LME base metals prices, stocks show mix trends

Base metals prices on the London Metal Exchange (LME) showed mixed trends with aluminium witnessing the largest decrease of 1.70%. Meanwhile, metal stocks at LME-registered warehouses also showed mix trends with the largest outflow seen in lead which fell by 1.31%.

COMEX market

Copper prices on COMEX were down by 1% at $8,976/t against the previous closing.

India market overview

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

BHP, Lundin Mining to acquire Filo Corp for $3.25 billion

BHP Group and Lundin Mining will jointly acquire Filo Corp for C$4.5 billion ($3.25 billion), forming a 50:50 joint venture to oversee the Filo del Sol and Josemaria projects located on the Argentina-Chile border. BHP will pay $2.1 billion in cash. This acquisition aims to bolster their copper resources amid growing demand.

LME approves Jeddah as new warehouse delivery point

The London Metal Exchange (LME) has approved Jeddah, Saudi Arabia, as a delivery point for copper and zinc. This listing will get activated three months after the first warehouse is approved in Jeddah. The move aligns with Saudi Arabia's Vision 2030, aiming to enhance its global presence in the mining and logistics space.

Escondida mine union urges rejection of BHP contract, strike looms

The union at BHP's Escondida mine in Chile, the world's largest copper mine, is urging its 2,400 members to reject the company's final contract offer and prepare for a strike. Workers are set to vote this week, with a possible strike impacting copper production. The union demands a profit-sharing increase and improved worker benefits.

Oil prices slip

Oil prices fell due to concerns about weak demand in China, the world's largest crude importer. Economic data indicated a shrinking manufacturing sector and lower growth forecasts for China, which dampened market sentiments. Additionally, the market anticipated potential output increases from some OPEC+ members in Q4 and faced tariff tensions with Europe and the US. The risk of any impact from the Middle East conflict was overshadowed by these economic concerns.

Brent oil futures were down by 0.43% to $79.44 per barrel. Meanwhile, crude oil WTI futures were marginally down by 0.45% to $75.47 per barrel at the time of reporting.

Natural gas prices up

Prices of natural gas were recorded at $2.05/MMBtu, up by 1.40%.

Dollar index

The dollar index, which gauges value of the greenback against a basket of six different currencies, hovered at 104.65, which is up by 0.08%.