LME base metals prices inch up d-o-d; Camino Minerals discovers high-grade copper zone in Peru

• China’s aluminium imports rebound in Jul’25
• Oil prices hold firm amid Ukraine conflict risks

Base metals prices on the London Metal Exchange (LME) saw slightly positive trends d-o-d, with nickel increasing by 1.23% to $15,285/tonne (t). Meanwhile, inventories at LME-registered warehouses saw negative trends d-o-d, with zinc recording the highest decline of 3.75%.

Domestic market overview

In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 798,000/t ex-Delhi, up by INR 2,000/t d-o-d. Aluminium Tense scrap prices remained flat by d-o-d, with ex-Delhi at INR 196,000/t and ex-Chennai at INR 199,000/t.

Other market updates

New high-grade copper zone discovered in Peru

Camino Minerals has identified a promising copper-rich zone at its Los Chapitos project in southern Peru’s Mirador area. The discovery features copper associated with silver and bornite, a high-grade copper sulphide. Channel sampling returned strong results, including intervals of above 3% copper, suggesting mineralisation within intrusive rocks could be a key source for the district. Early data show a strong copper-silver pairing, consistent with iron oxide copper-gold (IOCG) systems found in the region.

Oil prices steady amid Ukraine war uncertainty, US tariffs on India

Oil markets remained steady on Wednesday after a sharp fall in the previous session, as investors monitored the Ukraine conflict and weighed new US tariffs on Indian exports. Indian refiners have resumed Russian crude purchases despite Washington’s tariff hike to 50%, and analysts suggest the levies may not significantly curb India’s imports. Meanwhile, ongoing Ukrainian drone attacks on Russian refineries are reshaping global crude flows, adding to market volatility.

China’s primary aluminium imports rebound in Jul’25

China’s net imports of primary aluminium rose sharply by 20% m-o-m and 86.8% y-o-y in July 2025 to 207,300 t, according to customs data. Total imports during the month reached 248,300 t, with Russia supplying nearly 77% of the volume. Despite import losses of around RMB 1,400/t and weak domestic demand during the off-season, long-term contracts supported steady inflows. On the export side, shipments climbed up to 41,000 t, more than doubling m-o-m, with re-exports dominating the trade structure.