- Hindustan Copper to boost Malanjkhand capacity
- Copper dips amid renewed tariff worries
Base metals prices on the London Metal Exchange (LME) saw negative trends d-o-d, with nickel decreasing by 1.04% to $15,290/tonne (t). Meanwhile, inventories at LME-registered warehouses saw mixed trends d-o-d, with aluminium recording the highest gain of 1.95%.
Indian market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 819,000/t ex-Delhi, down by INR 4,000/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 200,000/t.
Market updates
Hindustan copper plans INR 400 crore concentrator plant
Hindustan Copper Ltd will invest INR 400 crore to set up a 3 mnt/year concentrator plant at Malanjkhand, Madhya Pradesh, over the next two-three years. Construction is expected to begin in 2026. The new facility will boost the site’s processing capacity from the existing 2.5 mnt, supporting HCL’s goal to triple ore production. The plant will enhance mineral recovery and feed smelting operations.
Copper slips as tariff tensions resurface
Copper prices declined due to renewed global demand concerns following US President Trump’s announcement of upcoming tariffs on 10-12 countries, which reignited trade tensions. Earlier gains driven by tight supplies were capped as SHFE inventories rose 3.7% w-o-w, indicating some supply relief. Despite this, elevated COMEX premiums and steady cancelled LME warrants pointed to continued physical demand. A surprise rebound in China’s manufacturing activity in June also hinted at potential demand recovery. However, long liquidation and falling open interest reflected caution in the market.
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