- Aluminium scrap stays stable across Indian hubs
- Oil prices drop on OPEC output hike prospects
Base metals prices on the London Metal Exchange (LME) remained range-bound d-o-d, with zinc increasing by 0.98% to $3,055/tonne (t). Meanwhile, inventories at LME-registered warehouses registered mixed movements d-o-d, with copper recording the highest gain of 2.37%.
Domestic market overview
In India’s non-ferrous metals markets, BigMint assessed copper armature scrap at INR 875,000/t ex-Delhi, up by INR 3,000/t d-o-d. Aluminium Tense scrap prices were assessed at INR 191,000/t ex-Delhi and at INR 193,000/t ex-Chennai, stable d-o-d.
Other updates
Copper steadies near record high as tensions ease
Copper prices held just below record highs as easing US-China trade tensions lifted market sentiment and improved demand prospects. The optimism was tempered by ongoing supply disruptions at major mines, including Grasberg and Kamoa-Kakula, which kept the market tight. Copper has rallied about 25% this year, and analysts expect further gains if trade relations continue to improve. On the LME, copper traded near $11,009/t, with aluminium steady and zinc slightly lower.
Oil dips as OPEC output plan outweighs trade optimism
Oil prices edged slightly lower as expectations of a potential OPEC+ output increase in December offset optimism over easing US-China trade tensions. Brent crude slipped to $65.59 per barrel, while WTI fell to $61.26. Traders weighed the impact of upcoming talks between Presidents Trump and Xi, which could boost demand sentiment. However, the prospect of higher OPEC+ production and limited supply disruption from new Russia sanctions kept prices under pressure, suggesting a balanced but cautious market outlook.
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