- India unveils plan to boost copper production
- HCL, Coal India sign critical minerals MoU
At the close of trading on 4 July 2025, base metals prices on the London Metal Exchange (LME) remained rangebound w-o-w, with zinc witnessing the highest decline of 1.98%. Meanwhile, LME warehouse stocks exhibited varied trends, with zinc declining the steepest, by 5.79%.
On the LME, three-month aluminium prices stood at $2,590/tonne (t), down by 0.19%, while nickel increased by 0.30% w-o-w to $15,290/t. Copper prices were at $9,865/t, down by 0.14% w-o-w, while zinc decreased by 1.98% w-o-w to $2,724/t. Lead was up by 0.71% w-o-w to $2,059/t.
Aluminium prices on the LME climbed above $2,600/t, supported by ongoing supply risks and optimism around sustained manufacturing demand. However, towards the end of the week the prices again came down to $2,590/t levels.
Meanwhile, Copper prices on the LME remained firm near multi-month highs, supported by persistent supply constraints and growing uncertainty over potential US import tariffs. As of early trade on 3 July, three-month copper held steady at $10,005/t , close to its highest level since late March.
India’s imported aluminium scrap prices remained largely range-bound w-o-w, influenced by robust global demand, fluctuating LME prices, and ongoing supply constraints. Tight raw material availability in the market and firm price settlements by a major automaker underpinned the slight price uptrend in certain grades.
BigMint assessed Tense scrap from the US at $2,030/t, up by $10/t w-o-w, while Wheels from the UK stood at $2,585/t, up by $5/t w-o-w, both CFR west coast, India.
India’s secondary aluminium market witnessed a slight rise in ADC12 ingot prices through June 2025, supported by strong demand from die-casting and auto component manufacturers, along with elevated input costs.
In the domestic market, Tense scrap prices in Delhi remained stable w-o-w, while Chennai saw a rise of INR 2,000/t as compared to last week. According to BigMint’s assessment, domestic Tense scrap stood at INR 197,000/t ex-Delhi-NCR and INR 200,000/t ex-Chennai.
Indian copper scrap prices moved in a narrow range w-o-w, despite a drop in LME futures. Copper armature scrap was assessed at INR 819,000/t ex-Delhi, down by INR 1,000/t w-o-w, while motors mix stood at $1,180/t, down by 1.66% w-o-w.
Secondary continuously cast rods (CCRs) (99.90%) were assessed at INR 892,000/t ex-Delhi, remaining stable w-o-w. Meanwhile, primary CCR prices stood at INR 920,000/t, also stable w-o-w.
Additionally, Hindustan Copper (HCL) has signed a memorandum of understanding (MoU) with Coal India to jointly explore copper and other critical minerals. The move supports India’s strategic push toward mineral security. In FY’25, HCL posted record revenue of INR 2,070.97 crore and a 54% jump in profit. With mines in MP, Rajasthan, and Jharkhand, HCL aims to expand through exploration and global partnerships.
Zinc
Imported zinc diecast from the Middle East was assessed at $2,140/t CFR Mundra, down by $10/t w-o-w, while domestic zinc ingots stood at INR 266,000/t, up by INR 4,000/t w-o-w.
Prices of zinc ingots from Hindustan Zinc Limited (HZL) stood at INR 274,800/t ex-Jodhpur, up by INR 2,900/t w-o-w.
Vedanta’s Hindustan Zinc Limited (HZL), the world’s largest integrated zinc producer, reported its highest-ever mined metal production for the first quarter of any financial year. In Q1FY’26, mined metal output stood at 265,000 tonnes (t), marking a 1% y-o-y increase, driven by consistent mine preparation and operational efficiency.
Lead
Domestic primary lead ingot prices remained steady w-o-w at INR 201,000/t, while re-melted ingots were at INR 183,000/t w-o-w, down by INR 1,000/t. Meanwhile, HZL lead ingots stood at INR 206,300/t ex-Jodhpur, largely stable w-o-w.
Other market updates
Rio Tinto-backed firm to invest $1.1 billion in Quebec smelter
Aluminerie Alouette, partly owned by Rio Tinto, plans to invest CAD 1.5 billion ($1.1 billion) to upgrade its Quebec facilities. The move follows a new power deal with Hydro-Quebec, aimed at supporting long-term operations.
India unveils copper strategy to boost production
India, currently importing 1.2 mnt of copper (up 4% in FY25), may import 91%-97% of copper concentrates by 2047. To meet rising demand projected at 3-3.3 mnt by 2030 and 8.9-9.8 million by 2047–the government plans to invite firms like Codelco and BHP to build smelters and refineries, boosting domestic production.
Chile’s copper production hits 2025 high in May, offering relief to tight global supply markets
Chile’s copper output rose to 486,574 t in May’25, up 9.4% y-o-y, marking the highest monthly production this year, according to Chile’s National Institute of Statistics. This rebound comes after years of decline due to falling ore grades and operational curbs. As the worlds top copper producer, Chile’s recovery could help ease global supply tightness and support inventories at the LME.
Indonesia nickel miners urge government to maintain three-year mining quota
Indonesian nickel miners are requesting the government to maintain the current three-year mining quota system to ensure stability and predictability in production planning. They emphasize that sudden reductions or changes in quotas could disrupt operations and investment plans.
Leave a Reply