- ONGC’s profit declines by 10% y-o-y in Q1FY’26
- Adani aims for LME-listed copper brand status
Base metals prices on the London Metal Exchange (LME) saw negative trends d-o-d, with lead decreasing by 1.36% to $1,988/tonne (t). Meanwhile, inventories at LME-registered warehouses registered mixed movements d-o-d, with zinc recording the highest decline of 1.35%.
Domestic market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 800,000/t ex-Delhi, up by INR 2,000/t d-o-d. Aluminium Tense scrap prices remained flat d-o-d, with ex-Delhi at INR 197,000/t and ex-Chennai at INR 200,000/t.
Market updates
Mitsubishi invests $600 million for 30% stake in US Copper World project
Mitsubishi Corporation will invest $600 million for a 30% stake in Arizona’s Copper World project, its first US copper mine venture in 45 years. Partnering with Hudbay Minerals, the open-pit mine near Tucson is set to begin production in 2029, targeting 100,000 t annually for 20 years. The move comes weeks after the US imposed 50% tariffs on semi-finished copper products and aligns with Mitsubishi’s goal to boost annual output beyond 400,000 t by 2030 amid rising global copper demand.
Lower oil prices weigh on ONGC’s quarterly profit
India’s state-owned ONGC reported a 10% y-o-y drop in net profit to $917 million for Q1FY’26, as lower crude prices and flat output hit earnings. Crude realisations fell to $67.87/barrel (bbl) from $80.64/bbl a year earlier, dragging revenue down 9.3% to $3.65 billion. With oil prices under pressure amid a looming global supply glut, ONGC is accelerating diversification into refining, petrochemicals, LNG trading, and renewables to hedge against a prolonged low-price environment.
Adani’s $1.2 billion Kutch Copper smelter seeks LME brand listing
Adani Enterprises has applied for its new $1.2-billion Kutch Copper facility in Gujarat — touted as the world’s largest single-location copper smelter with a 500,000-t annual capacity — to be recognised as an LME-listed brand, enabling delivery against copper futures and easing financing for market players. Expected to start smelting in May with supply from Chile’s Codelco, the plant aims to cut India’s $2.8-billion refined copper import reliance amid global pressure from rising smelter capacity and weaker concentrate supply growth.
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