Non-ferrous metals prices on LME remain stable amid holiday

With the exception of nickel, all non-ferrous metals prices on the London Metal Exchange (LME) have showed an uptrend on the last trading session on 26 May, 2023. However, the LME remained closed on 29 May amid summer bank holiday.

The three-month futures contracts for aluminium have increased by 0.3% to $2,237/t, while lead inched up by 0.2% to $2,078/t. Copper prices have experienced a slight increase of 2.2% to reach $8,135/t. Zinc prices, on the other hand, have seen a more significant rise of 3.1% to reach $2,343/t. In contrast, nickel prices have dipped by 0.3% to $21,162/t.

COMEX market

If we look at the Commodity Exchange market (COMEX), prices of copper have increased by 3% to $8,093/t from $7,875/t on the last trading day.

Major happenings globally

Copper committee aims to boost Argentina's copper projects

A consortium of companies within the Argentine Association of Mining Entrepreneurs has formed a dedicated "copper committee" with the aim of fostering a substantial investment of $22 billion in copper projects located in the provinces of Catamarca, Salta, and San Juan. These projects boast a substantial copper reserve of 63.1 million tonnes (mnt), with an estimated production capacity of 1.2 mnt per year.

Indonesia to launch nickel price index

Septian Hario Seto, a senior official from Indonesia's investment coordinating ministry, revealed plans to introduce a nickel price index in the country this year. As the world's largest nickel producer, this move aims to enhance transparency and provide a benchmark for nickel pricing. In a separate announcement made at the SMM Indonesia Nickel-Cobalt conference in Jakarta, Seto stated that Indonesia has decided to postpone the implementation of taxes on nickel product exports, offering relief to the industry.

India: Non-ferrous scrap market

Aluminium: Market moves on slow pace

India's domestic aluminium scrap market is experiencing a sluggish phase, witnessing lesser transactions. As the month-end approaches, demand for aluminium scrap has decreased, but industry insiders anticipate a market recovery by mid-June.

Copper: Shortage in northern region drives up costs

Copper scrap prices in India's domestic market increased by up to 2.8%, following a recovery in LME's three-month futures, while a shortage of copper scrap in northern India further intensified price rise.

Oil, natural gas prices dip

Brent oil futures decreased by 1% to $76.47 per barrel. Similarly, crude oil WTI futures also dropped by 1% to $72.27 per barrel.

Prices of natural gas were recorded at $2.358/MMBtu at the time of publishing this insight, down 2.44% 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 104.50. The index increased by 0.28% against the last session.

The rupee was recorded at 82.74 against the dollar, depreciating marginally by 0.21 paise against the last closing.