- LME complex softens on cautious trade, split inventory moves
- EGA’s net profit rises 16% in 2025 on higher aluminium prices
Base metal prices on the London Metal Exchange (LME) traded lower d-o-d on 26 February 2026, weighed down by cautious investor sentiment and profit-taking amid mixed inventory signals. Aluminium declined 0.41% to $3,158/t, copper slipped 0.14% to $13,305/t, nickel dropped 2.16% to $17,694/t, zinc eased 0.30% to $3,379/t, and lead fell 0.33% to $1,984/t.
Warehouse inventory trends were mixed. Aluminium stocks decreased 0.42% to 469,550 t, while nickel inventories edged up 0.17% to 287,808 t and zinc stocks fell 1.41% to 99,825 t. Meanwhile, copper inventories rose 2.66% to 249,650 t, whereas lead stocks declined marginally by 0.01% to 286,300 t.
Domestic market overview
Domestic non-ferrous scrap prices in India remained firm across key markets, supported by steady buying interest and stable downstream demand. Aluminium tense scrap (loose), ex-Delhi, remained unchanged at INR 218,500/t, while aluminium tense scrap (loose), ex-Chennai, declined by a minor 1.3% or INR 3,000 to INR 222,000/t.
Similarly, copper armature scrap (Cu 99%), ex-Delhi, increased by INR 4,000 or 0.4% to INR 1,136,000/t from INR 1,132,000/t, reflecting improved trade sentiment amid firm refined copper prices and sustained procurement activity from cable and electrical segment buyers.
Other market updates
Core Lithium-Glencore deal signals improving battery metals momentum
Australia’s Core Lithium has agreed to sell its spodumene concentrate stockpile to Glencore at stronger-than-anticipated pricing, highlighting a rebound in lithium market conditions. The transaction not only strengthens Core’s restart prospects but also reflects renewed buying interest in battery raw materials.
The deal points to improving sentiment across energy-transition metals, reinforcing broader confidence in the industrial metals complex amid steady demand from EV and storage sectors.
EGA posts strong financial performance, record sales in 2025
Emirates Global Aluminium (EGA) reported robust underlying financial results for 2025, with underlying net profit (excluding its Guinea Alumina Corporation unit) up 16% to $1.34 billion compared with 2024, and underlying revenues rising 14% to $8.7 billion, driven by higher aluminium prices and expanded sales. The company also sold a record 2.83 million tonnes (mnt) of cast metal to more than 400 customers globally, and delivered strong underlying EBITDA of $2.53 billion, reflecting disciplined cost control, efficiency gains, and market demand. Including the Guinea unit’s results, EGA’s net profit was $577 million in 2025.
India eyes aerospace aluminium production boost
Brazil’s Embraer and Hindalco Industries have signed a memorandum of understanding to explore aerospace-grade aluminium production in India, part of efforts to strengthen local supply chains and support the aircraft maker’s industrial plans under the Make in India initiative. The move highlights rising demand for specialised aluminium products and could enhance domestic value-added production capacity in key end-use sectors.
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