LME base metals prices show mixed trends, stocks remain negative

Base metals prices on the London Metal Exchange (LME) showed mixed trends with lead witnessing the largest increase of 1.92%. Meanwhile, metal stocks at LME-registered warehouses showed downtrends except nickel with the largest outflow seen in lead which rose by 1.53%.

COMEX market

Copper prices on COMEX was stable at $9,064/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 743,000/t ex-Delhi. Meanwhile, aluminium tense scrap prices have remained range-bound, with ex-Delhi NCR at INR 175,000/t and ex-Chennai at INR 176,000/t.

Global updates

Tianqi appeals Chilean ruling on SQM-Codelco lithium deal

Chinese lithium miner Tianqi has appealed a Chilean financial regulator's ruling that shareholder approval isn't needed for the SQM-Codelco lithium deal. Tianqi, which owns 20% of SQM, argued that the deal impacts future operations and lacks transparency for minority shareholders. The partnership would extend SQM's lithium extraction rights through 2060 and grant Codelco a significant role in the industry.

Nissan cuts production at top Japanese plant

Nissan has reduced production by a third at its Kyushu plant in Japan due to weak U.S. demand for its aging lineup. The cutback affects the Rogue crossover, with output halved to about 10,000 units this month. The company also faced a profit slump and revised its full-year outlook, struggling with U.S. sales and a lack of hybrid models.

Chinese firms cut stakes in Indonesian nickel smelters for U.S. tax credits

Chinese companies are negotiating to lower their stakes in Indonesian nickel smelters to meet U.S. tax credit requirements under the Inflation Reduction Act. The Act mandates that EV materials must have less than 25% foreign ownership from certain countries. Chinese firms are partnering with Indonesian and South Korean companies to adjust ownership structures and qualify for U.S. incentives.

Oil prices up

Oil prices increased following fears of an escalating Middle East conflict after a rocket strike in the Golan Heights. The attack, attributed to Hezbollah, has led to concerns of a broader regional conflict. This uptick in oil prices comes despite ongoing worries about weakening demand in China and economic uncertainties.

Brent oil futures were up by 0.58% to $81.60 per barrel. Meanwhile, crude oil WTI futures were marginally up by 0.53% to $77.57 per barrel at the time of reporting.

Natural gas prices up

Prices of natural gas were recorded at $2.03/MMBtu, up by 1.40%.

Dollar index