- India’s copper armature scrap tags dip
- Oil prices slip amid Fed rate uncertainty
Base metals prices on the London Metal Exchange (LME) remained range-bound d-o-d, with nickel decreasing by 0.33% to $15,269/tonne (t). Meanwhile, inventories at LME-registered warehouses registered mixed movements d-o-d, with lead recording the highest decline of 0.99%.
Indian market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 800,000/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
Vedanta Aluminium expands PFA capacity by 120 KTPA
Vedanta Aluminium has boosted its primary foundry alloy (PFA) capacity by 120 kilo tonnes per annum (KTPA) at its SEZ facility in Jharsuguda. This expansion strengthens India’s aluminium production for the automotive and EV sectors, aligning with global standards and Atmanirbhar Bharat goals. It also positions Vedanta as a key driver in the lightweighting and sustainable mobility revolution.
Oil prices dip amid global trade talks, Fed rate decision watch
Oil prices edged lower as markets remained cautious ahead of the US Federal Reserve’s interest rate decision and ongoing global trade negotiations. Although a US-EU trade deal helped avoid a larger trade war, concerns linger over its economic impact and feasibility. Investors are also monitoring US-China discussions in Stockholm and potential sanctions tied to Russia-Ukraine tensions. Analysts warn of short-term volatility driven by central bank signals and unresolved trade issues.
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