LME base metals prices rangebound d-o-d; stocks record decline

• Chile’s May’25 copper output hits new high
• Russian aluminum sales to China in 5MCY’25 up 56% y-o-y 

Base metals prices on the London Metal Exchange (LME) remained rangebound d-o-d, with zinc decreasing by 0.99% to $2,752/tonne (t). Meanwhile, inventories at LME-registered warehouses saw negative trends d-o-d, with zinc recording the highest decline of 1.47%.

Indian market overview

In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 819,000/t ex-Delhi, down 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

Xinhuang launches copper, steel recycling projects

The commissioning of Xinhuang New Material’s 100,000 t oxygen-free copper rod project and Xinhuang Recycling’s 1 mnt steel scrap initiative in Guangshui marked a key step in advancing resource recycling and green industrial development at the Xinhuang Recycling Resources Industrial Park in China.

Chile’s copper output rises over 9% in May

Chile’s copper production rose 9.4% y-o-y in May to 486,574 t, marking its highest monthly output since December. As the world’s top copper producer recovers from operational setbacks and declining ore grades, the rebound offers some relief to tight global markets and may ease stock pressure on the LME, with traders shifting metal to the US ahead of proposed tariffs.

Russia’s base metals sales to China surge

Russian base metals sales to China surged in the first five months of 2025, underscoring the country’s economic dependence on its Asian neighbour even as the country seeks to diversify trade. Russian aluminum sales to China through May jumped by almost 56% y-o-y to nearly 1 mnt, copper sales advanced 66%, while nickel imports more than doubled, according to Trade Data Monitor, which sources information from China’s customs office.