- Trump’s 50% copper tariff spares refined metal
- Vedanta Q1 earnings hit by price dip
Base metals prices on the London Metal Exchange (LME) saw negative trends d-o-d, with aluminium decreasing by 1.93% to $15,021/tonne (t). Meanwhile, inventories at LME-registered warehouses also registered positive movements d-o-d, with copper recording the highest gain of 7.23%.
India market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 806,000/t ex-Delhi, up by INR 6,000/t d-o-d. Aluminium Tense scrap prices remained flat d-o-d, with ex-Delhi at INR 197,000/t and ex-Chennai at INR 200,000/t.
Market updates
Trump’s 50% copper tariff spares refined metal, triggers futures sell-off
US President Donald Trump has imposed a 50% tariff on semi-finished and derivative copper products — such as pipes, wires, rods, tubes, and fittings — effective August 1, 2025, following a national security probe. The move excludes copper input materials like ores, concentrates, cathodes, and notably, refined copper. This exemption triggered a record sell-off in US copper futures, as markets had anticipated broader tariffs covering all copper categories.
The US, India’s third-largest copper export market after Saudi Arabia and China, imported $360 million worth of copper products from India in FY’25. However, India’s domestic sector may absorb the tariff’s impact due to copper’s critical role in infrastructure and manufacturing. Additionally, Trump announced curbs on copper scrap exports to boost domestic supply.
Vedanta Q1 earnings may dip as aluminium, zinc prices fall
Vedanta Ltd. is set to announce its Q1FY’26 results on July 31, with earnings expected to be weighed down by a 7% q-o-q fall in aluminium and zinc prices. While consolidated revenue is projected to rise 3.5% y-o-y to ₹36,475 crore, EBITDA is likely to remain flat, and margins may shrink by 50 basis points, though still above 27%. With Hindustan Zinc — contributing nearly 45% of Vedanta’s EBIT — having already reported results, focus will be on the aluminium and oil & gas segments. Investors will also track management commentary on the demerger, volume guidance, and parent-level debt updates.
End of an era: Copper production ceases in Mount Isa
In 2024, Glencore’s Mount Isa Mines helped deliver about 952,000 tonnes of copper globally — a 6% pullback from 2023 — but now shuts its underground copper operations after seven decades. The final blasts occur, marking the loss of nearly 500 local jobs. Copper production ends at one of the world’s richest deposits, leaving a community grappling with identity and economic uncertainty.
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