LME base metals prices remain range-bound d-o-d

• Tariff wars spark extreme price volatility in copper
• Aluminium Tense rises by INR 1,000/t d-o-d in India

Base metals prices on the London Metal Exchange (LME) were range-bound d-o-d, with lead experiencing the highest gain of 1.18%. Meanwhile, inventories at LME-registered warehouses saw negative trends, with lead recording a drop of 1.11% d-o-d.

COMEX market

Copper prices on the COMEX stood at $10,706/tonne (t), stable compared to the previous close.

Indian market overview

In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 790,000/t ex-Delhi. Aluminium Tense scrap prices increased by INR 1,000/t d-o-d, with ex-Delhi at INR 191,000/t and ex-Chennai at INR 192,000/t.

Key updates

DRC-US “minerals-for-security” deal may jeopardise China’s mining hold

Discussions between the Democratic Republic of the Congo (DRC) and the US over a proposed “minerals-for-security” pact could challenge China’s control of the DRC’s mining sector. The US would gain access to key minerals in return for security support, potentially altering production and shifting the DRC’s mining landscape away from Chinese dominance.

Tariff wars shake up copper prices, Global copper prices have swung wildly in 2025 due to escalating US-China tariff wars, with prices plunging over 5% in April before rebounding. China is boosting copper output and by-product sales, while Russia’s $13.4 billion Baimskaya mine aims to raise global supply by 25%. Market volatility and economic uncertainty persist amid ongoing trade tensions.

Oil prices down d-o-d

Brent crude futures were recorded at $65.21/barrel today. Meanwhile, WTI crude oil futures decreased by 1.0% d-o-d to $61.43/barrel.

Natural gas prices up

Natural gas stood at $3.35/metric million British thermal unit (MMBtu), up by 0.24% d-o-d.

Dollar index inches down

The dollar index, which measures the value of the greenback against a basket of six major currencies, hovered at 99.98, down by 0.07% d-o-d at the time of reporting. The Indian rupee was recorded at INR 85.19 d-o-d against the dollar.