- Copper eases on sharp increase in LME inventories
- Zinc outperforms, supported by lower exchange stocks
Base metals prices on the London Metal Exchange (LME) were mixed d-o-d on 23 January, with selective gains across the complex. Aluminium prices strengthened 0.56% to $3,133/t, while LME stocks edged up 0.41% to 509,275 t, indicating modest inventory inflows. Nickel prices were unchanged at $17,996/t, even as stocks declined marginally by 0.06% to 284,496 t, suggesting stable near-term availability.
Copper prices eased 0.43% to $12,756/t, alongside a sharp 5.55% increase in inventories to 168,250 t, reflecting strong inflows at exchange warehouses. Zinc outperformed, rising 1.12% to $3,211/t, supported by a 0.13% drop in stocks to 111,700 t, pointing to slightly tighter supply. Lead prices slipped 0.10% to $2,020/t, while inventories fell 1.90% to 218,425 t, signalling easing stock levels despite weaker prices.
Domestic market overview
In India’s non-ferrous metals markets, aluminium Tense scrap prices showed mixed movement d-o-d. Ex-Delhi assessments were unchanged at INR 207,000/t, reflecting subdued buying interest, while ex-Chennai prices jumped by INR 5,000/t to INR 211,000/t, indicating notably stronger regional demand. Meanwhile, copper armature scrap prices, ex-Mumbai, remained flat at INR 1,073,000/t, pointing to steady demand and a wait-and-watch approach among market participants.
Other updates
Ramkrishna Forgings enters aluminium forging segment
Ramkrishna Forgings Limited started commercial production at its first aluminium forging facility in Jharkhand on 20 January 2026, marking a diversification beyond steel. The new unit at Plant V in Baliguma village, with an installed capacity of 3,000 t/year, will manufacture precision aluminium components focused on strength and weight reduction. The move aligns with rising demand from electric vehicle and mobility segments and is expected to serve both domestic and global OEMs and Tier-1 suppliers. The facility also supports the company’s long-term growth strategy while contributing to regional industrial development and employment.
France intercepts Russia-linked oil tanker in Mediterranean
France has seized an oil tanker in the Mediterranean suspected of belonging to Russia’s “shadow fleet” used to bypass international sanctions, President Emmanuel Macron said on Thursday. The vessel, allegedly sailing from Russia under a false flag, was intercepted on the high seas between Spain and Morocco in an operation conducted with allied support and in line with international maritime law. An investigation has been launched after the tanker, identified as Grinch, was diverted. The move comes amid tightened EU sanctions on Russia over the Ukraine war, even as Moscow continues discounted oil exports to countries such as China and India via non-Western shipping routes. The UK confirmed that it assisted in tracking the vessel, while Ukraine welcomed the action as a step towards curbing Russia’s war financing.
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