- Aurubis lifts 2026 copper premium to record high
- Global nickel surplus projected to widen in 2026
Base metals prices on the London Metal Exchange (LME) saw positive trends d-o-d, with zinc increasing by 1.30% to $3,046/tonne (t). Meanwhile, inventories at LME-registered warehouses registered negative movements d-o-d, with zinc recording the highest decline of 2.92%.
Domestic market overview
In India’s non-ferrous metals markets, BigMint assessed copper armature scrap at INR 890,000/t ex-Delhi, down by INR 2,000/t d-o-d. Aluminium Tense scrap prices were assessed at INR 192,000/t ex-Delhi and at INR 192,000/t ex-Chennai, unchanged d-o-d.
Other market updates
Aurubis raises 2026 European copper premium to record $315/t
Europe’s largest copper smelter, Aurubis, has increased its 2026 European copper premium to a record $315/t, up 38% from $228/t in 2025, amid tightening global supply. The hike follows disruptions at major mines, including Freeport-McMoRan’s Grasberg in Indonesia and Congo’s Kamoa-Kakula, which have deepened fears of a supply deficit. Analysts expect copper to face its largest shortage since 2004, with LME prices recently touching a 16-month high near $10,800/t.
Ivanhoe Mines posts record zinc output at Congo’s Kipushi mine
Ivanhoe Mines reported a record zinc output of 57,200 t in Q3CY’25 from its Kipushi mine in the Democratic Republic of Congo, marking a 37% rise q-o-q, driven by improved processing efficiency. The miner also produced 71,226 t of copper from its Kamoa-Kakula complex, keeping it on track to meet its full-year guidance of 370,000-420,000 t. Following earlier disruptions at Kakula due to seismic activity, Ivanhoe has secured $500 million from Qatar’s sovereign wealth fund to support expansion. The company also confirmed plans to commission Africa’s largest copper smelter in November, capable of processing all Kamoa-Kakula output and producing up to 700,000 t of sulphuric acid annually.
Nickel market to have surplus of 209,000 t in 2025: INSG
The International Nickel Study Group (INSG) projected a global nickel surplus of 209,000 t in 2025, widening to 261,000 t in 2026, as supply growth outpaces demand. Global demand is expected to rise to 3.82 million tonnes (mnt) in 2026 from 3.60 mnt in 2025, while production is forecast to increase to 4.09 mnt. Indonesia’s tighter mining regulations have had limited impact on feed supply, with output expected to keep growing. Amid price softness — nickel fell over 7% in 2024 — the INSG expects steady demand from the stainless steel and electric vehicle sectors through 2026.
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