- LME metals advance as domestic scrap stays firm
- Global cues cautious amid tariff uncertainty
Base metals on the London Metal Exchange (LME) traded higher day-on-day as of the close on 23 February 2026, supported by cautious buying and selective short covering. Aluminium rose 1.14% to $3,103/t, copper gained 1.21% to $12,964/t, zinc edged up 1.29% to $3,383/t, and lead increased 0.54% to $1,965/t, while nickel advanced 0.36% to $17,350/t.
Warehouse inventory movements were largely steady. Aluminium stocks remained unchanged at 475,550 tonnes, nickel inventories held at 287,706 tonnes, and zinc stocks declined 0.42% to 101,575 tonnes. Meanwhile, copper inventories climbed 4.24% to 235,150 tonnes, while lead stocks were flat at 287,125 tonnes.
Domestic market overview
Domestic non-ferrous scrap prices in India moved higher across key markets, reflecting strengthening buying interest. Aluminium Tense Scrap (Loose), ex-Delhi, climbed 0.9% to INR 215,000/t, while Aluminium Tense Scrap (Loose), ex-Chennai, advanced by INR 3,500/t or 1.6% to INR 221,000/t.
In contrast, Copper Armature Scrap (Cu 99%), ex-Delhi, remained stable at INR 1,120,000/t, reflecting steady demand conditions and balanced market sentiment.
Other market updates
US May Impose 10% Tariff on Aluminium Scrap
President Donald Trump has threatened to introduce a 10% tariff on U.S. imports of aluminium scrap as part of efforts to counteract a recent Supreme Court ruling that struck down emergency reciprocal tariffs. If implemented under Section 122 of the 1974 Trade Act, the tax could be in effect for up to 150 days, potentially reshaping scrap trade flows given that the U.S. imported 581,000 t of aluminium scrap valued at $1.53 bn from May to December 2025.
South Korea, Brazil Sign 10 MOUs on Key Minerals
South Korea and Brazil signed 10 memorandums of understanding (MOUs) to expand cooperation in key minerals, including nickel and rare earths, strengthening strategic supply chain partnerships. The move highlights growing efforts to diversify critical metal sourcing, reinforcing long-term supply security themes that underpin sentiment across global non-ferrous markets.
Oil Slips on Iran Talks, Tariff Uncertainty
Oil prices fell nearly 1% as progress in U.S.–Iran nuclear talks eased immediate supply concerns, while renewed uncertainty over potential U.S. tariff measures weighed on broader demand sentiment. The pullback in crude highlights ongoing volatility in energy markets, a key cost component for non-ferrous metal production and transportation, thereby influencing overall commodity pricing dynamics.
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