LME base metals prices range-bound d-o-d; stocks see mixed trends

• HCL, IOCL to jointly bid for critical mineral blocks
• China’s factory activity contracts again in Jun’25

Base metals prices on the London Metal Exchange (LME) remained range-bound d-o-d, with aluminium increasing by 0.45% to $2,595/tonne (t). Meanwhile, inventories at LME-registered warehouses saw mixed trends d-o-d, with aluminium recording the highest gain of 2.46%.

Indian market overview

In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 820,000/t ex-Delhi, up by INR 1,000/t d-o-d. Aluminium Tense scrap prices remained stable d-o-d, with ex-Delhi at INR 197,000/t and ex-Chennai at INR 198,000/t.

Market updates

Hindustan Copper, Indian Oil sign MoU for critical mineral ventures

Hindustan Copper Ltd. (HCL) and Indian Oil Corporation Ltd. (IOCL) have signed an MoU to jointly bid for copper and critical mineral block auctions and collaborate on exploration, mining, and processing activities. The agreement also covers shared investment and risk in developing HCL’s existing assets. While non-binding, the MoU supports both PSUs’ expansion goals. HCL plans to triple its mine capacity by FY’31 and actively pursue domestic and global mineral assets.

Japan factory output rises modestly as US tariff concerns weigh

Japan’s industrial production rose just 0.5% m-o-m in May – well below the expected 3.5% as looming US tariffs threaten its fragile economic recovery. Automakers advanced shipments ahead of the possible 25% auto-specific tariffs and a 24% reciprocal rate set for 9 July. Analysts expect continued weakness in exports and output, pressuring the Bank of Japan to maintain its current policy amid global uncertainties.

China’s manufacturing activity shrinks for 3rd straight month in Jun

China’s manufacturing activity shrank for a third month in June, an official survey showed on Monday, reinforcing expectations for more stimulus to support the economy as it faces pressure from US tariffs and fragile demand at home. The official purchasing managers’ index (PMI) rose to 49.7 in June versus 49.5 in May, below the 50-mark separating growth from contraction, and was in line with a median forecast of 49.7.