- Oil climbs after Russian energy site attacks
- Copper prices rise on tightening global supply
Base metals prices on the London Metal Exchange (LME) saw positive trends d-o-d, with zinc increasing by 1.97% to $2,957/tonne (t). Meanwhile, inventories at LME-registered warehouses saw negative trends d-o-d, with lead recording the steepest fall of 1.31%.
Domestic market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap prices at INR 820,000/t ex-Delhi, up by INR 10,000/t d-o-d. Aluminium Tense scrap prices remained stable d-o-d, with ex-Delhi at INR 195,000/t and ex-Chennai at INR 198,000/t.
Other market updates
Oil prices rise after fresh attacks on Russian energy sites
Oil prices climbed further on Monday as Ukrainian drone strikes targeted major Russian oil facilities, raising concerns about potential disruptions to global crude and fuel exports. The attacks on key sites like the Primorsk terminal and Kirishi refinery, responsible for a significant portion of Russia’s oil output, signal increased risks to supply. Meanwhile, markets are also watching US-China trade talks in Madrid and the upcoming Federal Reserve policy meeting amid signs of slowing US economic growth.
Copper prices edge up as supply tightens and demand stays firm
Copper prices rose slightly on Monday, supported by tightening global supply and low inventories. A 5% drop in China’s refined copper output in September cut about 500,000 tonnes from global supply, while London Metal Exchange stockpiles remain 40% below the five-year average. Additional supply pressure came from the shutdown of Freeport-McMoRan’s Grasberg mine in Indonesia. On the demand side, expectations of a US rate cut boosted market sentiment, and China’s copper imports rose 8% in August.
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