- India’s GDP growth slows to 6.7% q-o-q in Q1
- South32 profit surges 75% on alumina strength
Base metals prices on the London Metal Exchange (LME) saw negative trends d-o-d, with zinc decreasing by 1.85% to $2,762/tonne (t). Meanwhile, inventories at LME-registered warehouses saw negative trends d-o-d, with zinc recording the highest decline of 8.39%.
Domestic market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 796,000/t ex-Delhi, up by INR 2,000/t d-o-d. Aluminium Tense scrap prices remained flat d-o-d, with ex-Delhi at INR 196,000/t and ex-Chennai at INR 199,000/t.
Other market updates
China’s industrial profits drop again as demand stays weak
China’s industrial profits fell for the third straight month in July, down 1.5% year-on-year, as weak demand, deflation, and overcapacity pressures weighed on businesses. Despite government measures such as subsidies, infrastructure spending, and monetary easing, confidence remains subdued, with state-owned firms posting steep losses while private and foreign companies saw modest gains.
India’s GDP growth slows to 6.7% in Q1 FY26
India’s economy likely grew 6.7% in April–June, down from 7.4% in the previous quarter, as weak manufacturing, sluggish private investment, and global uncertainties offset higher government spending. Despite RBI’s rate cuts, demand recovery has been muted, with economists projecting growth to ease further to around 6.3% this fiscal year—the slowest in five years.
South32 profit jumps 75% on alumina strength
Australian miner South32 reported a 75% rise in annual profit, driven by strong alumina operations and higher commodity prices, though results fell short of forecasts due to weaker manganese output. The company expects 4% growth in Worsley Alumina production by FY27, while planning to mothball its Mozal Aluminium smelter in 2026 over power costs. A final dividend of 2.6 cents per share was declared.
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