- Nickel hits near two-month high
- Oil prices dip on Venezuela, Russia risks
Base metals prices on the London Metal Exchange (LME) showed a mixed trend, with strong gains in nickel offsetting declines in aluminium and lead. Nickel prices surged 3.20% d-o-d to $15,276/t, marking the biggest upside among base metals. Copper prices edged higher by 0.37% to $11,925/t, while zinc advanced 0.42% to $3,085/t. In contrast, aluminium prices slipped marginally by 0.12% to $2,942/t, and lead declined 0.63% to $1,972/t.
LME warehouse inventories largely declined across metals. Copper stocks fell sharply by 1.65% to 157,750 t, while lead inventories dropped 1.03% to 255,950 t. Zinc stocks eased 0.65% to 99,250 t, and nickel inventories edged down slightly by 0.06% to 254,388 t. Aluminium stocks, however, remained unchanged at 519,600 t.
Domestic market overview
In India’s non-ferrous markets, BigMint assessed copper armature scrap at INR 1,012,000/t ex-Delhi, up by INR 7,000/t d-o-d. Meanwhile, aluminium Tense scrap prices remained stable d-o-d at INR 197,000/t ex-Delhi, while prices increased by INR 2,000/t d-o-d to INR 190,000/t ex-Chennai.
Other market updates
Aluminium prices seen touching $3,000/tonne
Aluminium prices are expected to climb and could reach around $3,000 per tonne next year, supported by tightening global supply, rising demand from energy transition sectors, and improving market fundamentals. Strong consumption from infrastructure, electric vehicles, and renewable energy, along with supply-side constraints, is likely to keep prices firm going forward.
Copper price heads toward $12,000/ton
Copper prices climbed sharply and are approaching $12,000 per tonne, fueled by tight global supply, strong long-term demand linked to energy transition markets, and a near-record annual gain on the London Metal Exchange as year-end nears. Analysts and banks see further upside potential amid ongoing market imbalances and sustained buying interest.
LME nickel jumps to near two-month high
LME nickel prices surged on December 22, with futures rising by $473/ton to $15,276/ton and spot prices gaining $472/ton to $15,087/ton, marking a near two-month high after four consecutive sessions of gains. The rally was driven by early impacts of Indonesia’s planned nickel ore production cuts and a weaker US dollar amid expectations of multiple Federal Reserve rate cuts next year. However, despite the price strength, the market remains oversupplied and demand weak, suggesting short-term price volatility with a slightly upward bias.
Oil dips amid geopolitical supply concerns
Oil prices slipped and held steady on Tuesday as traders weighed geopolitical supply risks from Venezuela and Russia, after a previous session’s gains. The US said it might sell Venezuelan crude it has seized amid a pressure campaign that includes a blockade on sanctioned tankers, while attacks on Russian vessels and port facilities by Ukraine have heightened fears of disruption — yet forecasts of ample supply into early 2026 keep overall price pressure subdued.
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