- Oil prices ease, but geopolitical risks limit declines
- Domestic copper, aluminium scrap hold firm d-o-d
Base metals prices on the London Metal Exchange (LME) saw mixed trends d-o-d, with aluminium increasing by 0.61% to $2,717/tonne (t). Meanwhile, inventories at LME-registered warehouses also registered mixed movements d-o-d, with zinc recording the highest decline of 2.34%.
Domestic market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 822,000/t ex-Delhi, stable d-o-d. Aluminium Tense scrap remained stable d-o-d, with prices at INR 196,000/t ex-Delhi and INR 198,000/t ex-Chennai.
Other market updates
Anglo American, Codelco forge $5-billion copper mining alliance
Anglo American and Chile’s Codelco have entered into a $5 billion partnership to jointly operate their adjacent Andina and Los Bronces mines in the Andes. The collaboration aims to enhance operational efficiency and unlock synergies, with expectations of adding 120,000 t of copper output annually while reducing production costs by 15% per tonne, strengthening Chile’s position as a global copper powerhouse.
Oil prices ease but geopolitical risks limit declines
Oil prices retreated slightly after gains in the previous session, but concerns over potential Russian supply disruptions and ongoing geopolitical tensions kept a floor under the market. Traders are also awaiting the outcome of the US Federal Reserve’s policy meeting, where an interest rate cut is widely expected to support economic activity and fuel demand. Meanwhile, US crude and gasoline inventories fell last week, further underpinning market sentiment despite a global supply overhang as OPEC+ raises output.
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