- Lead records highest LME inventory decline
- Vedanta shifts Zambian mines to US entity
Base metals prices on the London Metal Exchange (LME) inched down d-o-d, barring copper, which increased by 0.33% to $10,697/tonne (t). Meanwhile, inventories at LME-registered warehouses registered mixed movements, with lead recording the highest decline of 1.85%.
Domestic market overview
In India’s non-ferrous metals markets, BigMint assessed copper armature scrap at INR 881,000/t ex-Delhi, up by INR 1,000/t d-o-d. Aluminium Tense scrap prices were assessed at INR 19o,000/t ex-Delhi and at INR 185,000/t ex-Chennai, both stable d-o-d.
Oil prices rose slightly, despite lingering oversupply fears. OPEC+ plans to raise production by 137,000 barrels per day in December but pause increases in early 2026. Rising US inventories, steady non-OPEC output, and a stronger dollar continue to pressure global oil markets.
Other market updates
Funds build record bullish positions on aluminium amid tightening supply
Investment funds have amassed record long positions in LME aluminium, driving prices above $2,900/t for the first time since May 2022. With China’s production capped and US premiums hitting record highs, investors expect a structural supply deficit. Despite stock shuffles, overall inventories remain tight, reinforcing aluminium’s bullish outlook.
Vedanta shifts Zambian copper mines to US entity amid Trump-era mining push
Vedanta Resources is transferring its Konkola Copper Mines in Zambia to a new US-based subsidiary, CopperTech Metals, to tap renewed US support for mining. The company plans to raise $1.5 billion to revive operations and more than double output by 2031, aligning with rising copper demand from electrification and AI-driven infrastructure.
Korea Zinc nearly doubles Q3 profit on strong demand for critical minerals
Korea Zinc nearly doubled its third-quarter profit to $189 million as revenue rose 29.7% to $2.87 billion, driven by strong demand for critical minerals and precious metals. Robust sales of antimony, indium, and bismuth, along with gold and silver, boosted performance, while new ventures in recycling and strategic minerals supported growth.
Japan’s services sector maintains growth in Oct’25 despite demand slowdown
Japan’s services sector sustained expansion in October, with the PMI at 53.1 versus 53.3 in September, marking seven months of growth. New orders slowed to a 16-month low, foreign demand declined, and inflationary pressures rose amid higher labour and material costs.
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