- Oil prices ease d-o-d but remain on track for w-o-w gain
- Indian copper scrap tags inch up, aluminium holds firm
Base metals prices on the London Metal Exchange (LME) saw positive trends d-o-d, with copper increasing by 2.23% to $10,855/tonne (t). Meanwhile, inventories at LME-registered warehouses registered negative movements d-o-d, with lead recording the highest decline of 1.79%.
Domestic market overview
In India’s non-ferrous metals markets, BigMint assessed copper armature scrap at INR 872,000/t ex-Delhi, up by INR 3,000/t d-o-d. Aluminium Tense scrap prices were assessed at INR 191,000/t ex-Delhi and at INR 193,000/t ex-Chennai, stable d-o-d.
Other updates
Vedanta to invest INR 1 lakh crore in new aluminium plant at Dhenkanal
Vedanta Limited Chairman Anil Agarwal announced plans to set up the company’s third aluminium plant in Odisha, with a capacity of 3 MTPA and an investment of around INR 1 lakh crore. After a meeting with Chief Minister Naveen Patnaik at Lok Seva Bhawan, Agarwal said land acquisition would be completed within a month, and project execution would begin soon after, with completion targeted in three and a half years. The plant will create direct employment for nearly 30,000 youths, while the Chief Minister assured all necessary support and clearances for the project.
Oil prices dip but stay on track for w-o-w gain amid supply concerns
Oil prices slipped on Friday, trimming the previous day’s sharp gains but remaining set for a 7% w-o-w rise as fresh US sanctions on Russia’s top oil firms, Rosneft and Lukoil, raised supply worries. The sanctions prompted Chinese oil majors to pause Russian crude purchases and Indian refiners to cut imports, though OPEC signalled readiness to balance supply if needed. Despite the volatility, markets remained cautious, with investors eyeing next week’s meeting between US President Donald Trump and China’s Xi Jinping amid rising global trade tensions.
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