- Japan’s aluminum demand up 1.4% in Q1CY’25
- Oil market sentiment supported by strong demand
Base metals prices on the London Metal Exchange (LME) remained range-bound d-o-d, with zinc decreasing by 1.21% to $2,697/tonne (t). Meanwhile, inventories at LME-registered warehouses registered positive movements d-o-d, with zinc recording the highest gain of 4.59%.
Indian market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 805,000/t ex-Delhi, down by INR 2,000/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.
Trump’s copper tariffs hit US demand
President Trump’s planned 50% copper tariffs, set for 1 August, have led US buyers to slash imports and delay orders. Distributors warn of rising costs, confusion over coverage, and stockpiling amid record-high inventories. While aimed at boosting domestic supply chains, the move risks dampening demand and adding uncertainty across construction and manufacturing sectors.
Japan’s aluminum demand up 1.4% in Q1
Japan’s aluminum demand rose 1.4% y-o-y in Q1 2025 to 895,100 t. Transportation led with 3% growth, while food demand climbed 5%. Building sector demand fell 3.3% amid fewer housing starts. Imports of primary aluminum edged up 0.3%, recycled alloyed aluminum rose 2.1%, highlighting steady overall consumption despite construction weakness.
Oil market supported by strong demand signals
Oil market sentiment has improved on expectations of robust seasonal demand, with increased travel and strong gasoline consumption during the summer months. Steady economic growth forecasts from OPEC and better-than-feared data from China are also providing support, offsetting concerns around inventories and ongoing global tariff risks.
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