- Indian copper armature scrap prices gain d-o-d
- Oil prices edge lower on fears of 2026 oversupply
Base metals prices on the London Metal Exchange (LME) showed positive trends d-o-d, with nickel increasing by 1.69% to $14,699/tonne (t). Meanwhile, inventories at LME-registered warehouses witnessed positive movements, with lead recording the highest gain of 0.92%.
Domestic market overview
In India’s non-ferrous metals markets, BigMint assessed copper armature scrap at INR 882,000/t ex-Delhi, up by INR 2,000/t d-o-d. Aluminium Tense scrap prices were assessed at INR 188,000/t ex-Delhi, down by INR 2,000/t, and at INR 184,500/t ex-Chennai, down by INR 500/t d-o-d.
Other market updates
Adani’s $1.2 billion copper smelter slows production amid global ore shortage
Gautam Adani’s new 500,000 t/year copper smelter in Gujarat is operating at a fraction of its capacity due to a global supply squeeze. Kutch Copper has imported only 147,000 t of concentrate in 10 months — less than 10% of what’s needed — while rivals like Hindalco secured over 1 million tonnes (mnt).
Worldwide mine disruptions and China’s aggressive smelting expansion have pushed treatment charges to record lows, tightening supply for all smelters. For new players like Kutch Copper, this means higher operating costs and a slower ramp-up, even as India aims to boost its metals self-reliance.
Oil slips on oversupply fears despite uncertainty over Russia-Ukraine talks
Oil prices edged lower as concerns of a 2026 supply surplus overshadowed worries about restricted Russian exports amid stalled Ukraine peace talks. Brent dipped to $63.10/barrel (bbl) and WTI to $58.61/bbl, with analysts warning that growing global output could outpace demand next year. Sanctions continue to limit Russian crude flows, prompting India to scale back purchases and pushing Moscow to seek more sales to China. Despite some support from expected US rate cuts, the market remains pressured by forecasts of a significant supply overhang.
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