- Nickel tops LME gains on strong market sentiment
- MRN secures long-term bauxite expansion approve
Base metals on the London Metal Exchange (LME) closed firmly higher on 11 May 2026, supported by strong gains across the complex, particularly in nickel and copper. Nickel emerged as the top gainer, rising 11.69% to $19,085/t, followed by copper, which increased 6.44% to $13,498/t. Zinc also advanced 3.07% to $3,429/t, while lead gained 2.23% to $1,970/t. Aluminum prices moved higher as well, rising 1.96% to $3,512/t, reflecting broad-based bullish sentiment across base metals.
On the inventory side, LME stocks showed a mixed trend. Aluminium inventories recorded the steepest decline, falling 11.91% to 355,775 t, followed by lead inventories, which dropped 4.75% to 265,775 t. Zinc stocks also eased 1.54% to 110,600 t, while nickel inventories declined 1.27% to 277,788 t, indicating continued tightening in available exchange stocks. In contrast, copper inventories increased 3.67% to 399,400 t, suggesting relatively improved near-term supply availability.
Domestic market overview
India’s non-ferrous scrap prices showed a stable-to-firm trend on a d-o-d basis, with aluminium scrap prices remaining steady across key domestic markets, while copper scrap prices moved higher. In the aluminium segment, aluminium tense scrap (loose), ex-Delhi, remained unchanged d-o-d at INR 298,000/t, while ex-Chennai prices were also stable at INR 310,000/t, reflecting balanced buying activity and steady market sentiment.
In the copper segment, copper armature scrap (Cu 99%), ex-Delhi, increased by INR 5,000/t d-o-d to INR 1,160,000/t, supported by the sharp rise in global copper prices and improved demand sentiment from downstream consumers.
Other updates
Brazil’s MRN secures license for Novas Minas bauxite project
Brazil’s leading bauxite producer, Mineração Rio do Norte (MRN), has received an installation license from environmental regulator IBAMA for its Novas Minas project in Pará state. The approval allows the Rio Tinto, Glencore, and South32-backed joint venture to develop five new mining sites and extend operations in Porto Trombetas through 2041.
MRN plans to invest around R$9 billion between 2027 and 2041 to maintain annual bauxite production of 12.5 million tonnes. The development is expected to support long-term global alumina and aluminium feedstock supply availability.
India’s services activity expands on strong domestic demand
India’s services sector growth accelerated in April, supported by robust domestic demand, improved business activity, and stronger new order inflows, according to the latest PMI data.
The sustained expansion in economic activity is expected to support domestic consumption trends across industrial and infrastructure sectors, potentially benefiting base metals demand sentiment in the near term.
China’s refined copper imports rise amid strong EV and grid demand
China’s refined copper imports are expected to increase in Q2CY’26, supported by strong EV consumption and a 37% y-o-y rise in grid investments. Domestic refined copper output may remain constrained due to smelter maintenance, tightening local supply conditions.
April refined copper imports rose 9% m-o-m to 452,000 t, the highest level since September, while falling SHFE inventories and firm downstream orders supported bullish market sentiment. The trend continued to support elevated LME copper prices.
Nalco’s West Asia alumina exports face disruptions
Nalco’s alumina exports to West Asia, which account for nearly 40-50% of total shipments, have been affected by ongoing geopolitical tensions and weak regional smelter operations.
Spot alumina prices softened to $305-310/t amid oversupply concerns and changing trade flows. The company is increasingly exploring alternative export destinations such as Indonesia as demand recovery in West Asia remains slow.
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