- Chile copper production eyes double-digit growth
- Chinese aluminium demand softens at record prices
Base metals prices on the London Metal Exchange showed a mixed trend in the latest session. Aluminium inched down 0.03% to $3,184/t, tracking a 0.37% decline in stocks to 494,000 t. Nickel fell 1.50% to $17,620/t, despite a marginal 0.15% drop in inventories to 284,148 t.
Copper edged up 0.20% to $13,236/t, even as stocks rose sharply by 3.15% to 141,550 t, indicating fresh inflows. Zinc outperformed, gaining 1.34% to $3,259/t, with inventories slightly higher at 106,900 t. Lead slipped 1.70% to $2,018/t, in line with a 1.14% drawdown in LME stocks to 218,925 t.
Domestic market overview
In India’s non-ferrous metals markets, aluminium Tense scrap prices remained unchanged d-o-d, with ex-Delhi and ex-Chennai assessments at INR 207,000/t and INR 202,000/t, respectively, indicating stable demand across regions. Meanwhile, copper armature scrap prices, ex-Delhi, declined by INR 6,000/t (1.9%) to INR 1,140,000/t, reflecting mild downward pressure after recent highs.
Other market updates
Chinese aluminium demand weakens as prices hit record highs
Chinese aluminium prices surged to a record RMB 25,075/tonne, driven by tight supply, strong market sentiment and high copper prices, but this sharp rise has dampened buying interest among domestic fabricators and contributed to rising social inventories as demand slows, especially in construction and seasonal low-activity periods. Despite expectations that long-term demand from sectors like EVs, photovoltaics and AI could support aluminium consumption, many buyers are delaying purchases, inventories continue growing and some firms are exploring alternatives, reflecting price-related demand weakness.
Tin Hits Record Above $51,000 on LME After Broad Metals Rally
Tin rallied to a new high above $51,000 a ton in London, extending a three-year bull run as frenzied buying by Chinese investors drove metals markets higher. Prices surged as much as 4.3% to $51,675 on the London Metal Exchange, surpassing a prior record set in 2022 as demand from the electronics industry jumped during the pandemic. The metal used in soldering has long been viewed as a proxy gauge for the computing sector, and funds have piled into the market in parallel with strong investments in AI and data centers.
Chile eyes copper output revival after reforms
Chile’s copper industry may see a turnaround after years of stagnation, as the incoming government plans to cut red tape and ease regulations to boost mining investment. Industry estimates suggest output could rise 10-20% over the next one to two years, with production expected to recover from 5.4 million tonnes last year to as much as 5.7 million tonnes this year. Higher prices and a pro-growth policy push could unlock billions of dollars in mine expansions, helping lift supply toward 6 million tonnes annually at a time when global copper markets are tightening due to rising demand from AI, defense spending, and energy transition needs.
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