- Global aluminium output rebounds 3.6% m-o-m in Oct’25
- Adani’s Kutch Copper smelter struggles amid ore shortage
At the close of trading on 28 November 2025, base metals prices on the London Metal Exchange (LME) showed positive trends w-o-w, with copper witnessing a gain of 4.2% to $11,189/tonne (t). Parallelly, LME warehouse stocks also exhibited positive trends, with zinc witnessing the highest gain of 12.32%.
On the LME, three-month aluminium prices stood at $2,868/t, up by 1.92% w-o-w, while zinc increased by 1.31% to $3,056/t. Copper prices were at $11,189/t, up by 4.2% w-o-w, and lead was down by 1.49% at $1,981/t. Nickel stood at $14,829/t, up by 2.26% w-o-w.
Aluminium
India’s imported aluminium scrap prices remained range-bound w-o-w on 25 November, following limited fluctuations on the LME.
BigMint assessed UAE-origin Tense scrap at $1,925/tonne (t), down by $10/t w-o-w, while UK-origin Taint Tabor C/S (9-10%) stood at $2,005/t, stable w-o-w.
Global primary aluminium production rose 3.6% to 6.29 million tonnes (mnt) in October 2025 from 6.08 mnt in September.
The m-o-m rebound reflects improved operating rates across key producing regions, following earlier slowdowns and production adjustments in September. Notably, aluminium production was down by 3% m-o-m in September.
Copper
Imported copper scrap prices in India inched up w-o-w on 28 November, tracking positive movements in LME futures. Domestic copper scrap prices also edged higher amid steady market sentiment.
According to BigMint’s assessment, Birch/Cliff was assessed at $10,060/t, up 0.9% w-o-w, while US motors mix stood at $1,250/t (both CFR Mundra), up 0.85% w-o-w.
The International Copper Study Group (ICSG) reported preliminary data for January-September 2025, showing that global refined copper production grew by around 4.3% y-o-y, supported by a 4% rise in primary production (from ores via electrolytic and electrowinning processes) and a 5.5% increase in secondary production (from scrap).
Zinc
India’s zinc scrap and dross prices eased slightly. BigMint assessed zinc diecast scrap (Middle East origin) at $2,390/t CFR west coast India, down $10/t w-o-w as buyers limited bookings.
Domestic zinc spot prices stood at INR 315,000/t exw-Delhi, stable w-o-w. HZL zinc prices were down by 0.16% w-o-w to INR 317,400/t ex-Chanderiya.
Lead
Domestic primary lead ingot prices stood at INR 192,500/t, up by 0.16% w-o-w, while re-melted ingots stood at INR 181,800/t, up by 1.56% w-o-w.
Meanwhile, HZL lead prices stood at INR 208,400/t ex-Chanderiya, down by 1.88% w-o-w.
Other updates
India’s copper smelter hit by ore shortage
Adani’s $1.2 billion Kutch Copper smelter is struggling to scale up as global mine disruptions limit concentrate supply, leaving the plant with less than 10% of its annual requirement. With soaring demand, low treatment charges, and intense competition — especially from China — the smelter faces higher costs and a slower ramp-up, underscoring India’s dependence on imported copper ore.
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