LME base metals prices show positive trends d-o-d

• US copper tags hit record high amid tariff fears
  
  
• Inventories at LME warehouses record outflows
  
  

Base metals prices on the London Metal Exchange (LME) showed positive trends, except for aluminium, which recorded a decline of 1.17% d-o-d. Additionally, inventories at LME-registered warehouses showed negative movements, with zinc decreasing by 4.24% d-o-d.

COMEX market update

Copper prices on the COMEX stood at $11,542/tonne (t), increasing by 3% compared to the previous close.

Indian market overview

In India's non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 820,000/t ex-Delhi. Aluminium Tense scrap prices remained stable d-o-d, with ex-Delhi and ex-Chennai at INR 188,000/t.

Key updates

US copper prices hit record high amid tariff fears

US copper prices have surged to a record high as traders expect potential import tariffs from President Trump. Prices of copper have increased by 29% this year, creating a significant gap between US and global prices. Analysts expect a 25% import levy, which is tightening global supply, pushing prices higher, and driving more copper into the US market.

Oil prices up

Brent crude futures were recorded at $73.20/barrel today. Meanwhile, WTI crude oil futures increased by 0.29% d-o-d to $69.20/barrel.

Natural gas prices rise

Natural gas stood at $3.89/metric million British thermal unit (MMBtu), up by 1.28% d-o-d.

Dollar index inches up

The dollar index, which measures the value of the greenback against a basket of six major currencies, hovered at 103.99, up by 0.16% d-o-d at the time of reporting. The Indian rupee was recorded at INR 85.77 against the dollar.