LME base metals prices witness negative trends d-o-d

• Oil dips on supply glut, trade tensions
• Vedanta planning 3 mnt smelter, refinery facilities in Odisha 

Base metals prices on the London Metal Exchange (LME) saw negative trends d-o-d, with zinc decreasing by 2% to $2,942/tonne (t). Meanwhile, inventories at LME-registered warehouses registered positive movements d-o-d, with lead recording the highest gain of 4.03%.

Domestic market overview

In India’s non-ferrous metals markets, BigMint assessed copper armature scrap at INR 880,000/t ex-Delhi, stable d-o-d. Aluminium Tense scrap prices were assessed at INR 191,000/t ex-Delhi, and at INR 193,000/t ex-Chennai, stable d-o-d.

Other updates

Oil prices fall on supply glut, US-China trade tensions

Oil prices declined on Wednesday, extending losses as markets reacted to the International Energy Agency’s warning of a potential 2026 supply surplus and renewed US-China trade frictions. Brent crude slipped 0.3% to $62.18 per barrel, while WTI eased to $58.54, both hitting five-month lows. The IEA projected a surplus of up to 4 million barrels per day next year amid rising OPEC+ output and weak demand. Analysts said excess supply concerns and escalating trade tensions–driven by new tariffs, port fees, and China’s rare earth export curbs–are weighing on sentiment. Traders now await US crude inventory data for fresh demand cues.

Vedanta seeks Odisha support for $20-billion aluminium project

Vedanta chairman Anil Agarwal has urged Odisha Chief Minister Mohan Charan Majhi to expedite approvals for the company’s $20-billion aluminium project, which includes a 3 MTPA smelter in Dhenkanal and a 6 MTPA refinery in Rayagada. The project, aimed at boosting local development and job creation, also includes an aluminium park hosting over 200 MSMEs. Agarwal emphasized the initiative’s alignment with the Atmanirbhar Bharat and Viksit Bharat visions, calling it a “nation-building exercise.” His team plans to visit Bhubaneswar before Diwali to discuss progress, as environmental and forest clearances for the Sijimali bauxite mine remain under review.