- Oil prices hold steady as Ukraine conflict sustains risks
- Seasonal demand boosts aluminium sentiment in China
Base metals prices on the London Metal Exchange (LME) remained range-bound d-o-d, with zinc decreasing by 0.77% to $2,766/tonne (t). Meanwhile, inventories at LME-registered warehouses registered saw mixed movements d-o-d, with zinc recording the highest decline of 2.63%.
LME aluminium prices gained on Friday, supported by expectations of improving demand in China. Seasonal demand prospects and limited capacity growth in China underpinned sentiment, though hopes for a Russia-Ukraine peace deal remained distant. Analysts expect the aluminium market to tighten in 2026 as supply growth slows, while broader base metals traded in a narrow range ahead of US Fed Chair Jerome Powell’s policy speech.
Domestic market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 788,000/t ex-Delhi, down by INR 2,000/t d-o-d. Aluminium Tense scrap prices decreased by INR 1,000/t d-o-d, with ex-Delhi at INR 196,000/t and ex-Chennai at INR 199,000/t.
Other market updates
Glencore plans long-term copper output in Argentina
Glencore aims to produce 1 million tonnes (mnt) of copper from its Argentine projects over the next 10-15 years, according to its local CEO, Martin Perez de Solay. Speaking at a Council of the Americas event, he noted that Argentina could supply 2 mnt of copper to the global market within a decade. Earlier this week, Glencore applied under the government’s Large Investment Incentive Regime (RIGI) for its El Pachon and Agua Rica projects, with a planned combined output of 500,000 t once operational. Argentina, which has not produced copper since the 2018 closure of Bajo de la Alumbrera, is drawing renewed interest from global miners such as BHP, with potential to emerge as a significant producer alongside regional leaders Chile and Peru.
Oil prices steady as Ukraine conflict sustains risk premium
Oil prices held firm today, putting them on track to break a two-week losing streak. Traders are factoring in higher risk as hopes for swift peace between Russia and Ukraine fade, raising the likelihood of tougher US sanctions on Moscow. Prices also drew support from a larger-than-expected 6 million-barrel drop in US crude stockpiles, signalling strong demand.
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