LME base metals prices see positive trends d-o-d; US tariffs weigh on global oil sentiment

• IOC, BPCL buy non-Russian crude supplies
• HCL, GAIL partner for mineral block bids

Base metals prices on the London Metal Exchange (LME) saw positive trends d-o-d, with zinc increasing by 0.88% to $2,813/tonne (t). Meanwhile, inventories at LME-registered warehouses registered negative movements d-o-d, with zinc recording the highest decline of 4.79%.

Domestic market overview

In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 796,000/t ex-Delhi, up by INR 3,000/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

HCL, GAIL ink pact to jointly bid for critical mineral blocks

Hindustan Copper Ltd (HCL) and GAIL (India) Ltd have signed an MoU to jointly participate in auctions for copper and critical mineral blocks. The partnership covers joint exploration, mining, and processing, with shared investment and risk. The agreement also includes collaboration on developing HCL’s existing assets to boost India’s mineral value chain.

IOC, BPCL secure 22 million barrels of non-Russian crude for Sep-Oct

Indian Oil Corporation (IOC) and Bharat Petroleum Corporation (BPCL) have purchased at least 22 million barrels of non-Russian crude for September-October deliveries, following US pressure to halt Russian oil imports. IOC recently bought 5 million barrels from the US, Brazil, and Libya, while BPCL secured 9 million barrels from Angola, the US, UAE, and Nigeria. The shift marks a return to the spot market for India’s state refiners after largely relying on discounted Russian crude since 2022.

Oil heads for biggest weekly drop since Jun’25 amid tariff worries

Oil prices remained steady in early Asian trading on Friday but are poised for their sharpest weekly fall since late June, pressured by new US tariffs and concerns over weakening global demand. Market sentiment was dampened by fears that the fresh tariffs could slow economic activity, further weighing on crude demand. Pressure also came from OPEC+’s decision to unwind key output cuts early and a prolonged losing streak in WTI prices.