- Aluminium, copper extend declines on LME
- Oil prices tumble as US-Iran tensions ease
Base metals prices on the London Metal Exchange (LME) traded broadly lower, reflecting a risk-off tone across the complex. Nickel saw the steepest decline, sliding 4.51% to $17,540/t, while aluminium fell 3.37% to $3,110/t. Copper prices eased 1.82% to $13,370/t, zinc declined 2.02% to $3,343/t, and lead dropped 2.83% to $1,957/t, weighing on overall market sentiment.
LME warehouse inventories showed mixed movements, pointing to uneven supply dynamics. Aluminium stocks slipped 0.40% to 495,725 t, copper inventories fell 0.62% to 174,975 t, and lead stocks declined a sharper 1.01% to 205,575 t, indicating some tightening. Nickel inventories edged down 0.06% to 286,284 t, while zinc stocks rose marginally by 0.23% to 110,000 t, suggesting relatively comfortable availability in the near term.
Domestic market overview
In India’s non-ferrous scrap market, aluminium Tense scrap prices moved up d-o-d across key regions. Ex-Delhi assessments increased by INR 1,000/t (0.5%) to INR 212,000/t, while ex-Chennai prices rose by INR 2,000/t (0.9%) to INR 215,000/t. Meanwhile, Copper armature scrap prices, ex-Delhi, also edged higher by INR 2,750/t (0.2%) to INR 1,216,000/t.
Other updates
Capstone Copper resumes Mantoverde operations
Canada’s Capstone Copper has resumed operations at its Mantoverde copper and gold mine in northern Chile, with production running at around 50–75% of normal capacity despite an ongoing labour strike. The restart follows a court ruling that allowed the company to regain access to a critical desalination plant, which had previously constrained operations. The partial resumption of output highlights the operational challenges faced by copper producers in Chile, particularly those linked to labour disputes and water-security constraints in the world’s largest copper-mining nation.
Oil prices slide on easing US-Iran tensions
Global oil prices fell nearly 5%, marking the sharpest single-session decline in over six months, after signs of de-escalation between the US and Iran reduced geopolitical risk premiums. Brent crude dropped to around $65.9 per barrel, while WTI slipped to about $61.9 per barrel, retreating from multi-month highs. The sell-off was reinforced by a stronger US dollar and a broader commodities downturn, while OPEC+ maintained its decision to keep output unchanged for March, adding to downward pressure on prices.
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