- Higher raw material costs support aluminium prices
- Copper cathode prices jump in western India
LME base metals traded mostly higher on a w-o-w basis, with zinc recording the strongest gain of 3.30% to $3,542/t, followed by aluminium rising 1.95% to $3,580/t and lead increasing 1.02% to $1,990/t. Copper prices also edged up 0.76% to $13,600/t, while nickel was the only metal to decline, slipping 2.65% to $18,580/t.
On the inventory side, aluminium stocks witnessed the sharpest fall, declining 3.31% to 344,000 t, followed by copper inventories, which dropped 0.92% to 395,725 t. Nickel and lead stocks also edged lower by 0.72% and 0.29%, respectively, indicating relatively tighter availability across most metals. In contrast, zinc inventories increased marginally by 0.14% to 110,750 t.
Global zinc prices rallied sharply on 14 May 2026, climbing to their highest level since August 2022 after fresh disruptions at major smelters in Peru and Kazakhstan intensified concerns over tightening refined zinc supply.
Benchmark three-month zinc on the London Metal Exchange (LME) rose 2.3% to $3,610/t, after touching an intraday high of $3,616.5/t. The rally followed Nexa Resources’ decision to temporarily suspend operations at its 344,400 t/y Cajamarquilla zinc smelter in Peru after a fire damaged key infrastructure at the site. The facility is the largest zinc smelter in Latin America.
Aluminium
India’s imported aluminium scrap prices showed mixed trends w-o-w as of 16 May 2026, amid marginally higher London Metal Exchange (LME) aluminium prices and cautious spot market activity.
According to BigMint’s latest assessment for CFR Nhava Sheva deliveries, UK-origin zorba 95-5 scrap increased by $25/t w-o-w to $2,990/t from $2,965/t previously, supported by firm shredded scrap availability.
Domestic aluminium prices in India increased w-o-w as of 16 May’26, supported by stronger trends on the London Metal Exchange (LME), firm MCX aluminium futures, and improved producer pricing sentiment.
As per market assessments, P1020 ingot prices in Delhi NCR rose by INR 15,500/t, or 4.1%, w-o-w to INR 390,500/t on 14 May.
India’s aluminium ADC12 alloy ingot prices remained firm m-o-m in May 2026, supported by higher raw material costs and sustained automotive demand, alongside tight scrap availability, and ongoing supply disruptions linked to the West Asia conflict.
The spread between scrap and semi-finished products widened further, averaging around INR 70,000-71,000/t in Delhi NCR and INR 60,000-61,000/t in Chennai region.
Copper
Copper scrap prices in India increased sharply w-o-w on 16 May’26, tracking the strong rally in London Metal Exchange (LME) copper prices, which rose by $609/t to around $14,021/t from $13,412/t.
The sharp uptick in global copper prices continued to support imported and domestic scrap offers across Indian markets. Market activity, however, remained measured, with participants largely focusing on immediate procurement requirements amid elevated price levels.
Brass honey scrap prices in Jamnagar, Gujarat, increased w-o-w on 16 May 2026, tracking firm global copper prices and higher overseas scrap offers. Market activity remained measured, with buyers largely focusing on immediate procurement requirements amid elevated price levels.
Copper cathode prices in western India moved up sharply this week following a strong rally in global copper exchanges and tightening availability across the raw material supply chain.
According to BigMint’s bi-weekly copper cathode assessment for western India, ex-Mumbai prices rose to INR 1,390,000/tonne (t) from INR 1,320,000/t, while ex-Ahmedabad prices moved up to INR 1,393,000/t from INR 1,322,000/t.
Zinc
India’s zinc dross and zinc oxide markets witnessed a modest increase w-o-w as of 13 May 2026, supported by stronger global cues. Benchmark three-month London Metal Exchange (LME) zinc prices increased by $104/t w-o-w to $3,537/t, compared with $3,433/t a week earlier, lending support to domestic secondary zinc markets.
India’s zinc ingot (99.995%) prices increased w-o-w by INR 8,900/t to INR 361,900/t ex-Delhi on 12 May 2026, supported by higher global prices and producer-led hikes, although downstream demand continued to remain largely subdued.
The domestic market continued to track Hindustan Zinc Limited (HZL), which increased its zinc ingot prices by INR 2,300/t on 11 May to INR 362,600/t, reflecting stronger alignment with the recent rally in LME zinc prices and improving global sentiment.
Lead
Domestic lead prices witnessed a notable increase on a w-o-w basis. Lead primary ingot exw-Delhi rose by INR 2,600/t, or 0.99%, to INR 207,600/t on 16 May from INR 205,000/t on 2 May.
Similarly, lead re-melted ingot exw-Delhi increased by INR 4,500/t, or 1.03%, to INR 200,500/t from INR 196,000/t over the same period.
Hindustan Zinc Limited (HZL), on 7 May, increased its lead ingot prices by INR 6,000/t ($63/t) to INR 227,700/t ($2,379/t) compared to the previous revision on 11 May.
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