- Japan’s PMI declines below 50 in July
- Reliance, Tata join nuclear energy push
Base metals prices on the London Metal Exchange (LME) remained range-bound d-o-d, with lead increasing by 1.04% to $9,920/tonne (t). Meanwhile, inventories at LME-registered warehouses registered divergent movements d-o-d, with aluminium recording the highest gain of 1.45%.
Indian market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 808,000/t ex-Delhi, stable d-o-d. Aluminium Tense scrap prices decreased by INR 1,000/t d-o-d, with ex-Delhi at INR 197,000/t and ex-Chennai at INR 200,000/t.
Market updates
Japan’s factory activity contracts in July amid trade uncertainty
Japan’s manufacturing sector slipped into contraction in July, with the PMI falling to 48.8 from 50.1 in June, amid concerns over US tariffs and slowing new orders. While factory output weakened, the services sector grew at its fastest pace in five months, pushing overall private sector activity to remain stable at a composite PMI of 51.5.
India’s private sector eyes INR 35,000 crore push in nuclear energy
Top Indian conglomerates, including Reliance, Adani, Tata, and Vedanta, have shown interest in partnering with NPCIL to set up Bharat Small Reactors aimed at decarbonising high-emission sectors such as steel and aluminium, with the government expecting investments of at least INR 35,000 crore under the plan.
Glencore’s Mt Isa copper mines near closure, smelters’ future uncertain
Glencore will close its Mt Isa copper mines next week, ending over 60 years of production. With declining ore grades, Australia’s upstream copper output will take a hit. The fate of the Mt Isa smelter and Townsville refinery remains uncertain, as Glencore seeks government support amid rising competition from subsidised Chinese smelters.
Leave a Reply