- Oil prices hold steady ahead of Friday’s Trump-Putin meet
- Strong aluminium operations boost Hindalco’s Q1 revenue
Base metals prices on the London Metal Exchange (LME) saw positive trends d-o-d, with zinc increasing by 1.37% to $2,848/tonne (t). Meanwhile, inventories at LME-registered warehouses registered negative movements d-o-d, with lead recording the highest decline of 1.34%.
Domestic market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 798,000/t ex-Delhi, stable 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
Hindalco’s Q1 profit jumps 30% to INR 4,004 crore despite US tariff concerns
Hindalco Industries posted a 30% y-o-y jump in Q1FY’26 net profit to INR 4,004 crore on strong aluminium operations and resilient Novelis shipments, despite a 50% US aluminium tariff likely to impact Novelis Canadian exports. Revenue rose 13% to INR 64,232 crore and EBITDA grew 9% to INR 8,673 crore, with upstream aluminium margins at 44% and downstream EBITDA more than doubling. Novelis shipments inched up 1% on higher beverage can demand, while the net debt-to-EBITDA ratio improved to 1.02x.
Oil steady ahead of US inventory data, Trump-Putin talks
Oil prices held steady on Wednesday, as markets awaited US inventory data and a Friday meeting between US President Donald Trump and Russian President Vladimir Putin on the Ukraine war. Industry data showed a 1.52 million-barrel build in US crude stocks, while official EIA figures are expected to show a smaller draw of 300,000 barrels. OPEC and the EIA forecast higher 2025 output but a US production decline in 2026, while the White House tempered expectations for a quick ceasefire, keeping sanction risks in focus.
Leave a Reply