- Codelco gets nod for partial mine restart
- MCX copper tags rise on supply concerns
Base metals prices on the London Metal Exchange (LME) saw mixed trends d-o-d, with copper increasing by 0.80% to $9,762/tonne (t). Meanwhile, inventories at LME-registered warehouses registered negative movements d-o-d, with zinc recording the highest decline of 4.06%.
Domestic market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 796,000/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
Codelco secures approval to partially restart El Teniente mine
Codelco has received authorisation from Chile’s labour inspector to resume operations in the unaffected areas of its El Teniente copper mine, over a week after a fatal collapse halted activity. Sections including Pilar Norte, Panel Esmeralda, and Pacifico Superior can restart, while others remain suspended pending further inspections. The partial restart aims to ease disruptions at the world’s largest underground copper mine as safety checks continue before full operations resume.
MCX copper prices rise on supply concerns despite inventory rise
MCX copper prices gained, supported by supply constraints and steady demand, even as LME and COMEX inventories hit multi-year highs. Strong Chinese imports of copper and concentrates signalled firm consumption, while output gains from Codelco and Antofagasta added to supply. Analysts expect near-term price pressure but see potential support from tariff impacts and market positioning.
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