LME base metals prices witness downtrend; stocks show mixed movements

Base metals prices on the London Metal Exchange (LME) edged down except zinc, with lead witnessing the largest decrease of 1%. Similarly, metal stocks at LME-registered warehouses showed a mixed trend with the highest rise in copper stock by 1.99%.

COMEX market

Copper prices on COMEX were down by 2% to $9,944/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 774,000/t ex-Delhi. Meanwhile, aluminium tense scrap prices have remained range-bound, with ex-Delhi NCR at INR 180,000/t and ex-Chennai at INR 181,000/t.

Global updates

Europe seeks independent pricing mechanism for critical minerals

Europe urgently seeks an independent pricing system for critical minerals, essential for the energy transition, to reduce dependence on China's dominant influence in the sector. The CEO of EIT Raw Materials advocated for a robust European platform that reflects regional supply and demand dynamics, aiming to bolster competitiveness and ensure stability for Western startups amid fluctuating global prices.

Portugal's mining strategy prioritises copper over lithium

Portugal is shifting focus towards copper in its mining strategy for the green transition, highlighting its existing copper mining capabilities and potential for expansion. Lithium remains under consideration but may not be prioritised due to environmental concerns and the need for a finalised strategic plan.

The US seeks partnership with Indonesia on critical minerals

The US is in talks with Indonesia to form a partnership aimed at enhancing environmental standards and developing sustainable mineral supply chains. Indonesia seeks to bolster its position as a hub for battery production, despite environmental concerns linked to its mining industry.

Oil prices slip

Oil prices dipped Tuesday due to concerns about China's slowing economy, but expectations of U.S. Federal Reserve rate cuts limited the decline. Chinese economic growth slowed, missing forecasts, while the Fed may soon cut rates. Middle Eastern conflicts haven't impacted supply but have extended shipping routes.

Brent oil futures were down slightly by 0.75% to $84.21 per barrel. Meanwhile, crude oil WTI futures were down by 0.81% to $81.25 per barrel at the time of reporting.

Natural gas prices up

Prices of natural gas were recorded at $2.16/MMBtu, up 0.23%.

Dollar index

The dollar index, which gauges value of the greenback against a basket of six different currencies, hovered at 104.07, slightly up by 0.18%.

The rupee was recorded at INR 83.58 against the dollar, largely stable compared to the previous closing.