- Copper hits record $11,146/t on supply crunch
- Glencore’s copper output plunges 40% since 2018
Base metals prices on the London Metal Exchange (LME) remained rangebound d-o-d, with copper increasing by 1.31% to $11,184/tonne (t). Meanwhile, inventories at LME-registered warehouses registered negative movements d-o-d, with lead recording the highest decline of 2.09%.
Domestic market overview
In India’s non-ferrous metals markets, BigMint assessed copper armature scrap at INR 898,000/t ex-Delhi, up by INR 2,000/t d-o-d. Aluminium Tense scrap prices were assessed at INR 191,000/t ex-Delhi and at INR 186,000/t ex-Chennai, down by INR 7,000/t d-o-d.
Other updates
Glencore’s copper output down 40% since 2018
Glencore’s copper production has dropped about 40% from 2018 levels, even as third-quarter output rose 36% to 583,000 tonnes on stronger grades in Africa and Peru. Annual output remains 17% lower due to water and grade issues at Chile’s Collahuasi mine. The miner expects full-year production of 850,000-875,000 tonnes, near the lower end of guidance. Shares rose 6% after reaffirming targets, while Glencore also detailed its cobalt export plan under the DRC’s quota system and halted a renewable energy project in Australia amid weak nickel prices.
Oil steady as Trump cuts tariffs on China
Oil prices held steady after US President Donald Trump reduced tariffs on China from 57% to 47%, easing trade tensions and boosting market sentiment. Brent crude slipped to $64.62 per barrel, while WTI fell to $60.17. Analysts said the move could support short-term demand, especially as US crude inventories dropped sharply, and the Federal Reserve cut interest rates. However, gains remain capped with OPEC+ expected to add 137,000 barrels per day to supply in December.
Copper hits record high on supply crunch, demand surge
Copper prices soared to a record $11,146/t on the London Metal Exchange, lifted by mine disruptions and growing optimism over global economic recovery. Supply shortages from accidents in Chile and Indonesia, along with stronger demand from the US-China trade thaw and expectations of a Fed rate cut, have tightened the market. Analysts said prices are supported by rising power needs from AI data centres and the global energy transition, reinforcing copper’s role as a key industrial metal.
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