- Oil prices climb up on Middle East tensions, tariff push
- LME zinc prices hit 5-month high amid weaker dollar
Base metals prices on the London Metal Exchange (LME) saw negative trends d-o-d, with nickel declining by 0.81% to $15,105/tonne (t). Meanwhile, inventories at LME-registered warehouses saw negative trends d-o-d, with zinc recording the steepest fall of 3.86%.
LME zinc prices hit a five-month high at $2,876.5/t on 9 September, driven by a weaker dollar and falling inventories, which dropped 975 t to 53,075 t, extending a nearly 49% decline this year.
Domestic market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap prices as stable d-o-d at INR 800,000/t ex-Delhi. Aluminium Tense scrap prices remained stable d-o-d, with ex-Delhi at INR 195,000/t and ex-Chennai at INR 198,000/t.
Other market updates
Oil prices rise on Israel-Qatar tensions, Trump’s tariff push
Oil prices gained after Israel’s strike on Hamas leaders in Qatar and US President Trump’s call for Europe to impose tariffs on Russian oil buyers. Brent rose 0.53% to $66.74 a barrel, while WTI climbed 0.57% to $62.99 a barrel. Gains were capped by weak fundamentals as rising inventories and OPEC+ output growth weigh on the market. Traders also await a possible US Fed rate cut next week, which could boost demand.
US container imports rise, but tariff tensions cloud outlook
US container imports rose 1.6% y-o-y in August to 2.5 million twenty-foot equivalent units (TEUs), though volumes from China fell 10.8% amid ongoing tariff disputes. Despite being 3.3% ahead of last year, the trade outlook for late 2025 remains weak due to Trump’s shifting tariff policies, slowing manufacturing, a soft jobs market, and inflation-hit consumer demand. China’s export growth also slowed, while rivals such as Vietnam and India gained share. A temporary US-China tariff truce could offer short-term relief, but new 50% tariffs on Indian goods linked to Russian oil trade add further uncertainty.
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