- Vedanta targets 6 mtpa aluminium production capacity
- Oil surges 7% on renewed Hormuz supply fears
Base metals on the London Metal Exchange (LME) advanced across the board on 9 July 2026, supported by a weaker US dollar and continued declines in exchange inventories. Zinc led the gains, rising 3.07% d-o-d to $3,627/t, followed by copper, which climbed 2.46% to $13,490/t. Aluminium and nickel increased 2.20% and 1.52% to $3,201/t and $16,587/t, respectively, while lead remained unchanged at $1,892/t.
LME inventories continued their downward trend, with copper stocks falling 0.62% d-o-d to 310,650 t, aluminium inventories declined 0.55% to 290,825 t, while zinc and lead stocks dropped 0.37% and 0.22% to 115,925 t and 291,425 t, respectively. Nickel inventories edged marginally lower by 0.01% to 274,584 t.
Domestic market overview
India’s non-ferrous scrap market remained mixed on 9 July. Aluminium tense scrap (loose), ex-Delhi, declined by INR 2,000/t, or 0.75% d-o-d, to INR 268,000/t, while ex-Chennai prices increased by INR 1,000/t, or 0.39%, to INR 256,000/t.
Meanwhile, copper armature scrap (Cu 99%), ex-Delhi, increased by INR 2,000/t, or 0.17% d-o-d, to INR 1,188,000/t, tracking the rebound in global copper prices.
Oil retreats as traders monitor Hormuz risks and supply outlook
Global crude oil prices eased on 10 July 2026, with WTI crude falling 2.50% d-o-d to $72.42/bbl and Brent crude declining 2.79% to $76.65/bbl. Natural gas dropped 6.14% to $3.01/MMBtu.
Oil prices retreated after the previous session’s sharp rally as traders reassessed geopolitical risks surrounding the US-Iran conflict and the Strait of Hormuz. Analysts noted that Brent continues to face resistance near the $80/bbl level, with prices likely to remain volatile as markets weigh geopolitical risks against adequate global supply.
Investors also monitored shipping activity and tanker movements in the Gulf, with freight costs and insurance premiums remaining elevated despite continued oil flows. While renewed tensions have kept a geopolitical risk premium in crude prices, traders expect future price direction to depend on whether disruptions to exports through the Strait of Hormuz intensify or diplomatic efforts help stabilize regional energy supplies.
Other updates
Vedanta aluminium sees correction despite long-term growth outlook
Vedanta aluminium shares have corrected around 12% from their listing price of since their 15 June 2026 debut, wiping out more than ₹25,000 crore in investor wealth amid weaker LME aluminium prices and post-listing profit booking.
The decline follows a strong initial rally after the company’s demerger from Vedanta Ltd. despite the near-term weakness, analysts remain optimistic about the company’s fundamentals, citing its industry-leading cost position, improving cost curve and favourable aluminium demand outlook driven by electrification and renewable energy.
Vedanta Aluminium also plans to expand its production capacity to 6 million tonnes per annum (mtpa), supporting its long-term growth prospects.
Zinc futures rise on firm global demand
Zinc futures on the MCX climbed 1.93% for the July 2026 contract, supported by stronger spot demand and firm global market trends. The contract recorded a business turnover of 1,405 lots, reflecting improved market participation.
Traders attributed the gains to rising demand from the galvanizing and infrastructure sectors, along with positive sentiment in overseas markets, particularly the LME. Despite macroeconomic uncertainties, expectations of tighter physical supply and resilient industrial demand continued to provide support to zinc prices.
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