- India private sector growth cools in December
- Russian oil imports to India remain elevated
Base metals prices on the London Metal Exchange were mixed, with zinc recording the steepest decline. Zinc slipped 1.68% to $3,042/t, while copper fell 0.54% to $11,592/t and nickel eased 0.58% to $14,263/t. Aluminium bucked the trend, rising 0.37% to $2,877/t, and lead edged slightly higher by 0.05% to $1,942/t.
LME warehouse stocks showed varied movements across metals. Zinc inventories surged sharply by 48.20% to 95,550 t, while lead stocks increased 6.33% to 268,450 t. Copper inventories edged up 0.44% to 166,600 t, aluminium stocks were unchanged at 519,600 t, and nickel inventories slipped marginally by 0.03% to 253,308 t.
Domestic market overview
In Indias non-ferrous markets,BigMint assessed copper armature scrap at INR 1005,000/t ex-Delhi, stable d-o-d. Aluminium Tense scrap prices increased by INR 1,000/t d-o-d, stood at INR 195,000/t ex-Delhi and INR 188,000/t ex-Chennai, up by INR 1,000/t d-o-d.
Other market updates
Zinc prices slide as LME inventories surge
Zinc prices on the London Metal Exchange fell 1.68% to $3,042 per tonne as a sharp jump in exchange inventories weighed on sentiment. LME zinc stocks surged 48.20% to 95,550 tonnes, adding immediate pressure to prices and reinforcing near-term bearishness in the market, while broader base metals traded mixed amid cautious investor positioning.
India defies sanctions with surge in Russian oil imports
India’s crude oil imports from Russia are set to exceed one million barrels per day in December as refiners continue to capitalise on discounted supplies despite Western sanctions. Imports reached about 1.77 million bpd in November and are expected to remain elevated in December, driven by buyers rushing to finalise deals ahead of US transaction deadlines involving major Russian producers. While state-run refiners are resuming purchases near pre-sanction levels, some private refiners have paused Russian oil buying, even as Russia remains India’s largest source of seaborne crude amid shifting geopolitical and trade dynamics.
China’s economy loses momentum in November
China’s economic momentum weakened in November as factory output growth slowed to a 15-month low and retail sales recorded their weakest pace since late 2022, underscoring soft domestic demand and mounting pressure for structural reform. Industrial output rose 4.8% year on year, missing expectations, while retail sales grew just 1.3% as fading subsidies, a prolonged property downturn and weak consumer confidence weighed on activity. With policymakers increasingly reliant on exports to sustain growth amid a record trade surplus and rising global trade barriers, economists warn that growth is likely to remain subdued into 2026 despite pledges of proactive fiscal support.
India’s private sector growth slows to 10-month low in December
India’s private sector activity expanded at its weakest pace in ten months in December as new orders softened and hiring nearly stalled, according to PMI data. The HSBC Flash India Composite PMI slipped to 58.9 from 59.7 in November, with slower growth in manufacturing and a modest easing in services, even as export orders improved. Employment growth was largely flat as firms signalled existing workforce levels were sufficient, while business confidence fell for a third straight month, pointing to a gradual cooling in momentum despite continued expansion.
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