- BHP plans $18bn Argentina expansion
- Oil climbs over 4% on tensions
Base metals on the London Metal Exchange (LME) traded higher day-on-day on 19 February 2026, supported by broad-based buying interest. Aluminium rose 2.49% to $3,089/t, copper gained 2.79% to $12,912/t, nickel climbed 3.66% to $17,275/t, zinc advanced 3.18% to $3,354/t, and lead increased 3.45% to $1,965/t.
Warehouse inventory movements were mixed. Aluminium stocks declined 0.42% to 475,550 tonnes, while nickel stocks edged marginally lower by 0.01% to 287,706 tonnes and zinc inventories slipped 0.02% to 102,000 tonnes. In contrast, copper stocks rose 1.36% to 224,650 tonnes, while lead inventories remained unchanged at 287,125 tonnes.
Domestic market overview
Domestic non-ferrous scrap prices in India remained mostly steady across key markets. Aluminium Tense Scrap (Loose), ex-Delhi, held firm at INR 213,000/t, while Aluminium Tense Scrap (Loose), ex-Chennai, also stayed unchanged at INR 218,000/t, indicating stable trade conditions.
In contrast, Copper Armature Scrap (Cu 99%), ex-Delhi, slipped by INR 3,000 or 0.3% to INR 1,127,000/t from INR 1,130,000/t, reflecting slight selling pressure in the copper scrap segment.
Other market updates
BHP eyes $18 billion Argentina copper growth push
Global mining giant BHP is planning a major $18 billion multi-year investment in Argentina to expand its copper production capacity over the next decade, focusing on the high-profile Josemaría and Filo del Sol projects through its Vicuna joint venture with Canada’s Lundin Mining. Under the plan, around $7 billion will be deployed initially from 2027 ahead of first output targeted by 2030, with total funding aimed at positioning the operation among the world’s largest copper, gold, and silver producers. The development is expected to yield hundreds of thousands of tonnes of copper annually at peak capacity and could significantly enhance Argentina’s role in the global copper supply chain.
Glencore advances copper growth, keeps M&A open
Glencore is pushing ahead with plans to nearly double copper output by 2035, supported by a new land deal in the DRC that extends mine life and boosts production potential. Despite a third straight annual earnings decline, the company expects stronger copper volumes and prices to lift EBITDA by 2030. It also remains open to partnerships and acquisitions after recent failed takeover talks.
Oil prices up over 4% as US-Iran tensions grow
Oil prices climbed sharply over the past two days, with Brent crude and US West Texas Intermediate (WTI) both rising more than 4% as markets reacted to lingering geopolitical tensions between the United States and Iran. Traders are pricing in the risk of potential supply disruptions, particularly around the Strait of Hormuz, a key route for roughly 20% of global crude shipments. Despite ongoing diplomatic talks aimed at easing the standoff, both nations have increased military activity in the region, keeping risk sentiment elevated. Analysts note that while further upside is possible if tensions escalate, any meaningful diplomatic progress could ease prices just as quickly.
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