Non-ferrous metals prices trend up except copper

Prices of non-ferrous metals on the London Metal Exchange (LME) trended up except copper. Three-month aluminium futures increased by 2.2% to $2,195/t, while nickel rose by 2.4% to $20,789/t, zinc increased by 2.5% to $2,386/t and lead was up by 1.3% to reach $2,096/t. Contrastingly, copper witnessed a marginal drop of 0.3% to $8,363/t.

COMEX market

Copper prices on the Commodity Exchange market (COMEX) dropped by 1% to $8,315/t from $8,359/t in the previous trading day.

India: Non-ferrous scrap market

Imported and domestic aluminium markets dip

According to SteelMint's analysis, the Indian market for imported aluminium scrap experienced a decline in prices, with a substantial contraction of up to $130 per metric tonne w-o-w. Current market conditions have led to divergent views among traders, prompting many medium-scale importers to exercise caution by delaying bookings and expecting further price reductions in the near future.

Additionally, domestic aluminium scrap prices decreased due to sluggish demand, leading major market players to offer discounts, as confirmed by sources.

Copper prices range-bound

Domestic copper prices remained largely stable yesterday amid firm futures. Supply was observed to be sufficient to meet demand. However, sellers held back offers in anticipation of a price increase. Primary wire rods prices were up driven by a strong demand.

Tender updates

Container Corporation of India Ltd is going to auction around 130 t of aluminium scrap from Gujarat on 3 July 2023. The auction platform would be MSTC.

Global updates

India and US settle WTO disputes

India and the US, both countries have agreed to settle six WTO disputes and remove retaliatory tariffs on specific products. In 2018, the US imposed 25% import duty on steel and 10% on Indian aluminium. This has prompted India to impose tariffs on 20 American products in 2019. India now lifted tariffs on eight US products following the country's decision to exempt a significant portion of steel and aluminium.

Revamped import procedures boost India-Nepal trade

The Directorate General of Foreign Trade (DGFT) has recently announced amendments to the import procedure for copper products and zinc oxide under the revised India-Nepal treaty of trade.

Mitsubishi invests in Marimaca Copper

Mitsubishi Corp., a Japanese trading group, will invest $15.1 million in Canadian mining company, Marimaca Copper, to participate in the development of a new copper mine in Chile. Mitsubishi's stake, initially around 5%, can increase to approximately 10% based on business progress.

The Marimaca mine, expected to begin operations between 2028 and 2030, aims to produce 50,000 tonnes (t) of copper annually for over 15 years. With rising demand for copper in sectors like electric vehicles and offshore wind farms, Mitsubishi seeks to capitalise on the growing market.

Oil prices up

Brent oil futures as of today have inched up by 0.55% to $72.66 per barrel. Similarly, crude oil WTI futures also rose marginally by 0.53% to $68.06 per barrel.

Natural gas prices up

Prices of natural gas were recorded at $2.778/MMBtu at the time of publishing this insight, up 0.54% as against the last closing.

Dollar index

The dollar index, which gauges value of the greenback in a basket of six different currencies, hovered at 102.58. The index inched up by 0.09%.

The rupee was recorded at 81.98 against the dollar, depreciating marginally against the last closing.