LME copper prices inch up, other base metals show downward trend

Except copper, prices of all non-ferrous metals on the London Metal Exchange (LME) witnessed a downward trend. Three-month aluminium futures declined by 1.2% to $2,148/t, while nickel prices fell by 4.7% to $20,305/t. Zinc prices dipped by 1.5% to $2,328/t, and lead witnessed a drop of 2.5% to reach $2,069/t. In contrast, copper showed a marginal rise of 0.01% to $8,391/t.

COMEX market

Copper prices on the Commodity Exchange market (COMEX) decreased by 0.3%, moving from $8,381/t in the previous trading day to $8,359/t.

India: Non-ferrous scrap market

Aluminium scrap prices dip

Prices of domestic aluminium scrap in India declined as a result of a price reduction announced by primary aluminium producers towards the end of last week. It is anticipated that prices will continue to remain range-bound in the near term due to sluggish demand.

Copper prices plummet

In India, domestic copper prices declined up to INR 10,000/t (t) due to the volatility observed in futures markets and the cautious approach adopted by buyers towards month-end.

Global update

Chile: Amerigo Resources halts operations

Chile-based copper producer Amerigo Resources has temporarily halted operations at Minera Valle Central (MVC) due to a significant climatic events causing power outages. No injuries or environmental impact were reported, however, and repairs of the high-voltage towers could take up to four weeks. Alternative energy sources will be utilised during the restoration process.

Cyprium Metals secures loan for Nifty copper project

Cyprium Metals has secured an 18-month A$21.0 million loan facility with Nebari Natural Resources Credit Fund II, providing working capital for the Nifty copper project in Australia. The facility is expected to be rolled into a longer-term financing arrangement pending the completion of mine studies by Q12024.

Oil prices rise on Russia concerns, summer demand

Today, oil prices rose slightly due to concerns over political instability in Russia, the possibility of supply disruptions, and positive expectations for US demand during the approaching summer driving season.

Brent oil futures rose by 0.67% to $74.68 per barrel, while crude oil WTI futures rose 0.85%, reaching $69.96 per barrel.

Natural gas prices dip

Prices of natural gas were recorded at $2.773/MMBtu at the time of publishing this insight, up 0.64% as against the last closing.

Dollar index

The dollar index, which gauges the value of the greenback in a basket of six different currencies, hovered at 102.60. The index inched down by 0.09%.

The rupee was recorded at 81.97 against the dollar, depreciating marginally by 0.02% against the last closing.