- US aluminium imports up 11% y-o-y in Q1CY’25
- Rio Tinto Q2 copper output up 15% y-o-y in Q2
Base metals prices on the London Metal Exchange (LME) saw downward trends d-o-d, with lead decreasing by 1.00% to $1,976/tonne (t). Meanwhile, inventories at LME-registered warehouses registered positive movements d-o-d, with copper recording the highest gain of 9.53%.
Indian market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 803,000/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.
US semi-finished aluminium imports rise 11% y-o-y in Q1CY’25
US semi-finished aluminium imports jumped 11% y-o-y in Q1CY’25, reflecting a shift in sourcing patterns as policy anticipation and stronger domestic demand fuelled growth. February saw a sharp surge in shipments, driven by pre-tariff buying ahead of new US trade measures. Notably, South Korea is emerging as a leading supplier, filling the gap as China’s export share declines.
Rio Tinto’s Q2 copper output soars on record Oyu Tolgoi production
Rio Tinto’s copper production jumped 15% y-o-y in Q2CY’25 to 229,000 t, driven by record output from the Oyu Tolgoi mine in Mongolia. The company expects full-year copper production to reach the upper end of its 780,000-850,000-t guidance, underscoring strong operational momentum and ongoing ramp-up at Oyu Tolgoi.
Oil market sentiment boosted by strong demand
Oil market sentiment has turned more optimistic, supported by stronger-than-expected economic data from major consumers such as the US and China and signs of easing trade tensions. Anticipation of robust seasonal demand during summer travel and increased refinery activity also underpin the positive tone, although concerns persist over rising fuel inventories and ongoing tariff risks that could temper upside momentum.
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