- LME tightens rules amid increasing trade turmoil
- Oil prices rise on firm demand, but caution persists
Base metals prices on the London Metal Exchange (LME) remained range-bound d-o-d, with nickel increasing by 1.03% to $15,074/tonne (t). Meanwhile, inventories at LME-registered warehouses saw negative trends d-o-d, with copper recording the highest decline of 1.27%.
Indian market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 816,000/t ex-Delhi, up by INR 7,000/t d-o-d. Aluminium Tense scrap prices remained stable d-o-d, with ex-Delhi at INR 197,000/t and ex-Chennai at INR 198,000/t.
Market updates
LME tightens rules amid copper, aluminium market turmoil
The LME has imposed stricter rules to curb market dominance as copper and aluminium face turmoil. Recently, a major position holder cornered 80-90% of copper stocks, sparking extreme backwardation. With depleted inventories and global sanctions/tariffs distorting physical flows, production faces pressure, risking supply disruptions. The new temporary rules aim to stabilise the fragile metals ecosystem.
Oil rises as US crude stock drawdown signals firm demand
Oil prices rose as a sharp drop in US crude inventories pointed to strong fuel demand, supported by increased refining activity and a busy driving season. The fall in petrol stocks, along with a rise in consumption, reinforced signs of a robust market. However, caution persisted due to uncertainty surrounding the Iran-Israel ceasefire and the potential shift in OPEC+ production plans.
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