- Domestic copper armature scrap prices inch down d-o-d
- Oil traders await Trump response to Russia-Ukraine conflict
Base metals prices on the London Metal Exchange (LME) saw positive trends d-o-d, with nickel increasing by 0.87% to $15,263/tonne (t). Meanwhile, inventories at LME-registered warehouses saw negative trends d-o-d, with zinc recording the highest decline of 3.37%.
Domestic market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 794,000/t ex-Delhi, down by INR 2,000/t d-o-d. Aluminium Tense scrap prices remained flat d-o-d, with ex-Delhi at INR 196,000/t and ex-Chennai at INR 199,000/t.
Other market updates
Oil prices rise as traders await Trump’s response to Russia-Ukraine conflict
Oil prices settled higher on Thursday after initial losses, as traders awaited US President Donald Trump’s statement on Russia’s missile and drone strikes on Ukraine. Markets also tracked India’s rising Russian oil imports despite US pressure and the restart of crude flows through the Druzhba pipeline.
US tariffs weigh on China’s copper pipe, tube trade
China’s copper pipe and tube trade weakened in July, with imports at 1,128.6 mt, down 41.7% m-o-m and 35.5% y-o-y, while exports slipped 5.6% m-o-m and 12.6% y-o-y to 28,614.7 mt. Imports fell amid seasonal weakness and low domestic production sentiment, taking January-July volumes down 2.5% y-o-y. On the export side, Thailand and the US remained key markets, but uncertainty intensified after the US imposed a 50% tariff from 1 August on semi-finished copper products and high-copper-content derivatives, a move expected to further curb Chinese shipments despite some firms shifting production to the US.
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