- Adani, MetTube partner for copper tube production
- Oil rises on trade optimism despite supply concerns
Base metals prices on the London Metal Exchange (LME) saw a slight downtrend d-o-d, with nickel decreasing by 0.69% to $15,465/tonne (t). Meanwhile, inventories at LME-registered warehouses registered positive movements d-o-d, with lead recording the highest gain of 2.35%.
Indian market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 808,000/t ex-Delhi, stable d-o-d. Aluminium Tense scrap prices also remained stable d-o-d, with ex-Delhi at INR 197,000/t and ex-Chennai at INR 200,000/t.
Market updates
Adani partners with MetTube for copper tubes business
Adani Enterprises is set to divest 50% of its copper tubes business to MetTube Copper India, aiming to enhance domestic copper tube production. Simultaneously, Adani Enterprises will acquire a 50% stake in MetTube Copper India. This strategic move seeks to reduce India’s dependence on copper tube imports.
Oil rises on trade optimism despite Venezuelan supply concerns
Oil prices gained on Friday as optimism over US trade talks with Japan and the EU boosted the demand outlook, offsetting expectations of increased Venezuelan supply. Potential US approval for limited operations in Venezuela could add over 200,000 barrels per day, but the market also found support from falling US crude inventories and recent Russian export cuts.
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