- Aluminium prices rally on tight supply, Fed rate cuts
- Copper futures rebound on Chinese restocking demand
Base metals prices on the London Metal Exchange (LME) remained range-bound d-o-d, with zinc decreasing by 0.92% to $2,917/tonne (t). Meanwhile, inventories at LME-registered warehouses registered mixed movements d-o-d, with aluminium recording the highest gain of 6.23%.
Domestic market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 815,000/t ex-Delhi, down by INR 5,000/t d-o-d. Aluminium Tense scrap held steady d-o-d at INR 196,000/t ex-Delhi while slipping by INR 500/t to INR 198,000/t ex-Chennai.
Other market updates
BHP, Lundin to invest $400 million in Argentina copper venture
BHP and Lundin Mining’s joint venture, Vicuña Corp, is committing over $400 million to a large-scale copper project in Argentina’s San Juan province. Scheduled to begin production by 2030, the project aims to lift output to 175,000 t per day and extend the mine’s lifespan to 25 years.
Aluminium prices surge on tight supply, Fed rate cuts
Aluminium prices have recently experienced a strong rally, climbing above $2,700/t from a low of $2,275/t in April 2025, driven by a US Federal Reserve rate cut, a tight global supply-demand ratio, and high capacity utilisation of 98% in primary aluminium production, with China’s annual output capped at 45 million tonnes (mnt); meanwhile, factors such as a weaker Dollar Index, geopolitical tensions, and easing financial conditions provided further support for the bullish momentum, even as alumina prices trended lower.
Copper prices rebound on Chinese restocking ahead of holidays
Copper futures recovered from a one-week low, boosted by increased demand from Chinese buyers who took advantage of lower prices to restock ahead of the country’s National Day holiday, reflecting improved buying interest and bargain-hunting in the world’s top copper market.
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