- Indian aluminium, copper scrap prices hold firm
- Oil prices steady as US-Russia tensions intensify
Base metals prices on the London Metal Exchange (LME) remained range-bound d-o-d, with aluminium decreasing by 0.99% to $2,606/tonne (t). Meanwhile, inventories at LME-registered warehouses also registered varied movements d-o-d, with zinc recording the highest decline of 2.90%.
Indian market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 800,000/t ex-Delhi, stable d-o-d. Aluminium Tense scrap prices remained flat d-o-d, with ex-Delhi at INR 197,000/t and ex-Chennai at INR 200,000/t.
Market updates
Copper prices rise amid tariff concerns, trade uncertainty
Copper prices gained momentum on the London and Shanghai exchanges as markets prepared for the upcoming US import tariffs and monitored progress in the US-China trade talks. The looming 50% tariff tightened price gaps between global exchanges and sparked shifts in supply strategies. Major miners such as Grupo Mexico ramped up US operations, while broader base metals such as aluminium and zinc also saw price gains. The developments highlight how trade tensions are reshaping global industrial and resource dynamics.
Oil steadies as markets watch Trump’s deadline to Russia
Oil prices stabilised after a strong surge, with Brent crude and WTI both witnessing minor gains, as investors reacted to US President Trump’s tightened deadline for Russia to end the Ukraine war. Trump also warned of secondary tariffs on Russian trade partners. The recent supply risk premium may persist unless Russia softens its stance. Meanwhile, US pressure on China to stop buying Russian oil raised supply concerns, though compliance is uncertain. India may align with sanctions, potentially affecting Russian exports. Trade tensions eased slightly with a new US-EU tariff deal.
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