- Copper gains 5% d-o-d even as stocks rise
- Lead inventories jump sharply by 14% d-o-d
Base metals prices on the London Metal Exchange (LME) traded broadly higher on 3 February, reflecting an improved risk appetite across the complex. Copper led the gains, jumping 4.55% to $13,478/t, while nickel rose 3.68% to $17,447/t. Aluminium prices increased 1.65% to $3,107/t, zinc edged up 0.45% to $3,339/t, and lead inched higher by 0.03% to $1,964/t, providing broad-based support to overall market sentiment.
LME warehouse inventories showed mixed movements, pointing to uneven supply dynamics. Aluminium stocks declined 0.40% to 495,175 t, indicating slightly tighter availability. Zinc inventories edged down 0.11% to 108,975 t, while nickel stocks were unchanged at 285,528 t. In contrast, copper inventories rose 0.83% to 176,125 t, and lead stocks surged sharply by 14.10% to 232,850 t, signalling improved near-term availability in those segments.
Domestic market overview
In India’s non-ferrous scrap market, aluminium Tense scrap prices remained stable d-o-d across key regions. Ex-Delhi assessments were assessed to be at INR 211,000/t, while ex-Chennai prices were at INR 213,000/t. Meanwhile, copper armature scrap prices, ex-Delhi, increased by INR 37,000/t (3.3%) to INR 1,168,000/t.
Other market updates
India-US trade deal keeps steep tariffs on steel, copper, aluminium
The India-US trade agreement has provided tariff relief across a wide range of goods, but key metal exports remain excluded, with steel, aluminium and copper from India continuing to face steep 50% duties under the US Section 232 national security provisions. While reciprocal tariffs on several other Indian products have been reduced, the continuation of high levies on these strategic metals limits near-term gains for Indian exporters, particularly given that the US is an important market for value-added metal shipments. The decision underscores Washington’s cautious stance on sensitive industrial sectors, prompting some Indian producers to rely on overseas manufacturing or local US operations to remain competitive, while direct exports from India remain under cost pressure.
China’s industry body calls for expanding strategic copper stockpiles
China’s state-backed metals association has urged authorities to expand copper stockpiling, highlighting the metal’s rising strategic importance amid global supply-chain concerns and recent record-high prices. The China Non-ferrous Metals Industry Association (CNIA) suggested increasing strategic reserves and boosting commercial inventories in coordination with state-owned producers. The move follows global efforts to secure critical minerals, including the US announcement of a $12 billion stockpiling initiative under “Project Vault.” CNIA experts also proposed evaluating the inclusion of copper concentrate in reserves, reflecting growing geopolitical competition for resources.
EV Nickel reports strong pilot-scale bioleach results
EV Nickel Inc. reported successful pilot-scale bioleaching results from its W4 Nickel Project in Ontario, achieving over 90% nickel extraction under continuous operations and demonstrating a clear pathway to battery-grade nickel sulphate production. The programme validated the company’s flotation-bioleach flowsheet, delivering nickel and cobalt extractions of around 90% with lower acid consumption than conventional hydrometallurgical methods, while also producing mixed hydroxide precipitate and refining it into nickel sulphate with up to 98.2% purity. The results support the technical viability of a low-carbon, on-site processing route and underpin plans to advance toward a full-scale bioleaching facility targeting the electric vehicle battery supply chain.
Leave a Reply