LME base metals prices remain rangebound d-o-d

• Copper extends gains on China demand outlook
• Oil prices climb on Europe, Middle East risks

Base metals prices on the London Metal Exchange (LME) remained range-bound d-o-d, with zinc decreasing by 0.94% to $2,889/tonne (t). Meanwhile, inventories at LME-registered warehouses registered negative movements d-o-d, with zinc recording the highest decline of 2.05%.

Domestic 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 5,000/t d-o-d. Aluminium Tense scrap prices edged lower, with prices in Delhi falling by INR 1,000/t to INR 195,000/t and in Chennai slipping by INR 500/t to INR 197,000/t.

Other updates

Oil prices rise amid geopolitical tensions in Europe, Middle East

Oil prices edged higher on Monday, supported by escalating geopolitical risks in Europe and the Middle East. Market sentiment was buoyed by reports of Russian airspace violations in Estonia, rising hostilities in Ukraine, and growing Middle East tensions following the recognition of a Palestinian state by four Western nations. However, concerns over rising supply and weaker demand capped gains.

Copper extends gains on improving China demand

Copper prices continued to rise supported by improving demand from China, although high inventory levels have limited the extent of gains; the market balances optimistic consumption outlook with stock overhang concerns, reflecting China’s pivotal role in driving copper demand amid ongoing supply dynamics and evolving economic conditions.

Copper holds firm as Indonesia mine suspension continues

Copper prices held steady after earlier gains, supported by supply concerns following a two-week suspension at Indonesia’s Grasberg mine, the world’s second-largest copper operation. Prices briefly climbed above $10,000/t on the London Metal Exchange before easing back. The halt came after a fatal accident at the mine, with two workers confirmed dead, raising worries over near-term supply tightness in the global copper market.