LME base metals prices, stocks witness downtrend

Base metals prices on the London Metal Exchange (LME) showed negative trends except nickel, with lead witnessing significant decline of 4.60%. Meanwhile, metal stocks at LME-registered warehouse also showed downtrends except copper. The largest outflow was seen in lead, which fell by 2.05% while the largest inflow was seen in copper, which was up by 1.97%.

COMEX market

Copper prices on COMEX were down by 3% to $8,778/t against the previous closing.

India market overview

In India's non-ferrous markets, BigMint's assessment of domestic copper armature scrap prices stood at INR 742,000/t ex-Delhi. Meanwhile, aluminium tense scrap prices have remained range-bound, with ex-Delhi NCR at INR 174,000/t and ex-Chennai at INR 175,000/t.

Global updates

Japanese stocks surge amid market recovery

Japanese stocks surged over 8% on 6 August, rebounding from a significant selloff. The Nikkei index jumped past 34,000, recovering from its worst drop since 1987. This rally, driven by central bank reassurances and a market correction, helped stabilise broader Asian markets and led to a rebound in U.S. futures.

Sembcorp to invest $528 million in green energy

Sembcorp Industries is planning to invest Singapore $700 million ($528.5 million) in green energy initiatives to enhance its low-carbon portfolio. This investment, supported by operating cash flow and project financing, aimed to establish the company as a key player in sustainable facilities. Despite anticipated declines in renewables earnings, Sembcorp forecasts stable annual net profit, bolstered by gas and related services.

BHP seeks Chilean mediation to avoid Escondida strike

BHP has requested Chilean government mediation with the union at its Escondida mine to prevent a potential strike at the world's largest copper project. The company aims to resolve disputes over a new collective bargaining agreement, which was recently rejected by workers. BHP, which holds a majority stake in Escondida, seeks to reach an agreement within five working days.

Oil prices up

The recent rise in oil prices is primarily driven by concerns over a potential escalation of conflict in the Middle East, which could disrupt global oil supplies. Additionally, the production cut at Libya's Sharara oilfield and stronger U.S. services sector data have also contributed to the price increase.

Brent oil futures were up by 1.09% to $77.13 per barrel. Meanwhile, crude oil WTI futures were marginally up by 1.37% to $73.94 per barrel at the time of reporting.

Natural gas prices up

Prices of natural gas were recorded at $1.92/MMBtu, up by 1.03%.

Dollar index

The dollar index, which gauges value of the greenback against a basket of six different currencies, hovered at 102.74, which was up by 0.26%.

The rupee was recorded at INR 83.91 against the dollar, largely stable compared to the previous closing.