LME base metals futures remain range-bound d-o-d; Aluminium recyclers eye policy boost from government

• US copper imports surge amid tariff bets
• MRAI pushes for zero duty on scrap

Base metals prices on the London Metal Exchange (LME) remained range-bound d-o-d, with zinc decreasing by 0.47% to $3,067/tonne (t). Meanwhile, inventories at LME-registered warehouses witnessed positive movements, with lead recording the highest gain of 12.13%.

Domestic market overview

In India’s non-ferrous metals markets, BigMint  assessed copper armature scrap at INR 877,000/t ex-Delhi, stable d-o-d. Aluminium Tense scrap prices were assessed at INR 190,000/t ex-Delhi and at INR 185,000/t ex-Chennai, both stable d-o-d.

Other market updates

India’s secondary aluminium sector seeks tax reforms to sustain growth

India’s secondary aluminium industry, which contributes about 40% of the country’s total aluminium output — mostly from imported scrap — is urging tax reforms to maintain its growth momentum. According to the Material Recycling Association of India (MRAI), the sector supports Net Zero 2070 goals, generates foreign exchange through low-carbon alloy exports, and creates large-scale employment. To strengthen the ecosystem, MRAI has called for reducing the import duty on aluminium scrap from 2.5% to zero and lowering the GST rate from 18% to 5% or less. These policy changes, it says, would ensure consistent scrap availability, improve liquidity, and boost small and medium recyclers’ competitiveness.

US builds massive copper stockpile as critical mineral status fuels imports

Copper’s addition to the US critical minerals list has intensified imports, even as the country already holds one of the world’s largest copper reserves after China. A wide price gap between US and global markets has driven traders to ship massive quantities of copper to the US, pushing CME warehouse stocks from 84,000 tons in February to over 335,000 tons. Analysts say up to 830,000 tons are now “economically trapped” in the US, forming an unintended commercial stockpile. The widening premium continues to attract more inflows, effectively turning the US into a global copper hub.