LME base metals prices, stocks witness downtrend

Base metals prices on the London Metal Exchange (LME) witnessed downtrend with the highest change seen in nickel prices. Meanwhile, the stocks at the LME registered warehouses saw outflows with the largest drop seen in lead.

COMEX market

Copper prices on the Commodity Exchange (COMEX) dipped by 1.3% to $9,987/t against the previous closing.

India's non-ferrous market

BigMint noted a decline in spot prices for aluminium ADC12 alloy ingot by INR 3,000/t to INR 216,000/t w-o-w in Delhi NCR, with tense scrap prices down by INR 2,500/t. Market sources revealed tense offers in Chennai at INR 188,000/t, while ADC12 spot prices ranged from INR 219,000-222,000/t exw.

Global updates

China trade rebounds amid challenges

China's April trade data showed exports and imports rebounding, indicating improving domestic and international demand amidst economic challenges. Export values rose 1.5% y-o-y, while imports surged 8.4%, surpassing expectations. Analysts remain cautious about sustainability due to lingering economic uncertainties. China aims for 5% growth in 2024 but faces calls for more stimulus.

EGA acquires Leichtmetall, expands European presence

Emirates Global Aluminium has finalised the acquisition of Leichtmetall Aluminium Giesserei Hannover GmbH, expanding its European presence. Leichtmetall, known for specialty foundry operations, adds to EGA's existing business in Europe, enhancing its capacity and capabilities in billet production. This move aligns with EGA's ambition to bolster its recycling business amid rising global demand for recycled aluminium.

Zinc prices dip as production restarts at Tara zinc mine

Zinc prices dropped influenced by Boliden's decision to restart Tara zinc mine in Ireland amid low prices, aiming for full production by January 2025. Nyrstar's Budel smelting operations in the Netherlands are also resuming, driven by improved zinc prices. However, the global zinc market surplus widened to 40,100 t in February, up from 12,300 t in January, as per ILZSG data, continuing into the first two months of the year, contrasting with last year's deficit.

India's April CPI inflation eases to 4.80%

India's consumer price inflation likely eased to 4.80% in April, close to March's rate, driven by persistent food inflation, despite moderation in headline inflation. Economists anticipate inflation to hover around 5%, with some predicting a rise, citing limited factors to lower it.