- Nickel outperforms despite inventory build
- Oil prices climb on Iran unrest concerns
Base metals prices on the London Metal Exchange (LME) strengthened in the latest session as on 12 January 2026, with broad-based gains across the metals complex. Aluminium prices rose 1.46% to $3,136/t, supported by a marginal 0.39% decline in LME stocks to 497,825 t. Nickel outperformed, climbing 3.19% to $17,703/t, even as inventories increased by 3.07% to 284,790 t, indicating fresh inflows.
Copper prices advanced 2.18% to $12,998/t, backed by a 1.49% drawdown in stocks to 138,975 t, signalling tightening availability. Zinc edged higher by 0.59% to $3,154/t, while inventories fell 0.51% to 107,450 t. Lead prices also gained 1.13% to $2,050/t, with LME stocks declining 1.64% to 222,725 t, reflecting improved supply balance.
Domestic market overview
In India’s non-ferrous metals markets, aluminium Tense scrap prices remained unchanged d-o-d, with ex-Delhi and ex-Chennai assessments at INR 205,000/t and INR 200,000/t, respectively, indicating stable demand across regions. Meanwhile, copper armature scrap prices, ex-Delhi, declined by INR 6,000/t (1.9%) to INR 1,104,000/t, reflecting mild downward pressure after recent highs.
Other updates
Rio-Glencore talks intensify consolidation pressure on BHP
Rio Tinto’s early stage talks to acquire Glencore have intensified consolidation momentum in the global mining sector, particularly around copper assets. If the bid succeeds, it could become one of the largest mining deals ever and challenge BHP’s position as the world’s biggest miner. Market participants believe BHP could intervene with a rival bid or pursue alternative acquisitions to defend its leadership, though regulatory concerns and Glencore’s diverse portfolio may limit options.
With copper demand rising on energy transition and AI-driven electrification, mergers are increasingly viewed as a quicker path to secure supply, even as some analysts argue BHP may opt to hold its ground given its existing copper growth pipeline.
Oil climbs as Iran unrest fuels supply concerns
Oil prices edged higher amid growing fears that intensifying protests in Iran could disrupt supply from the major OPEC producer, lifting both Brent and US West Texas Intermediate benchmarks. While escalating unrest has heightened market anxiety over potential export interruptions, expectations of Venezuela resuming shipments have limited the extent of the price rise. Traders remain cautious, balancing geopolitical risks with the outlook of an oversupplied market in 2026 and watching for any concrete signs of supply disruption before making significant moves.
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