- Domestic copper, aluminium scrap prices stable
- Oil prices decline as OPEC+ mulls output hike
Base metals prices on the London Metal Exchange (LME) saw mixed trends d-o-d, with nickel rising by 0.47% to $15,304/tonne (t). Meanwhile, inventories at LME-registered warehouses saw negative trends d-o-d, except for nickel, which recorded a rise of 1.90%.
Domestic market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap prices at INR 801,000/t ex-Delhi, flat d-o-d. Aluminium Tense scrap prices remained stable d-o-d, with ex-Delhi at INR 196,000/t and ex-Chennai at INR 199,000/t.
Other market updates
China faces copper trade shifts amid US tariff tensions
China’s refined copper imports fell to a one-year low in July as US tariff concerns redirected global supplies. Much of the copper shipped to the US came from China’s bonded stocks, forcing Chinese buyers to diversify sources beyond Chile, turning to Congo, Russia, and Zambia. Despite higher exports and re-exports, China’s appetite for refined copper remains strong, driven by low scrap availability and tighter domestic stocks. The US-China trade friction has reshaped global copper flows, with ripple effects extending to both refined and scrap markets.
Oil prices fall as OPEC+ weighs further output hike ahead of Sunday meeting
Oil prices continued to decline, extending earlier losses, as OPEC+ prepares to discuss another potential output increase at its upcoming Sunday meeting. Brent slipped to $67.14/barrel, while WTI fell to $63.5, with analysts warning that higher production could worsen the expected surplus during the lean demand season. US crude stocks also rose unexpectedly, adding further pressure to the market.
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