- Copper prices ease after recent supply-driven rally
- Indonesian miners urge retention of 3-year quota
Base metals prices on the London Metal Exchange (LME) remained range-bound d-o-d, with nickel increasing by 0.97% to $15,451/tonne (t). Meanwhile, inventories at LME-registered warehouses saw mixed trends d-o-d, with copper recording the highest gain of 1.15%.
Indian market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 823,000/t ex-Delhi, stable 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 200,000/t.
Market updates
Copper slips as traders book profits after rally
Copper prices declined slightly as investors booked profits following a supply crunch-driven rally. Despite tight inventories and lingering concerns over US import tariffs, the metal saw a minor correction. LME copper stocks remained near multi-month lows, with available inventories down sharply since February due to shipment redirection towards the US. China’s manufacturing rebound in June signalled stronger demand prospects, though copper imports dipped m-o-m in May. Meanwhile, global refined copper moved into a slight supply deficit in April, adding to the market’s bullish undertone.
Indonesian nickel miners oppose one-year quota plan
Indonesia’s nickel miners’ association (APNI) has urged the government to maintain the current three-year mining quota system, warning that reverting to annual approvals would disrupt investment and burden both authorities and miners. The government recently proposed cutting quota durations to one year to control supply and support commodity prices. However, APNI stressed that shorter quotas would create approval bottlenecks and undermine medium-term planning. It called for stronger oversight rather than increased bureaucracy.
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