LME base metals prices remain steady d-o-d; copper stocks surge

• Copper leads LME inventory gains
• Copper scrap tags in India edge up

Base metals prices on the London Metal Exchange (LME) remained rangebound d-o-d, with copper decreasing by 0.50% to $9,639/tonne (t). Meanwhile, inventories at LME-registered warehouses also registered positive movements d-o-d, with copper recording the highest gain of 10.23%.

India market overview

In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 799,000/t ex-Delhi, up by INR 1,000/t d-o-d. Aluminium Tense scrap prices remained flat d-o-d, with ex-Delhi at INR 197,000/t and ex-Chennai at INR 200,000/t.

Market updates

Chhattisgarh-India: Strategic Ni-Cu-PGE deposit discovered 

A significant deposit of nickel, copper, and Platinum Group Elements (Ni-Cu-PGE) has been discovered in the Bhalukona-Jamnidih block of Mahasamund district, Chhattisgarh — marking a key step toward mineral self-reliance under Atmanirbhar Bharat. Deccan Gold Mines Ltd (DGML) secured a 30 sq km composite licence for the block through auction in March 2023, enabling exploration and mining. Preliminary surveys reveal a 700-metre mineralised zone with sulphide mineralization up to 300 meters deep. Officials hailed the discovery as a major strategic advancement, aligning with India’s push for critical minerals needed in green and high-tech sectors. The state has auctioned 51 mineral blocks so far and set up a Critical Mineral Cell to drive further exploration and innovation.

Copper dips as LME inventories surge

Copper prices slipped by 0.77% to INR 880.7/t as LME stockpiles jumped by 14,275 tto 153,850 t, marking a 70% rise since late June. Despite the build-up, downside was limited by expectations of US rate cuts and supply risks from Chile, where Codelco’s El Teniente mine remains shut after a fatal incident. Meanwhile, SHFE inventories fell 1.2%, hinting at strong Asian demand. Chile’s copper output rose sharply in H1 2025, contributing to a global surplus of 97,000 tonnes in May.

Oil rebounds as Trump threatens tariffs on Russian crude buyers

Oil prices bounced back from a five-week low amid fears of supply disruptions following US President Donald Trump’s renewed threats of tariffs on India over its Russian oil imports. Market sentiment remains tense as traders assess the impact of possible secondary sanctions and India’s response, while OPEC+’s planned output hike of 547,000 bpd for September adds to supply uncertainty. India termed Trump’s threats “unjustified” and pledged to defend its economic interests, intensifying trade tensions with the US.