- Copper prices slump amid oversupply concerns
- Glencore posts 30% fall in Q1 copper production
Base metals prices on the London Metal Exchange (LME) declined d-o-d, with copper experiencing the highest drop of 3.34%. Meanwhile, inventories at LME-registered warehouses also saw a slight downtrend, with zinc recording a drop of 1.28% d-o-d.
COMEX market
Copper prices on the COMEX stood at $10,123/tonne (t), decreasing by 3.6% compared to the previous close.
Indian market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 792,000/t ex-Delhi. Aluminium Tense scrap prices increased by INR 5,000/t d-o-d, with ex-Delhi at INR 192,500/t and ex-Chennai at INR 193,500/t.
Market updates
Copper slumps ahead of Chinese holidays amid surplus fears
Copper prices dropped 5.4% in the COMEX morning session yesterday, as traders exited positions before China’s Labour Day break. A weak Chinese manufacturing PMI and a revised ICSG forecast, doubling the 2025 global copper surplus, deepened market concerns. Trade tensions and a supply glut are expected to pressure prices further into 2026.
Glencore shares tumble on copper output slump
Glencore’s stock dropped 8.6% in US trading yesterday after the company reported a 30% fall in Q1 copper production to 167,900 t. Despite maintaining full-year guidance, investor sentiment weakened. Nickel output also fell, though cobalt rose. Volatile markets and tariff uncertainties pose challenges to Glencore’s growth, with opportunities seen in shifting global commodity trade flows.
Oil prices down d-o-d
Brent crude futures were recorded at $60.75/barrel today. Meanwhile, WTI crude oil futures decreased by 0.67% d-o-d to $57.82/barrel.
Market sentiment around oil remained cautious but steady after recent losses. US economic contraction, potential Saudi output increases, and ongoing trade tensions weighed on sentiment. While in the near term, outlook leans bearish due to oversupply risks and weak demand forecasts, volatility is expected ahead of key OPEC+ decisions and shifting geopolitical dynamics.
Natural gas prices up
Natural gas stood at $3.38/metric million British thermal unit (MMBtu), up by 1.80% d-o-d.
Dollar index inches down
The dollar index, which measures the value of the greenback against a basket of six major currencies, hovered at 99.87, down by 0.62% d-o-d at the time of reporting. The Indian rupee was recorded at INR 85.01 d-o-d against the dollar.
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