Weekly round-up: LME base metals show mixed trends; Indian non-ferrous prices soften

• Inventory changes drive mixed base metals performance
• Aluminium, copper ease while zinc and lead advance

LME base metals prices showed a mixed trend in the week ended 19 June 2026. Aluminium declined 3.8% to $3,398/t from $3,532/t, while copper edged down 0.4% to $13,600/t from $13,655/t. In contrast, zinc increased 0.8% to $3,590/t from $3,562/t, and lead rose 0.6% to $1,969/t from $1,957/t.

On the inventory side, LME base metals stocks also recorded mixed movements in the week ended 19 June 2026. Zinc inventories registered the sharpest increase, rising 14.9% to 123,775 t from 107,750 t. Meanwhile, copper inventories declined 3.3% to 352,150 t from 364,100 t, aluminium stocks fell 1.4% to 315,300 t from 319,925 t, and lead inventories eased 1.3% to 301,950 t from 305,875 t.

Aluminium

India’s imported aluminium scrap prices declined sharply w-o-w, tracking continued weakness in LME aluminium prices and subdued buying activity.

According to BigMint’s latest assessment for CFR Nhava Sheva deliveries, UK-origin zorba 95-5 scrap prices declined by $60/t w-o-w to $2,965/t from $3,025/t previously. Meanwhile, US-origin tense 6-7% scrap prices decreased by $55/t w-o-w to $2,730/t from $2,785/t last week.

Domestic aluminium prices in India declined sharply w-o-w as of 19 June 2026, tracking weaker trends on both the Multi Commodity Exchange (MCX) and the London Metal Exchange (LME).

According to BigMint’s assessments, P1020 aluminium ingot prices in Delhi NCR fell by INR 17,000/t (4%) w-o-w to INR 365,000/t on 19 June from INR 382,000/t on 12 June.

NALCO reduced its primary aluminium ingot (P1020, 99.7%) prices on 18 June, lowering the benchmark to INR 376,500/t ($4,178/t) from INR 393,800/t ($4,370/t) on 13 June, reflecting a decline of INR 17,300/t ($192/t).

Copper

Copper scrap prices in India declined w-o-w on 17 June 2026; however, domestic market sentiment remained cautious. London Metal Exchange (LME) copper prices rose $400/t to around $13,800/t from $13,400/t a week back, supported by US tariff uncertainty, tight ex-China availability, and strong infrastructure demand.

At the domestic level, buying activity remained largely requirement-driven across key trading hubs. According to BigMint’s assessment, copper armature scrap, ex-Delhi, fell around 1% w-o-w to INR 1,250,000/t from INR 1,260,000/t last week.

Copper cathode prices in western India rose w-o-w on 18 June 2026 following a rebound in global copper prices, leading to healthy domestic offers.

As per BigMint’s assessment, ex-Mumbai copper cathode prices rose to around INR 1,330,000/t on 18 June from nearly INR 1,320,000/t last week. Similarly, Ahmedabad prices rose to around INR 1,333,000/t from nearly INR 1,322,000/t.

India’s brass honey scrap prices remained stable w-o-w on 19 June 2026, pressured by subdued demand and softer global prices. BigMint’s assessment placed brass honey scrap prices at around INR 810,000/t exw-Jamnagar, stable w-o-w as comfortable imported scrap availability and balanced downstream buying activity kept the market largely stable during the week.

Zinc

India’s zinc dross and zinc oxide prices declined w-o-w as of 17 June 2026, as cautious buying activity and resistance to higher offers weighed on the domestic secondary zinc market.

The correction came despite broadly firm London Metal Exchange (LME) zinc prices during the assessment period, reflecting subdued downstream procurement and limited appetite for inventory accumulation.

Domestic zinc dross prices declined by around INR 3,400/t w-o-w to approximately INR 318,000/t ex-Delhi. In western India, zinc dross prices were heard at around INR 316,000/t ex-Mumbai, down from INR 318,000-319,000/t a week earlier.

India’s zinc ingot (99.995%) prices declined by INR 3,300/t w-o-w to INR 373,000/t ex-Delhi on 16 June 2026, according to BigMint’s assessment.

Hindustan Zinc Ltd (HZL) on 18 June 2026 increased zinc ingot prices by INR 3,800/t ($44/t) compared with its previous revision announced on 15 June.

Lead

The LME three-month lead contract opened the week at $1,999/t on 8 June and remained under pressure throughout the reporting period.

Hindustan Zinc Ltd (HZL) on 18 June 2026 increased lead ingot prices by INR 2,500/t ($29/t) compared with its previous revision announced on 15 June.