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

• Peru's Antamina mine shut down after fatal accident
  
  
• China's aluminium output nears 45-mnt annual cap
  
  

Base metals prices on the London Metal Exchange (LME) showed positive trends d-o-d, with zinc experiencing the highest gain of 1.82%. Meanwhile, inventories at LME-registered warehouses saw negative trends, with zinc recording a drop of 1.47% d-o-d.

COMEX market

Copper prices on the COMEX stood at $10,490/tonne (t), range-bound compared to the previous close.

Indian market overview

In India's non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 790,000/t ex-Delhi, down by INR 4,000/t d-o-d. Aluminium Tense scrap prices increased by INR 1,000/t d-o-d, with ex-Delhi at INR 190,000/t and ex-Chennai at INR 191,000/t.

Key updates

Antamina copper-zinc mine suspended following fatal accident

Operations at the Antamina copper and zinc mine in Peru have been fully suspended as a security measure following a fatal accident on 22 April. The incident, which occurred at the Yanacancha camp in the Huari district of the Ancash region, resulted in the death of the mine's senior operations manager and injuries to another employee.

The mine, which is majority-owned by global mining giant Glencore and Australia's BHP, is currently under investigation to determine the cause of the accident. It remains unclear whether the shutdown will lead to extended operational delays.

China nears aluminium output cap, global shifts underway

China's aluminium production hit 44 mnt in Q1CY'25, nearing its 45-mnt annual cap. However, output growth is slowing, and with older capacity being phased out, new smelters must use renewables. Export rebates have been scrapped, with outbound volumes falling 11% y-o-y. This shift could aid Western producers and scrap recyclers, though China is expanding abroad to maintain global dominance.

Oil prices up d-o-d

Brent crude futures were recorded at $66.74/barrel today. Meanwhile, WTI crude oil futures increased by 0.32% d-o-d to $62.99/barrel.

Natural gas prices dip

Natural gas stood at $2.92/metric million British thermal unit (MMBtu), down by 0.31% 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 99.43, up by 0.27% d-o-d at the time of reporting. The Indian rupee was recorded at INR 85.57 d-o-d against the dollar.