LME base metals prices remain range-bound d-o-d; AAG, ALUPCO plan $500 Mn aluminium project in Riyadh

• Hindustan Copper to reopen Kendadih mine operations
• Oil prices gain as OPEC+ opts for cautious output hike

Base metals prices on the London Metal Exchange (LME) remained range-bound d-o-d, with zinc decreasing by 0.91% to $3,007/tonne (t). Meanwhile, inventories at LME-registered warehouses registered negative movements d-o-d, with zinc recording the highest decline of 1.13%.

Domestic market overview

In India’s non-ferrous metals markets, BigMint assessed copper armature scrap at INR 892,000/t ex-Delhi, up by INR 30,000/t d-o-d. Aluminium Tense scrap prices were assessed at INR 192,000/t ex-Delhi and at INR 192,000/t ex-Chennai, both stable d-o-d.

Other market updates

Hindustan Copper Ltd secures 20-year lease to reopen Kendadih copper mine operations

Hindustan Copper has signed a 20-year Kendadih Mining Lease Deed with the Jamshedpur District Commissioner on 4 October 2025. The lease paves the way for reopening the Kendadih Copper Mine, boosting regional copper production. The company engages in copper ore mining, beneficiation, and downstream processing into refined copper through smelting, refining and extrusion.

AAG, ALUPCO announce $500 Mn aluminium industrial base in Saudi Arabia

Asia Aluminium Group (AAG) and Aluminium Products Company (ALUPCO) have signed a $500 million agreement to establish Saudi Arabia’s largest integrated downstream aluminium industrial base in Riyadh. Spanning 1.5 million square metres, the project will focus on aluminium extrusion, modular housing, and solar panel frame production. Developed in two phases, it aims to produce 200,000 t of extrusions, 30 million solar frames, and 30,000 housing modules annually, creating over 1,800 jobs and advancing the Kingdom’s sustainable industrial goals.

Oil prices rise as OPEC+ announces smaller output hike

Oil prices extended gains after OPEC+ announced a modest November output increase of 137,000 barrels per day — below market expectations — easing fears of an oversupply. The group’s cautious approach reflects concerns about a potential supply surplus in late 2025, despite geopolitical tensions and recent disruptions at Russia’s Kirishi refinery. Analysts said the restrained hike suggests OPEC+ aims to balance market stability against weaker global demand and slower economic growth.