- Oil extends losses on firm dollar, high supplies
- India’s copper demand jumps 9% in FY’25
Base metals prices on the London Metal Exchange (LME) inched down d-o-d, with copper decreasing by 1.10% to $10,917/tonne (t). Meanwhile, inventories at LME-registered warehouses registered negative movements, with lead recording the highest decline of 2.39%.
Domestic market overview
In India’s non-ferrous metals markets, BigMint assessed copper armature scrap at INR 898,000/t ex-Delhi, stable d-o-d. Aluminium Tense scrap prices were assessed at INR 191,000/t ex-Delhi and at INR 186,000/t ex-Chennai, both stable d-o-d.
Other updates
Oil drops for third straight month
Oil prices extended losses on Friday, marking their third straight monthly decline as a stronger US dollar and weak Chinese factory data dampened sentiment. Brent fell to $64.64 a barrel and WTI to $60.14, with both benchmarks set to drop about 3% in October. Rising global supply — led by OPEC+ output boosts, record US production, and higher Saudi exports — outweighed concerns over Western sanctions on Russian oil. Meanwhile, markets remained cautious despite reports that China may begin purchasing US energy, as analysts doubt the move will significantly lift demand.
India’s copper demand surges 9%
India’s copper demand rose 9.3% y-o-y in FY2024-25 to 1.87 million tonnes, driven by strong growth in construction, infrastructure, and consumer durables, according to the International Copper Association (ICA) India. Robust activity in building projects, renewable energy, and clean mobility supported the rise, with wires, cables, and transformers making up 43% of total demand. Domestic cathode output grew 10%, while imports dropped 34%, reflecting improved supply balance. ICA India noted that accelerating copper adoption and strengthening local supply chains are key to meeting India’s long-term development goals.
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