Weekly round-up: Global, domestic base metals prices diverge w-o-w

At the close of trading on Friday, 21 June 2024, prices of base metals on the London Metal Exchange (LME) witnessed diverse trends.

On the LME, three-month aluminium futures fell by 0.5% to $2,452/t, while nickel settled at $16,935/t (down 2%). Copper prices were at $9,563/t, zinc rose by 2% to $2,786/t and lead prices rose by 1,17% to $2,145/t.

Throughout the week, domestic and global base metals markets experienced downtrends. Imported and domestic aluminium scrap prices remained on down side except zinc and lead.

Aluminium

According to BigMint's assessment, tense scrap originating from Middle East particularly the UAE saw a $30/t drop settling at $1,830/t and zorba 95/5 from UK witnessed a marginal drop to $2,130/t, CFR West Coast, India.

According to BigMint, prices of China's silicon 553 have risen and were at $2,040/t CFR Mundra witnessing a $15/t rise from the previous price level majorly because of rising freight rates particularly in the Southeast Asian region due to the ongoing port congestions and limited availability of containers.

According to BigMint's latest assessment, spot prices of aluminium ADC12 alloy ingots in Delhi NCR and Chennai decreased by INR 2,500/t w-o-w. In the Delhi NCR region, ADC12 spot prices were assessed at INR 212,500/t, ex-Delhi, coinciding with a decline in domestic tense scrap prices, which settled at INR 182,500/t ex-Delhi.

Likewise, ADC12 prices in Chennai were reported at INR 213,500/t for immediate payment basis, excluding GST. At the same time, casting scrap prices fell by INR 2,500/t w-o-w, settling at INR 183,500/t ex-Chennai.

Copper

BigMint reported a 2% weekly decrease in domestic copper armature prices to INR 780,000/t ex-Delhi, as LME's price levels came lower to 9,563/t. Secondary CCR rods prices fell by 2.1% to INR 830,000/t, while primary CC rods prices decreased by 0.9% to INR 862,000/t.

In the imported segment, copper motor mix originating from the US witnessed a 2.4% drop and brass honey (5%) from the UAE also dropped by 0.7% w-o-w amid a correction in LME copper prices.

Zinc, lead

Zinc ingots are at INR 270,000/t, up by 1.8% w-o-w. Meanwhile, lead ingot prices have remained almost stable at INR 189,000/t exw-Delhi. Meanwhile, Middle East zinc diecast (5%) prices were at $2,100/t CFR Mundra.