- LME aluminium and zinc inventories decline further
- China copper demand softens amid New Year shutdowns
Base metals prices on the London Metal Exchange (LME) traded higher on 9 February 2026, supported by an improvement in risk appetite across the metals complex. Aluminium led the gains, rising 1.31% to $3,126/t, while nickel advanced 1.52% to $17,349/t. Copper prices climbed 1.4% to $13,177/t, zinc increased 0.9% to $3,376/t, and lead edged up 0.48% to $1,970/t, lending overall support to market sentiment.
LME warehouse inventories showed mixed movements, reflecting uneven supply dynamics across metals. Aluminium stocks declined 0.41% to 488,975 t, while zinc inventories fell more sharply by 0.63% to 106,925 t, signalling slightly tighter availability. Nickel stocks edged marginally lower by 0.07% to 285,072 t. In contrast, copper inventories rose 0.56% to 184,300 t, pointing to improved near-term supply, while lead stocks were broadly stable, slipping just 0.04% to 232,750 t.
Domestic market overview
In India’s non-ferrous scrap market, aluminium Tense scrap prices increased d-o-d across key regions. Ex-Delhi assessments were at INR 213,000/t, up by INR 2,000/t d-o-d, while ex-Chennai prices were at INR 217,000/t, up by INR 1,000/t d-o-d. Meanwhile, copper armature scrap prices, ex-Delhi, remained stable d-o-d at INR 1,152,000/t.
Other market updates
China’s copper demand eases
China’s copper demand is weakening as fabricators extend Lunar New Year shutdowns amid near-record prices. Elevated prices have increased financing costs, reduced order books, and delayed restarts at copper rod, pipe, and strip plants. The slowdown suggests speculative price rallies have outpaced real demand, though buying may resume if prices fall below key psychological levels.
Mozambique seeks to keep Mozal smelter operational
Mozambique’s government is pushing to keep South32’s Mozal aluminium smelter running, with Mineral Resources and Energy Minister Estevao Pale saying authorities are doing “everything that is required” to avoid its closure, following the company’s warning in December that it would place the plant under care and maintenance by March after failing to secure a power supply agreement, a move expected to cost South32 about $60 million, as negotiations with the government and regional power suppliers over energy terms continue.
Harmony Gold flags to revamp CSA copper mine
Harmony Gold said its recently acquired CSA copper mine in New South Wales will require a capital injection and a strategic overhaul that could take up to two years, as the South African miner diversifies into copper amid rising costs and geological challenges in domestic gold mining, with chief executive Beyers Nel noting the operation is currently constrained by insufficient ventilation and limited mining flexibility, prompting a review of short-term projects to de-risk and de-bottleneck the asset, while the company plans to provide its first formal production outlook for the mine alongside its half-year results in March.
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