- Zinc sees highest inventory decline
- Asian factory activity weakens in Sep
Base metals prices on the London Metal Exchange (LME) remained rangebound d-o-d, with copper decreasing by 1.4% to $10,268/tonne (t). Meanwhile, inventories at LME-registered warehouses registered negative movements d-o-d, with zinc recording the highest decline of 2.38%.
Domestic market overview
In India’s non-ferrous metals markets, BigMint assessed copper armature scrap at INR 864,000/t ex-Delhi, up by INR 4,000/t d-o-d. Aluminium Tense scrap prices were assessed at INR 193,000/t ex-Delhi, and at INR 192,000/t ex-Chennai, down by INR 3,000/t d-o-d.
Meanwhile, domestic SHG zinc ingot prices were stable at INR 292,000/t and primary and re-melted lead ingots witnessed a declining trend d-o-d.
Oil prices stabilized on Wednesday following two consecutive days of declines, as investors assessed OPEC+ plans for a significant production increase next month and considered the potential effects of a U.S. government shutdown on economic activity and fuel demand.
Major updates
RBI holds repo rate at 5.5%, raises GDP forecast to 6.8%
The Reserve Bank of India kept its key repo rate unchanged at 5.50% on Wednesday, as expected, opting to assess the impact of earlier rate cuts and tax reductions amid global trade uncertainty. The central bank raised its GDP growth forecast to 6.8% for FY25, up from 6.5%, and lowered its inflation estimate to 2.6%. The MPC maintained a neutral stance, citing subdued inflation and strong domestic growth momentum.
Asian factory activity weakens as U.S. tariffs, China slowdown weigh
Factory activity contracted across most of Asia in September, pressured by weak Chinese demand and the lingering effects of U.S. tariffs. Japan, Taiwan, Malaysia, and the Philippines all saw manufacturing slow, while China posted a sixth straight month of contraction. South Korea bucked the trend with slight growth, and India’s expansion lost momentum. Economists expect further policy easing across Asia as export-reliant economies face continued challenges from global trade tensions and subdued domestic demand.
BHP commits $555 million to expand Olympic Dam copper output
BHP will invest over A$840 million (US$555 million) in its Olympic Dam copper operations in South Australia. The funds will support infrastructure upgrades as the miner eyes a decision by mid-2027 to double output to 650,000 t by the mid-2030s. The project is expected to create around 200 construction jobs and enhance smelter efficiency.
Supervisors reject contract at Antofagasta’s Los Pelambres mine
Supervisors at Antofagasta’s Los Pelambres copper mine in Chile have rejected a new contract offer, with 94% voting against it. The union cited inadequate terms on salary, bonuses, remote work, and hours, claiming the offer is 14% below 2022 levels. Government-led mediation is expected as talks continue. The mine produced 331,200 t of copper in 2024.
Leave a Reply