- Oil dips as traders track peace talks
- Jiangxi Copper boosts SolGold takeover offer
Base metals traded positive on the London Metal Exchange (LME), with copper and zinc leading the gains after prices rose 0.69% to $11,710/t and 1.06% to $3,132/t, respectively. Aluminium also firmed 0.66% to $2,886/t, while nickel slipped 0.61% to $14,650/t. Lead remained marginally weaker, easing 0.10% to $1,986/t.
LME warehouse inventories showed a similarly varied pattern. Copper stocks posted a mild build, rising 0.53% to 165,850 t, while zinc inventories increased 0.92% to 60,350 t. Nickel stocks edged down 0.09%, and aluminium inventories fell 0.39%. Lead stocks were largely steady, dipping just 0.03%, signalling stable but slightly tighter availability in the segment.
Domestic market overview
In Indias non-ferrous markets, BigMint assessed copper armature scrap at INR 992,000/t ex-Delhi, stable d-o-d. Aluminium Tense scrap prices remained stable w-o-w, stood at INR 193,000/t ex-Delhi and INR 188,000/t ex-Chennai, stable d-o-d.
Other market updates
Copper hits fresh record high as stronger US outlook lifts demand sentiment
Copper prices surged to a new all-time high after the US Federal Reserve upgraded its economic growth forecast, reinforcing expectations of stronger industrial demand. LME three-month copper climbed more than 2% to exceed previous records, supported by the Fed’s projection of faster US growth next year and its latest rate cut, which improved the broader demand outlook. Traders also welcomed signs of easing inflation and China’s earlier commitment to proactive fiscal support. With copper already up nearly 35% this year amid robust demand and persistent supply concerns, the improved macro outlook provided fresh momentum to the rally.
Jiangxi Copper hikes takeover bid for SolGold in mining consolidation
China’s Jiangxi Copper has raised its takeover offer for gold and copper miner SolGold to 28 pence per share, valuing the company at about £842 million ($1.13 billion) in its third non-binding proposal to acquire the Ecuador-focused miner. SolGold’s board has indicated it is “minded to recommend” the revised offer to shareholders if Jiangxi proceeds with a firm bid. However, SolGold’s London-listed shares fell sharply following the announcement despite earlier gains. The increased bid comes amid rising gold prices and heightened geopolitical uncertainty, which have bolstered interest in safe-haven assets and spurred consolidation in the mining sector.
Oil prices ease as markets weigh tanker seizure and peace talks
Oil prices dipped as traders digested new developments in the global energy landscape, including the U.S. seizure of a sanctioned oil tanker off the coast of Venezuela, which added supply-side uncertainty, and ongoing Russia-Ukraine peace negotiations that continue to influence sentiment. Brent and WTI both traded lower after recent gains, with market participants also watching crude stock draws and macroeconomic cues ahead of key policy decisions. Geopolitical tensions and shifting supply forecasts have kept the market cautious, while broader demand indicators remain mixed, contributing to subdued price action in early tradition.
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