Base metals extend gains d-o-d on LME

• Oil prices fall on Russia-Ukraine peace signals
• US retail sales slow amid consumer caution

Base metals prices on the London Metal Exchange (LME) showed positive trends d-o-d, with nickel increasing by 1.18% to $14,872/tonne (t). Meanwhile, inventories at LME-registered warehouses witnessed positive movements, with zinc recording the highest gain of 1.21%.

Domestic market overview

In India’s non-ferrous metals markets, BigMint assessed copper armature scrap at INR 885,000/t ex-Delhi, up by INR 3,000/t d-o-d. Aluminium Tense scrap prices were assessed at INR 188,000/t ex-Delhi, and at INR 184,500/t ex-Chennai, both are stable d-o-d.

Other market updates

Oil falls as peace deal hopes raise supply concerns

Oil prices fell over 1% as Ukraine signaled progress toward a potential peace framework with Russia, raising expectations that sanctions on Moscow’s energy trade could eventually ease. Brent settled at $62.48 a barrel and WTI at $57.95, both touching one-month lows. While US-led negotiations appear to be moving forward, Russia maintains that any agreement must reflect its objectives, keeping uncertainty high. A peace deal could unlock more Russian oil supplies at a time when markets are already bracing for a potential surplus in 2026. Meanwhile, U.S. crude inventories fell but fuel stocks increased, adding mixed signals to the outlook.

US retail sales lose momentum as consumer sentiment weakens

US retail sales rose only 0.2% in September, signaling cooling consumer demand amid higher prices driven by tariffs and a softening job market. The slowdown, which followed months of strong gains, suggests households are becoming more cautious as unemployment hits a four-year high and confidence drops to a seven-month low. Key categories like autos, clothing and electronics saw declines, while spending at restaurants and bars held up. Economists say rising prices and job worries are making consumers selective, with middle-and lower-income groups feeling the most strain despite stable overall third-quarter growth expectations.