LME base metals prices, stocks show negative trend

Base metals prices on the London Metal Exchange (LME) showed a downtrend except copper with aluminium witnessing the largest decrease of 1.30%. Similarly, metal stocks at LME-registered warehouses showed downtrends except nickel with the largest outflow seen in copper which rose by 0.96%.

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 735,000/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 177,000/t.

In the first half of calendar year 2024 (H1CY24), India's aluminium scrap imports fell by 8% compared to the H1CY'23. On a m-o-m basis, the imports rose marginally by 4% in June 2024.

Global updates

Rio Tinto, BYD, and LG Energy are eyeing Chile's Altoandinos lithium site

Twelve companies, including Rio Tinto, BYD, Eramet, and LG Energy, have submitted proposals to extract lithium from Chile's Altoandinos salt flats. ENAMI, seeking financial or operational partners, will assess proposals and announce eligible candidates by 19 August. This initiative aims to boost Chile's lithium production, with ENAMI and Codelco leading the charge in new lithium ventures.

Eramet raises profit outlook on manganese price surge, faces nickel challenges

Eramet raised its full-year profit forecast following a surge in manganese prices, despite a 27% drop in first-half EBITDA due to weak nickel prices. Manganese price gains, driven by Australian production disruptions, led to an updated EBITDA range of EUR 1.2-1.3 billion. The company continued to face difficulties in the nickel sector and SLN subsidiary.

Panama delays Cobre Panama Mine issue until 2025

Panamanian President Jose Raul Mulino announced that the government will not address issues surrounding the Cobre Panama copper mine, operated by First Quantum, until early 2025. The mine was shut down last November following a court ruling. Mulino emphasised that more urgent issues, such as social security, take priority. First Quantum's shares fell 1.19% in early trading.

Oil prices up

Oil prices rose slightly due to positive U.S. economic growth data and hopes for a ceasefire in the Gaza conflict. However, prices remain on track for a third consecutive week of decline due to weak demand in China.

Brent oil futures were up by 0.17% to $81.53 per barrel. Meanwhile, crude oil WTI futures were marginally up by 0.17% to $78.41 per barrel at the time of reporting.

Natural gas prices up

Prices of natural gas were recorded at $2.05/MMBtu, up by 0.78%.