- Guinea-EGA agreement eased concerns over bauxite supply disruptions
- Oil markets recovered as traders reassessed US-Iran peace prospects
Base metals on the London Metal Exchange (LME) showed a mixed trend on 6 May 2026, with gains in copper, zinc, and lead offset by declines in aluminium and nickel. Copper emerged as the top gainer, rising 1.96% to $13,392/t, followed by zinc, which increased 0.85% to $3,399/t. Lead edged higher by 0.25% to $1,978/t, while aluminium declined 1.87% to $3,523/t and nickel fell 2.26% to $19,199/t, reflecting selective weakness across the complex.
On the inventory side, LME stocks showed a largely stable-to-soft trend. Aluminium inventories declined 0.55% to 362,725 t, indicating continued offtake, while nickel stocks rose marginally by 0.18% to 276,888 t. Meanwhile, copper inventories remained unchanged at 398,675 t, with zinc stocks steady at 96,250 t and lead inventories flat at 268,500 t, suggesting balanced near-term supply conditions across most metals.
Domestic market overview
India’s non-ferrous scrap prices showed a stable-to-firm trend on a day-on-day basis, with aluminium prices holding steady while copper recorded gains. In the aluminium segment, aluminium tense scrap (loose), ex-Delhi, remained unchanged at INR 295,000/t, while ex-Chennai prices also held steady at INR 308,500/t, reflecting a flat trend across key regional markets.
In the copper segment, copper armature scrap (Cu 99%), ex-Delhi, increased to INR 1,146,000/t from INR 1,142,000/t, marking a gain of INR 4,000/t d-o-d, indicating improved spot sentiment and stronger buying interest in the domestic market.
Other market updates
EGA restores bauxite supply agreement with Guinea
Emirates Global Aluminium (EGA), the Government of Guinea, and Guinea Alumina Corporation (GAC) have reached an agreement to restore disrupted bauxite supply arrangements, helping stabilise raw material flows for EGA’s aluminium operations.
The settlement includes the renewal of bauxite supply contracts under mutually agreed commercial terms, along with compensation from Guinea to GAC following the transfer of GAC’s assets to state-backed Nimba Mining Company for the Sangarédi bauxite project.
The agreement is expected to strengthen long-term supply security for EGA after disruptions linked to Guinea’s earlier revocation of GAC’s mining licence, which had impacted global bauxite trade flows and supply-chain visibility.
Oil rebounds as markets reassess Middle East peace prospects
Crude oil prices rebounded on 7 May 2026 after sharp losses in the previous session, as markets reassessed the prospects of a potential US-Iran peace agreement. Brent crude rose to around $102/bbl, while WTI climbed near $96/bbl in early trade.
Despite ongoing diplomatic efforts, supply concerns persisted as US crude inventories declined and uncertainty over Gulf shipping flows continued, keeping near-term oil market sentiment cautiously supported.
Global zinc die-casting demand rises amid automotive and infrastructure growth
Global demand for zinc die-casting is witnessing steady growth, supported by rising consumption from the automotive, construction, electronics, and infrastructure sectors. Increasing preference for lightweight, corrosion-resistant components is driving wider adoption across industrial applications.
The market is also benefiting from expanding use of precision die-cast parts in EVs and energy-efficient systems, while technological advancements in casting processes continue to improve production efficiency and material utilisation.
Indonesia’s aluminium exports hit 28-month high amid global supply disruptions
Indonesia’s unwrought aluminium exports surged to a 28-month high of 88,554 t in March 2026, as shifting global trade flows and geopolitical disruptions in the Middle East continued to tighten regional metal availability and influence logistics.
The increase was supported by stronger overseas demand, particularly from the US, with initial shipments from the Weda Bay aluminium smelter contributing to export growth alongside supplies to China, South Korea, and Europe.
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