LME base metals prices edged up; Vedanta boosts India’s alumina refining capacity

• Copper armature scrap jumps in Delhi
• Oil prices surge on Venezuela blockade fears

Base metals prices on the London Metal Exchange moved higher across the board. Copper led the gains, rising 1.25% to $11,737/t, followed by zinc which climbed 1.04% to $3,074/t. Aluminium advanced 0.99% to $2,906/t, while nickel increased 0.90% to $14,392/t and lead rose 0.93% to $1,960/t.

LME warehouse stocks showed mixed trends. Zinc inventories rose 2.25% to 97,700 t, while nickel stocks edged up 0.27% to 253,998 t and copper inventories increased 0.20% to 166,925 t. Aluminium stocks were unchanged at 519,600 t, whereas lead inventories declined 1.07% to 265,575 t.

Domestic market overview

In Indias non-ferrous markets, BigMint assessed copper armature scrap at INR 1007,000/t ex-Delhi, up by INR 7,000/t 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

Vedanta expands Lanjigarh aluminium refinery capacity

Vedanta Aluminium has expanded its Lanjigarh refinery in Odisha’s Kalahandi from 2 MTPA to 5 MTPA, lifting India’s total alumina refining capacity to nearly 13 MTPA and positioning the country as the world’s third-largest producer. The expansion, initiated in 2020, underscores Vedanta’s focus on building a resilient aluminium value chain and long-term national value creation, with the refinery also achieving its highest-ever monthly alumina output of 254 KT in November.

Oil prices jump on Trump’s Venezuela blockade

Oil prices rose sharply in Asian trading after President Donald Trump ordered a blockade on tankers entering and leaving Venezuela, raising concerns over potential supply disruptions despite unclear enforcement details, US WTI crude climbed nearly $1 to around $56.89 per barrel, while Brent crude gained about 1.5% to $60.60 per barrel, as most Venezuelan exports remained on hold following a recent U.S. Coast Guard seizure of a Venezuelan oil cargo, prompting short covering in an oversold market.