- Aditya Birla invests INR 12,000 crore in Odisha refinery
- Chile’s copper exports reach record $30.2 billion
Base metals on the London Metal Exchange (LME) showed a mixed picture on 13 July 2026, with aluminium rising by 0.96% d-o-d to $3,170/t, followed by copper, which gained 0.42% to $13,541/t, and nickel which rose 0.15% to $16,766/t. In contrast, zinc declined 1.38% to $3,566/t, while lead fell 1.48% to $1,869/t. Continued inventory drawdowns across LME warehouses supported sentiment.
LME inventories continued their downward trend across all major metals. Copper stocks declined 0.41% d-o-d to 306,500 t, while aluminium inventories fell 0.52% to 287,725 t. Zinc inventories dropped 0.63% to 114,800 t, and lead stocks fell 0.70% to 289,375 t, while nickel inventories remained unchanged at 274,584 t.
Domestic market overview
India’s non-ferrous scrap market remained largely stable on 13 July. Aluminium tense scrap (loose), ex-Delhi, remained unchanged at INR 268,000/t, while ex-Chennai prices declined by INR 1,000/t, or 0.39% d-o-d, to INR 255,000/t.
Meanwhile, copper armature scrap (Cu 99%), ex-Delhi, increased by INR 10,000/t, or 0.83% d-o-d, to INR 1,210,000/t, supported by firmer global copper prices and improved domestic buying interest.
Oil rallies on Hormuz concerns despite weaker outlook
Global crude oil prices strengthened on 14 July 2026, with WTI crude rising 7.07% d-o-d to $79.79/bbl and Brent crude climbing 7.14% to $84.91/bbl. Natural gas declined 1.03% to $2.88/MMBtu.
Oil prices surged after renewed US-Iran tensions reignited fears over disruptions in the Strait of Hormuz. Reports that the US was considering additional measures on vessels transiting the strait, coupled with heightened military activity in the Gulf, pushed Brent above $84/bbl and WTI close to $80/bbl, marking the strongest daily gains in recent weeks.
However, the bullish sentiment was partly offset by OPEC’s latest outlook, which cut its 2026 global oil demand growth forecast by 190,000 bpd to 780,000 bpd for the third consecutive month. At the same time, OPEC+ June output increased by around 3 million bpd to 36.28 million bpd as Gulf producers restored exports. While supply continues to recover, shipping volumes remain below pre-war levels, suggesting crude prices could remain volatile as markets balance geopolitical risks against slowing demand growth.
Other updates
Aditya Birla to expand Odisha alumina refinery
The Aditya Birla Group has announced an additional investment of INR 12,000 crore to expand its Kansariguda alumina refinery in Odisha, reinforcing its long-term aluminium growth strategy. The expansion, to be executed by Hindalco Industries, will increase the refinery’s capacity from 1 million tonnes per annum (mtpa) to 3 mtpa. With this latest commitment, the project’s total proposed investment has reached approximately ₹20,000 crore (US$2.1 billion).
Chile’s copper exports hit record despite lower output
Chile’s copper exports reached a record $30.2 billion during the latest reporting period, driven by higher international copper prices despite a decline in mine production. Export revenues increased as robust global demand from the energy transition, electrification and AI sectors offset lower shipment volumes.
However, Chile’s copper output continued to face pressure from declining ore grades, operational challenges and project delays at several major mines. The strong export performance underscores the importance of favourable copper prices in supporting mining revenues, even as producers work to restore production levels to meet rising global demand.
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