- Peru targets 2.8 mt copper in 2025
- Global oil investments may drop 6% in 2025
Base metals prices on the London Metal Exchange (LME) showed mixed trends d-o-d, with aluminium increasing by 0.77% to $2,483/tonne (t). Meanwhile, inventories at LME-registered warehouses dropped d-o-d, with copper recording the steepest fall of 1.74%.
COMEX market
Copper prices on the COMEX stood at $10,730/t, increasing by 0.6% compared to the previous close.
Indian market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 788,000/t ex-Delhi. Aluminium Tense scrap prices remained steady d-o-d, with ex-Delhi at INR 196,000/t and ex-Chennai at INR 197,000/t.
Market updates
Peru eyes modest copper output growth
Peru projects copper production to rise to 2.8 mt in 2025, with $4.8bn in mining investments. However, rising illegal mining especially in gold poses security and regulatory challenges. Recent violence and government crackdowns may disrupt operations, potentially impacting copper output from key regions like Apurimac and Arequipa.
China’s services activity picks up in May despite tariff concerns
China’s services sector expanded at a quicker pace in May, with the Caixin PMI rising to 51.1 from 50.7, driven by stronger domestic demand. However, new export orders declined amid US tariff uncertainty. Companies cut prices but hired more workers, while sentiment remained positive despite external trade risks and profit pressures.
Oil prices down d-o-d
Brent crude futures were recorded at $64.69/barrel today. Meanwhile, WTI crude oil futures decreased by 0.45% d-o-d to $62.57/barrel.
Global oil investment to drop 6% in 2025
Global oil investment is set to fall 6% in 2025 amid weaker demand, lower prices, and economic uncertainty. US tight oil spending will see a sharp decline, bringing overall upstream investment below $570 billion. Refinery investment may hit a 10-year low, while LNG projects continue to grow.
Natural gas prices down
Natural gas stood at $3.67/metric million British thermal unit (MMBtu), down by 1.08% 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 98.87, up by 0.14% d-o-d at the time of reporting. The Indian rupee was recorded at INR 85.84 against the dollar.
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