LME base metals prices remain range-bound d-o-d, stocks witness mixed trends

• China’s refined zinc output rises in Jun’25
• Oil prices steady after US-Japan trade pact

Base metals prices on the London Metal Exchange (LME) remained range-bound d-o-d, with copper increasing by 1.45% to $9,920/tonne (t). Meanwhile, inventories at LME-registered warehouses registered divergent movements d-o-d, with copper recording the highest gain of 2.19%.

Indian market overview

In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 808,000/t ex-Delhi, down by INR 3,000/t d-o-d. Aluminium Tense scrap prices decreased by INR 1,000/t d-o-d, with ex-Delhi at INR 197,000/t and ex-Chennai at INR 200,000/t.

Market updates

China’s refined zinc production rises in Jun’25

China’s refined zinc production rose 6% m-o-m and about 7% y-o-y in June 2025. Output increased by over 1.5% y-o-y in January-June, slightly below expectations. Domestic zinc alloy production saw a slight m-o-m decline. The rise in refined zinc was driven by smelter restarts after maintenance and higher output in Inner Mongolia, Hunan, Shaanxi, Anhui, Guangxi, and Qinghai, despite temporary maintenance in Hunan, Qinghai, and routine shutdowns in Yunnan.

Oil prices steady after US-Japan trade deal

Oil prices stabilised in Asian trading after a three-day decline, buoyed by a new US-Japan trade deal that signalled tariff progress. Gains were limited by low expectations from the upcoming EU-China summit. While US crude and gasoline stocks declined, distillate stocks rose, providing mixed signals. Market sentiment remains cautious amid continued global trade tensions and possible US sanctions on Russian oil.