- Aluminium dips on stronger USD, Iran-Israel conflict
- Fed may keep interest rates firm amid tariffs, oil risks
Base metals prices on the London Metal Exchange (LME) remained range-bound d-o-d, with zinc decreasing by 0.74% to $2,623/tonne (t). Meanwhile, inventories at LME-registered warehouses dropped d-o-d, with copper recording the steepest fall of 2.03%.
Indian market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 805,000/t ex-Delhi, up by INR 4,000/t d-o-d. 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
Fed stays cautious amid tariffs, oil risks
The US Federal Reserve is expected to keep interest rates steady at 4.25-4.50%, weighing soft inflation data against global uncertainties. Rising geopolitical tensions, oil price shocks, and unresolved trade policies are prompting a “wait-and-watch” stance. Despite pressure from Trump to cut rates, the Fed signals cautious patience ahead of its 17-18 June meeting, favouring economic stability over aggressive action.
Aluminium dips amid geopolitical tensions, stronger dollar
US aluminium prices eased, as a stronger US dollar, triggered by Israel’s large-scale strike on Iran, weighed on industrial metals. Market mood was influenced by escalating geopolitical tensions, weak economic indicators from China, and ongoing US-China trade friction. Despite increased output, falling inventories pointed to tightening physical supply, while global trade flows remain disrupted by recent tariffs and policy shifts.
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