Delhi. Meanwhile, aluminium scrap prices in the northern region remained stable as of yesterday.

Global updates

German exports decline more than expected in May

German exports fell by 3.6%, exceeding the expected 1.9% drop, due to weak demand from China, the U.S., and Europe. Imports also declined by 6.6%, indicating ongoing challenges for Germany's export sector amid global uncertainties.

Ukraine conflict drives increased demand for copper

Russia's war on Ukraine increased copper demand as munitions consume significant quantities. With increasing military production, especially of artillery shells, copper remains crucial. This demand surge contributes to copper's price resilience amidst declining prices of other base metals.

China enhances industry competitiveness with new recycled aluminum, copper import rules

China's Ministry of Ecology and Environment proposed regulations to ease the import of recycled aluminum and copper. This aims to boost industry competitiveness, reduce carbon emissions, and avoid becoming a global waste repository by reclassifying these materials from solid waste.

Oil prices steady

Oil prices remained largely stable on Tuesday, continuing the decline from the previous day. The drop occurred after a hurricane in Texas, a major U.S. oil-producing area, caused less damage than anticipated, alleviating supply worries.

Brent oil futures were up slightly by 0.08% to $85.82 per barrel, while crude oil WTI futures edged up by 0.07% to $82.39 per barrel at the time of reporting.

Natural gas prices gain

Prices of natural gas were recorded at $2.37/MMBtu, up 0.17%.

Dollar index

The dollar index, which gauges value of the greenback against a basket of six different currencies, hovered at 105.01, slightly up by 0.01%.

The rupee was recorded at INR 83.49 against the dollar, largely stable compared to the previous closing.