- Oil prices steady as US-Iran talks ease energy cost concerns
- Malaysia reviews rare earth export restrictions amid rising global demand
LME base metals traded higher on 04 Aug. Lead recorded the strongest gain, rising 1.55% d-o-d to $1,896/t. Copper followed with a 1.42% increase to $14,067/t, while zinc advanced 0.91% to $3,674/t. Nickel climbed 0.78% to $17,193/t. Meanwhile, aluminium edged up 0.03% to $3,223/t.
LME inventories recorded mixed trends during the session. Copper stocks posted the sharpest decline, falling 2.33% d-o-d to 244,025 t. Aluminium inventories slipped 0.66% to 262,650 t, while lead stocks eased 0.64% to 438,450 t. In addition, nickel inventories declined 0.49% to 264,876 t. Zinc inventories were largely unchanged, edging up 0.03% to 99,825 t.
Domestic market overview
India’s non-ferrous scrap market remained largely stable on 04 Aug. Aluminium tense scrap (loose) remained unchanged at INR 245,000/t ex-Delhi. Similarly, ex-Chennai prices held steady at INR 244,000/t.
Meanwhile, copper armature scrap (Cu 99%), ex-Delhi, increased by INR 400/t to INR 1,276,400/t from INR 1,276,000/t. The modest rise reflected steady domestic buying interest. It also tracked firm international copper prices.
Other updates
Oil prices steady as investors monitor US-Iran talks and Strait of Hormuz
Oil prices stabilised after two consecutive sessions of losses, with Brent crude falling 0.4% to USD 79.04 per barrel and US West Texas Intermediate (WTI) declining 0.8% to USD 75.19 per barrel. Investors continued to monitor progress in US-Iran nuclear negotiations and shipping activity through the Strait of Hormuz. Lower crude prices eased production cost pressures for aluminium and other non-ferrous metals. However, geopolitical uncertainty remained, which limited stronger gains across the metals complex.
SHFE aluminium outpaces LME as China production reaches 45.31 Mt
China’s operating primary aluminium capacity remained strong at 45.31 million tonnes per year at the end of June 2026. At the same time, Domestic aluminium inventories fell from 1.04 million tonnes in early July to around 821,000 tonnes by the end of July, during this period, SHFE aluminium averaged around USD 3,075/t, outperforming benchmark LME aluminium near USD 2,625/t. Despite seasonal weakness in demand, tightening supply supported market sentiment. Consequently, Chinese aluminium continued to trade at a premium to international prices.
Malaysia reviews rare earth export curbs amid rising global demand
Malaysia is reviewing its 2024 ban on unprocessed rare earth exports. The government has proposed allowing limited shipments under a revised licensing framework. The move aims to meet rising global demand while supporting domestic resource development. Moreover, easing restrictions could diversify supply beyond China. It may also improve raw material availability for electric vehicles and clean energy applications.
Texas pauses new data centre approvals amid power grid concerns
Texas has paused approvals for new data centres while authorities assess their impact on electricity demand, water use and grid reliability. The review reflects growing concerns over infrastructure capacity as AI investments expand. As a result, slower data centre growth could moderate long-term demand for aluminium, copper and other non-ferrous metals used in electrical equipment and power infrastructure.
Leave a Reply