- Oil climbs as ceasefire holds
- Copper rises on weaker dollar, tight supply
Base metals prices on the London Metal Exchange (LME) remained rangebound d-o-d, with lead increasing by 0.80% to $2,019/tonne (t). Meanwhile, inventories at LME-registered warehouses saw negative trends d-o-d, with zinc recording the highest decline of 1.95%.
Indian market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 809,000/t ex-Delhi, up by $6,000/t d-o-d. Aluminium Tense scrap prices increased by $1,000/t, with ex-Delhi at INR 197,000/t and ex-Chennai at INR 198,000/t.
Market updates
Copper gains on weaker dollar, tight supply
Copper prices rose to a nearly two-week high on a weaker dollar and yuan strength following the Israel-Iran ceasefire. Sentiment was supported by shrinking LME warehouse stocks and strong demand for nearby contracts. Tight global supplies and higher US premiums prompted traders to divert shipments, reinforcing bullish momentum despite broader market uncertainties.
Oil prices rise as markets assess Iran-Israel ceasefire
Oil prices inched up as investors evaluated the ceasefire between Iran and Israel, though they remained close to recent lows due to expectations that crude supplies would stay steady. Brent and WTI both saw modest gains after falling in the previous session. The initial price surge following US airstrikes on Iran’s nuclear sites faded, as the attacks caused only temporary setbacks. The ceasefire remains fragile, but as long as key oil infrastructure and shipping through the Strait of Hormuz remain unaffected, downward pressure on prices is likely to continue.
Leave a Reply