LME base metals prices decline d-o-d, stocks witness mixed trends

• HCL eyes mining capacity ramp-up to 12 MTPA by FY’31
• LME Hong Kong site receives initial copper deliveries

Base metals prices on the London Metal Exchange (LME) saw negative trends d-o-d, with zinc decreasing by 1.45% to $2,685/tonne (t). Meanwhile, inventories at LME-registered warehouses showed mixed trends d-o-d, with copper recording the highest gain of 2.23%.

Indian market overview

In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 817,000/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 partners with Chile’s Codelco to boost output

Hindustan Copper Ltd (HCL) is aiming to scale up its mining capacity from 3.47 mnt to 12 mnt annually by FY’31 through global collaborations, including a strategic partnership with Chile’s Codelco. HCL Chairman and Managing Director Sanjiv Kumar Singh said the tie-up is focused on enhancing technical capabilities and exploring deeper mineralisation, with Codelco representatives visiting key mining sites as part of this initiative.

Oil slips as traders weigh US tariffs, OPEC+ supply hike

Oil prices eased as markets reacted to uncertainty over new US tariffs and OPEC+’s decision to raise output by 548,000 barrels per day in August. Concerns over global economic impact weighed on sentiment, though strong demand signals from the US and India offered some support. Analysts noted Saudi Arabia’s major role in the supply hike, with expectations of a further increase in September likely to compensate for earlier voluntary cuts.

LME’s new Hong Kong warehouses receive initial copper deliveries

The LME’s upcoming warehouses in Hong Kong have received 100 t of copper stored off warrant ahead of their mid-July launch, according to the platform’s data. Approved in January, the Hong Kong site is seen as a strategic gateway to China, the world’s largest metals consumer, by LME’s parent company, Hong Kong Exchanges and Clearing.