- OPEC+ policy expectations steady global oil outlook
- Copper market faces historic supply-demand pressure
Base metals prices on the London Metal Exchange (LME) showed mixed trends d-o-d, with aluminium decreasing by 1.14% to $2,829/tonne (t). Meanwhile, inventories at LME-registered warehouses witnessed positive movements, with zinc recording the highest gain of 1.75%.
Domestic market overview
In India’s non-ferrous metals markets, BigMint assessed copper armature scrap at INR 895,000/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 are stable d-o-d.
Other updates
Oil prices rise on thin holiday trading as Russia-Ukraine peace talks draw focus
Oil prices firmed in Thursday’s low-volume session, with markets supported by renewed hopes for progress in Russia-Ukraine ceasefire discussions while geopolitical uncertainty and US Thanksgiving holiday trading kept activity muted. Expectations that OPEC+ will maintain current output levels, alongside growing anticipation of a potential US Federal Reserve rate cut, also helped stabilise sentiment, even as analysts noted the market remains cautious and likely to stay range-bound heading into year-end.
Copper tensions rise as global market reaches historic pressure point
The global copper market is facing major strain, driven by a widening supply-demand imbalance, deepening mine disruptions and mounting uncertainty around China’s shifting role as both buyer and processor. With inventories falling and demand from electrification, renewable energy and infrastructure remaining strong, pressure on supply chains is intensifying — putting copper at an inflection point globally as producers and consumers brace for tighter markets ahead.
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