- Oil prices jump after Ukrainian strike on Russian depot
- Chhattisgarh ships record 12,000-t copper concentrate
Base metals prices on the London Metal Exchange (LME) inched down d-o-d, with lead decreasing by 1.77% to $2,059/tonne (t). Meanwhile, inventories at LME-registered warehouses witnessed positive movements, with zinc recording the highest gain of 5.37%.
Domestic market overview
In India’s non-ferrous metals markets, BigMint assessed copper armature scrap at INR 877,000/t ex-Delhi, stable d-o-d. Aluminium Tense scrap prices were assessed at INR 190,000/t ex-Delhi and at INR 185,000/t ex-Chennai, both stable d-o-d.
Glencore, Hillhouse back Chuangxin’s $700 million aluminium IPO
Chinese aluminium smelter Chuangxin Industries has launched a Hong Kong IPO worth up to $700 million, attracting major investors including Glencore, Hillhouse, and Millennium. The company is offering 500 million shares and has secured about $336 million from cornerstone buyers. Chuangxin plans to use the funds to expand overseas production and support green-energy projects. The listing comes as aluminium prices hover near a three-year high, with the company set to debut on 24 November.
Chhattisgarh launches major copper concentrate export
Chhattisgarh has started shipping India’s largest-ever copper concentrate consignment to China, comprising 12,200 t. The first rake, carrying 2,200 t, departed on 11 November via the Nava Raipur Multi-Modal Logistics Park, whose advanced cargo systems and connectivity boost industrial output and expand global market access, strengthening Central India’s production and trade potential.
China’s factory output, retail growth hit one-year low
China’s economy weakened in October as factory output rose just 4.9% and retail sales 2.9%, the slowest pace in over a year. The data reflects soft domestic demand, pressure from the US trade war, and deeper structural issues, increasing the need for policy support even as Beijing remains cautious about major stimulus.
Oil prices jump over 2% after Ukrainian drone strike hits Russian depot
Oil prices climbed more than 2% after a Ukrainian drone strike damaged a major Russian oil storage facility in Novorossiysk, heightening supply concerns amid tightening sanctions. The attack added fresh geopolitical tension to an already fragile market. The rise followed earlier pressure from oversupply forecasts, while upcoming US sanctions on Lukoil and Rosneft and slowing Russian oil unloading further fuelled volatility. A sharp build in US crude inventories also kept markets on edge.
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