LME base metals gain d-o-d; copper surges on supply disruptions

• Copper surges nearly 18% in CY’25 on strong demand
• China’s private PMI hits fastest growth since March

Base metals prices on the London Metal Exchange (LME) saw positive trends d-o-d, with copper increasing by 2.28% to $10,414/tonne (t). Meanwhile, inventories at LME-registered warehouses registered negative movements d-o-d, with zinc recording the highest decline of 1.93%.

Domestic market overview

In India’s non-ferrous metals markets, BigMint assessed copper armature scrap at INR 870,000/t ex-Delhi, up by INR 9,000/t d-o-d. Aluminium Tense scrap prices were assessed at INR 193,000/t ex-Delhi, and at INR 195,000/t ex-Chennai, both down by INR 1,000/t d-o-d.

Other updates

Copper prices soar on supply disruptions, rising demand

Copper prices on MCX surged past INR 948 per kg, extending gains from global supply disruptions and strong industrial demand. Production setbacks at Freeport-McMoRan’s Grasberg mine in Indonesia and Hudbay’s Constancia mine in Peru tightened supplies, pushing prices higher. Analysts note copper has risen nearly 18% this year, supported by demand from AI, EVs, and clean energy sectors, with inventories hitting multi-year lows.

China’s private PMI shows fastest factory growth since March

China’s factory activity expanded at its quickest pace since March, with the private RatingDog PMI rising to 51.2 in September. Stronger new orders, the first export order growth in six months, and improved business sentiment drove the upturn, though input costs climbed while output prices slipped amid fierce competition.