- Indian copper scrap rises, aluminium scrap weakens
- China’s factory activity expected to contract in Sep’25
Base metals prices on the London Metal Exchange (LME) declined d-o-d, with zinc prices witnessing the highest drop of 1.28% to $2,889/tonne (t). Meanwhile, inventories at LME-registered warehouses witnessed outflows d-o-d, with zinc recording the highest drop of 2.34%. The SHFE market remained stable ahead of the Golden Week holiday in China.
Domestic market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 870,000/t ex-Delhi, up by INR 9,000/t d-o-d. Aluminium Tense scrap prices were assessed at INR 194,000/t ex-Delhi, down by INR 1,000/t d-o-d, and at INR 196,000/t ex-Chennai, stable d-o-d.
Other updates
Oil prices ease as Kurdistan exports resume, OPEC+ eyes hike
Oil prices fell on Monday as Iraq’s Kurdistan region restarted crude exports to Turkey after a 2.5-year halt, while OPEC+ signalled another production hike in November. Brent slipped 0.6% to $69.70 a barrel and WTI dropped 0.8% to $65.23, as rising supply prospects weighed on recent gains despite ongoing geopolitical risks.
South Korea exports seen rising on chip demand, holiday effect
South Korea’s exports likely jumped 7.2% y-o-y in September, the fastest pace in 13 months, driven by strong semiconductor demand and more working days ahead of the Chuseok holiday. However, economists warned that US tariff pressures and unresolved trade talks continue to cloud the outlook.
China’s factory slowdown persists amid weak demand, trade tensions
China’s manufacturing sector likely contracted for the sixth consecutive month in September, with the official PMI expected at 49.6 versus August’s 49.4. Weak domestic demand, US tariffs, and slow policy stimulus continue to pressure growth despite resilient exports.
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