LME base metals prices, stocks witness mixed trends
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Base metals prices on the London Metal Exchange (LME) showed mixed trends, with Nickel witnessing the largest decrease of 1.46%. Similarly, metal stocks at LME-registered warehouses showed a varied trend.
COMEX market
Copper prices on COMEX is up by 1% to $10,120/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 776,000/t ex-Delhi.
Spot prices of aluminium ADC12 alloy ingots (automobile equivalent) in Delhi NCR and Chennai remained range-bound w-o-w, according to BigMint's latest assessment. In the Delhi NCR region, ADC12 spot prices were assessed at INR 213,000/t ex-Delhi, aligning with domestic tense scrap prices, which settled at INR 181,000/t ex-Delhi.
Global updates
China's refined copper imports stay surprisingly high
China's copper imports rose by 19.2% in early 2024, despite manufacturing slowdowns and property sector challenges. Elevated Shanghai copper stocks and a negative Yangshan premium showed mixed market signals. Increased imports from the Democratic Republic of Congo and high recyclable copper volumes added complexity. Chinese smelters exporting to the LME have boosted stocks. If China's property market recovers, future copper import needs may decline.
Elliott Associates challenges LME's nickel trade cancellation in court:
Elliott Associates is appealing a London court's decision favoring the LME's $12 billion nickel trade cancellation, alleging withheld crucial documents. The High Court ruled for the LME citing exceptional circumstances, but Elliott claims these documents could have impacted the ruling.
Chile considers 81 private lithium proposals, targets four projects by 2026
Chile is evaluating 81 lithium project proposals, aiming to exceed its target of four new projects by 2026. Global companies are interested, but challenges like contract awards and mining rights overlap persist. The government plans to disclose contract details and updates shortly.
Oil prices rise
Oil prices rose on 11 July due to decreased U.S. crude stocks from increased refinery activity and easing gasoline inventories, signalling higher demand. Bullish factors like OPEC's optimistic demand growth forecast also supported the price increase.
Brent oil futures were up slightly by 0.69% to $85.67 per barrel, while crude oil WTI futures edged up by 0.68% to $82.66 per barrel at the time of reporting.
Natural gas prices up
Prices of natural gas were recorded at $2.33/MMBtu, up 0.17%.
Dollar index
The dollar index, which gauges value of the greenback against a basket of six different currencies, hovered at 104.98, slightly down by 0.07%.
The rupee was recorded at INR 83.52 against the dollar, largely stable compared to the previous closing.