- European Aluminium seeks stricter Russian import traceability rules
- China copper TC falls to -$125/dmt amid shortages
Base metals on the London Metal Exchange (LME) traded mostly higher on 26 June 2026, with zinc leading gains among major non-ferrous metals. Zinc rose 1.08% d-o-d to $3,472/t, followed by copper, which increased 0.66% to $13,358/t. Aluminium also gained 0.47% to $3,180/t, while nickel and lead declined 0.74% and 0.47% to $16,699/t and $1,904/t, respectively. The gains were supported by easing concerns over further US interest rate hikes following the US-Iran ceasefire, which improved risk appetite across industrial metals.
On the inventory side, stocks continued to decline across all major base metals. Copper inventories recorded the largest drawdown, falling 0.83% d-o-d to 339,100 t, followed by aluminium inventories, which declined 0.64% to 308,225 t. Lead, zinc and nickel stocks also fell 0.38%, 0.35% and 0.22% to 298,525 t, 122,400 t and 274,830 t, respectively. Continued inventory drawdowns, particularly in copper, indicate resilient physical demand despite ongoing macroeconomic uncertainty.
Domestic market overview
India’s non-ferrous scrap market remained largely stable on 26 June 2026. Aluminium tense scrap (loose), ex-Delhi, remained unchanged at INR 280,000/t, while ex-Chennai prices were also steady at INR 290,000/t.
Meanwhile, copper armature scrap (Cu 99%), ex-Delhi, increased by INR 6,000/t, or 0.50% d-o-d, to INR 1,196,000/t, supported by firmer LME copper prices and improved market sentiment.
Oil prices slip despite renewed Middle East tensions
Global crude oil prices declined on 29 June 2026, with Brent crude falling 1.64% d-o-d to $72.50/bbl and WTI crude easing 0.48% to $70.04/bbl. Natural gas prices rose 0.40% to $3.30/MMBtu, while the US dollar index edged down 0.03% to 101.37.
Market sentiment remained focused on developments in the Middle East after reports of renewed US-Iran military exchanges raised concerns over the security of the Strait of Hormuz. However, crude prices remained below the highs seen earlier in the conflict as traders continued to expect both countries to pursue negotiations aimed at preventing a prolonged disruption to energy supplies.
Analysts noted that while the resumption of diplomatic talks has limited further gains in oil prices, tanker backlogs, damaged infrastructure and shut-in production could delay a full recovery in regional oil exports. Saudi Aramco also resumed crude loadings at its Ras Tanura terminal after a nearly four-month suspension, but supply normalisation is expected to remain gradual amid continuing geopolitical uncertainty.
Other updates
European aluminium producers seek tighter rules on Russian imports
European aluminium producers are urging the European Commission to close a loophole that allows Russian aluminium to enter the EU through third countries despite direct import sanctions imposed in February 2026. Industry body European Aluminium has called for the adoption of a “smelt and cast” rule requiring importers to disclose the original source of the metal.
According to the association, Russia earned nearly $10 billion from aluminium exports last year and continues to sell the metal at an 11% discount to EU import prices, putting pressure on European producers. Several EU member states have also backed stricter traceability measures to curb indirect imports of Russian aluminium.
China’s copper market remains mixed amid tight raw material supply
China’s copper prices rebounded on 26 June, supported by softer US dollar expectations after the US PCE inflation data eased concerns over a September rate hike. However, downstream buying activity weakened as higher prices reduced procurement interest, while half-year-end cash flow needs kept spot premiums firm in most major markets.
On the supply side, copper concentrate spot treatment charge (TC) remained at -$125/dmt, highlighting severe concentrate shortages and strong smelter demand. Rising raw material costs also weighed on copper semis demand, with orders for copper rods and plates declining, although copper tube demand improved slightly amid expectations of firmer copper prices.
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