- India services PMI slips to 5-month low in Oct’25
- Oil heads for 2nd w-o-w loss amid demand concerns
Base metals prices on the London Metal Exchange (LME) remained range-bound d-o-d, with lead increasing by 0.57% to $2,032/tonne (t). Meanwhile, inventories at LME-registered warehouses witnessed mixed movements, with lead recording the highest decline of 1.49%.
Domestic market overview
In India’s non-ferrous metals markets, BigMint assessed copper armature scrap at INR 881,000/t ex-Delhi, stable d-o-d. Aluminium Tense scrap prices were assessed at INR 19o,000/t ex-Delhi and at INR 185,000/t ex-Chennai, both stable d-o-d.
Other market updates
HCL to revive its 50,000-t copper recycling refinery in Gujarat after 6 years
Hindustan Copper Limited (HCL) is set to revive its 50,000 t/year secondary copper refinery in Jhagadia, Gujarat, after six years of dormancy, driven by surging global copper prices, India’s critical minerals push, and growing demand for recycled metal. Acquired in 2015 for INR 210 crore from Jhagadia Copper Ltd, the Gujarat Copper Project was halted in 2019 due to weak margins but is now economically viable with copper prices above $10,700/t.
The move aligns with the government’s INR 1,500 crore incentive scheme to boost metal recycling and reduce import dependence while supporting clean energy and circular economy goals. The revival is expected to attract investment, create around 70,000 jobs, and strengthen India’s self-reliance under Atmanirbhar Bharat. HCL is currently scouting for partners on a revenue-sharing basis, with a restart timeline to be finalised after necessary approvals.
India’s services growth slows to 5-month low
India’s services sector expansion eased to a five-month low in October as heavy rains and rising competition weighed on demand. The HSBC India Services PMI fell to 58.9 from 60.9 in September, though it remained well above the 50 mark, indicating growth. Softer domestic and export orders slowed momentum, while input costs rose at the weakest pace in over a year, helped by GST cuts. With inflation at an eight-year low, the moderation may give the RBI room to consider rate cuts.
Oil heads for second weekly loss amid demand concerns
Oil is set for a second straight weekly loss as rising global supply and weak US demand weigh on sentiment. A larger-than-expected build in US crude inventories has reignited oversupply fears, while the ongoing government shutdown and a stronger dollar have added pressure. OPEC+ plans to slightly raise output in December but pause further increases next quarter to avoid a glut. Saudi Arabia’s price cuts for Asian buyers and continued sanctions on Russia and Iran have further shaped the market outlook. Despite higher Chinese crude imports in October, analysts say market support remains fragile, with the oversupply narrative likely to dominate in the coming days.
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