Weekly round-up: Global, domestic base metals prices fall w-o-w
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At close of trading on Friday, 7-June 2024, prices of base metals on the London Metal Exchange (LME) witnessed down trends.
On the LME, three-month aluminium futures fell by 2.79% to $2,578/t, while nickel settled at $18,031/t (down 8.52%). Copper prices were at $9,762/t, zinc fell by 9% to $2,767/t and lead prices fell by 4.47% to $2,199/t.
Throughout the week, domestic and global base metals markets experienced down trends. Imported and domestic aluminium scrap prices remained on down side.
Aluminium
According to BigMint's assessment, tense (8-9%) originating from the UAE remained stable at $1,930/t, CFR Mundra. Meanwhile, extrusion from the UAE dropped by $100/t, settling at $2,460/t, CFR Mundra.
BigMint's latest assessment indicates that spot prices of aluminum ADC12 alloy ingots in Delhi NCR have remained stable at INR 216,000/t, w-o-w ex-works. Similarly, tense scrap prices are holding firm at INR 188,000/t ex-Delhi, with the scrap-to-ADC12 spread recorded at INR 28,000-29,000/t.
BigMint's monthly assessment for automobile-approved ADC12 in Delhi stood at INR 223,000/t, marking an increase of INR 4,500/t m-o-m.
Based on feedback from market participants, BigMint has begun tracking ADC12 and tense scrap prices in the Chennai market. ADC12 prices will be assessed weekly, while tense scrap prices will be updated daily.
Copper
BigMint reported a 2% weekly decrease in domestic copper armature prices to INR 810,000/t ex-Delhi, as LME's price levels came lower to 9,762/t. Secondary CCR rods prices fell by 2.5% to INR 860,000/t, while primary CC rods prices decreased by 3.3% to INR 890,000/t.
In the imported segment, copper motor mix originating from the US witnessed a 3.8% drop and brass honey (5%) from the UAE also dropped by 6.3% w-o-w amid a correction in LME copper prices.
Zinc, lead
Zinc ingots are at INR 269,000/t, down by 4.6% 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 $2,170/t CFR Mundra.
