- Vedanta actively exploring critical mineral assets in India
- Codelco, Rio Tinto plan copper district in Chile’s Atacama
Base metals prices on the London Metal Exchange (LME) showed mixed trends d-o-d, with aluminium increasing by 2.61% to $2,480/tonne (t). Meanwhile, inventories at LME-registered warehouses remained range-bound d-o-d.
COMEX market
Copper prices on the COMEX stood at $10,182/t, decreasing by 0.9% compared to the previous close.
Indian market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 788,000/t ex-Delhi. Aluminium Tense scrap prices remained steady d-o-d, with ex-Delhi at INR 195,000/t and ex-Chennai at INR 196,000/t.
Market updates
Vedanta explores critical minerals across six states
Vedanta is actively exploring critical mineral assets, including copper, nickel, cobalt, vanadium, and more, in Maharashtra, Rajasthan, Bihar, Arunachal Pradesh, Karnataka, and Chhattisgarh. The move aligns with India’s push for mineral security amid rising demand for energy-efficient technologies. Vedanta recently secured four new mineral blocks and is expanding its zinc and aluminium product lines, with $1.5 billion approved for aluminium capacity growth.
Codelco, Rio Tinto target Atacama copper hub
Codelco and Rio Tinto have agreed to jointly develop a potential copper mining district in Chile’s Atacama region around their Nuevo Cobre project. A joint committee will oversee 12 months of preliminary studies. The partnership seeks to leverage shared infrastructure and geology to maximise value and boost copper exploration and development in the region.
Oil prices dip d-o-d
Oil prices dipped, pressured by OPEC+’s decision to increase production amid concerns over weakening global demand and ongoing US-China trade tensions. Despite some optimism from easing trade barriers, the market remained cautious, as supply rose and economic growth uncertainties persisted. Brent crude hovered at around $60 per barrel, marking a multi-year low, while analysts expect prices to average $65-70 in 2025 with potential further declines next year.
Brent crude futures were recorded at $64.86/barrel today. Meanwhile, WTI crude oil futures decreased by 0.11% d-o-d to $61.88/barrel.
Natural gas prices up
Natural gas stood at $3.69/metric million British thermal unit (MMBtu), up by 1.32% d-o-d.
Dollar index inches up
The dollar index, which measures the value of the greenback against a basket of six major currencies, hovered at 101.40, up by 0.19% d-o-d at the time of reporting. The Indian rupee was recorded at INR 84.89 against the dollar.
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