- Kipushi zinc output beats target, outlook lifted
- Oil slides as Iran strike fears fade
Base metals prices on the London Metal Exchange (LME) were largely under pressure on January 16, 2026, with losses dominating the complex. Aluminium prices slipped 0.90% to $3,176/t, while LME stocks declined 0.41% to 490,000 t. Nickel also weakened, down 0.47% to $18,075/t, even as inventories edged up 0.22% to 285,282 t, signalling continued inflows.
Copper prices eased 0.30% to $13,205/t, accompanied by a 0.35% fall in stocks to 141,125 t. Zinc was the lone gainer, rising 1.17% to $3,288/t, though inventories were marginally lower by 0.02% at 106,700 t. Lead saw the sharpest decline, falling 1.54% to $2,040/t, with stocks dropping 1.77% to 211,400 t, indicating tightening availability.
Domestic market overview
In India’s non-ferrous metals markets, aluminium Tense scrap prices were largely steady d-o-d, with ex-Delhi assessments unchanged at INR 207,000/t, signalling stable buying interest, while ex-Chennai prices edged up by INR 1,000/t to INR 203,000/t, indicating slightly firmer regional demand. In contrast, copper armature scrap prices, ex-Delhi, eased by INR 12,000/t (down 1.1%) to INR 1,128,000/t, reflecting mild corrective pressure after recent highs.
Other updates
Slovalco smelter revival hinges on power costs and EU approval
Slovakia’s Prime Minister Robert Fico has prioritised reopening the Slovalco aluminium smelter, shut since early 2023 due to high electricity costs, warning that Europe risks losing its aluminium industry without cheaper power. The government is seeking EU support, including a temporary waiver of emissions trading costs for energy-intensive industries, while keeping state subsidies as a fallback. Although higher aluminium prices and lower power costs have improved market conditions, the restart–requiring around EUR 100 million and competitive long-term electricity contracts–remains politically contentious and dependent on EU approval.
Kipushi zinc mine meets 2025 target; 2026 outlook raised
Ivanhoe Mines reported that the Kipushi zinc mine in the DRC achieved its 2025 production target, delivering a record 203,168 tonnes of zinc concentrate within the guided range. Supported by stable operations, the strong performance prompted an upward revision to 2026 production guidance, now pegged at 240,000-290,000 tonnes, with December 2025 output indicating an annualised run rate above 270,000 tonnes.
Oil prices extend losses as chance of US strike on Iran recedes
Oil prices fell in Asian trading as fears of a US military strike on Iran eased, diminishing the supply-risk premium in crude markets. Brent crude slipped modestly while US West Texas Intermediate also dipped, reversing part of earlier gains after US President Donald Trump signalled that Tehran’s crackdown on protesters was slowing, reducing the likelihood of imminent conflict. Despite the pullback, both benchmarks had reached multi-month highs earlier in the week, and markets remain sensitive to geopolitical developments and supply fundamentals.
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