- Japan’s factory activity shrinks for 5th month
- Cochilco raises copper price forecast sharply
Base metals futures on the London Metal Exchange (LME) showed mixed trends d-o-d, with nickel decreasing by 1.02% to $14,501/tonne (t). Meanwhile, inventories at LME-registered warehouses also witnessed divergent movements, with zinc recording the highest gain of 2.22%.
Domestic market overview
In India’s non-ferrous metals markets, BigMint assessed copper armature scrap at INR 881,000/t ex-Delhi, up by INR 6,000/t d-o-d. Aluminium Tense scrap prices were assessed at INR 188,000/t ex-Delhi and at INR 184,500/t ex-Chennai, both stable d-o-d.
Other market updates
India’s PMI eases in Nov’25 as manufacturing weakens
India’s private sector growth slipped to a six-month low in November as the composite PMI fell to 59.9, with manufacturing output dropping sharply amid heavy rains, softer new orders, and competitive global pricing, even as services activity improved; export demand slowed following US tariff hikes, business sentiment weakened, hiring cooled, and easing input costs strengthened expectations of a potential RBI rate cut.
Cochilco raises 2025-26 copper price outlook to record levels
Cochilco lifted its copper price forecasts to $4.45/lb for 2025 and $4.55/lb for 2026, the highest in its history, as Chile’s output weakens due to lower production at Collahuasi, Anglo American Sur and Codelco’s El Teniente. The commission expects prices to keep rising towards 2030 as supply trails demand, with only modest production growth projected over the next two years.
Japan factory activity declines for 5th straight month in Nov’25
Japan’s manufacturing sector continued to contract in November, marking its fifth month of decline, with the flash PMI at 48.8, as weak output, soft domestic demand, and falling export orders kept the index below the 50-point growth mark. Despite the manufacturing slump, the services sector remained resilient, helping stabilise overall private-sector activity even as factories struggled with subdued global demand and persistent cost pressures.
UAE announces new aluminium wire rod plant
Mark Cables Power Solutions will build a 36,000 t/year aluminium wire rod manufacturing plant in Abu Dhabi’s Khalifa Economic Zone, near EGA’s Al Taweelah smelter. The facility will supply multiple rod grades to Mark Cables’ units in Dubai and Angola, as well as customers across the UAE, Africa, and Europe. EGA has signed a non-binding agreement to supply 35,000 t/year of aluminium to support the project.
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