- Copper recovers while aluminium prices weaken
- Zinc outperforms despite softer domestic demand
LME base metals traded mixed in the week ended 3 July 2026. Zinc recorded the strongest gain, rising 3.2% to 3,546 from 3,435, while copper edged up 0.2% to 13,299 from 13,270. In contrast, aluminium declined 3.1% to 3,080 from 3,180, and lead fell 3.2% to 1,851 from 1,913.
LME base metals inventories also continued to decline in the week ended 3 July 2026. Copper stocks registered the steepest fall, dropping 5.2% to 318,900 t from 336,475 t. Aluminium inventories decreased 2.6% to 298,775 t from 306,725 t, zinc stocks eased 2.2% to 118,675 t from 121,300 t, while lead inventories declined 1.4% to 293,150 t from 297,450 t.
Aluminium
India’s imported aluminium scrap prices fell sharply w-o-w, pressured by weaker LME aluminium prices and sluggish demand from domestic buyers.
According to BigMint’s latest assessment for CFR Nhava Sheva deliveries, UK-origin zorba 95-5 scrap prices declined by $135/t w-o-w to $2,750/t, while US-origin tense 6-7% scrap prices dropped by $140/t w-o-w to $2,525/t.
Domestic aluminium prices in India eased marginally w-o-w as of 3 July 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 2,000/t (1%) w-o-w to INR 338,000/t on 3 July from INR 340,000/t on 26 June.
Global alumina production declined marginally by 0.3% y-o-y to 58.39 million tonnes (mnt) during 5MCY’26 from 58.56 mnt in the corresponding period last year, according to the International Aluminium Institute (IAI).
Copper
Copper scrap prices in India remained largely stable w-o-w on 1 July 2026, with only marginal fluctuations as weak domestic demand offset the recovery in benchmark prices.
According to BigMint’s assessment, copper armature scrap, ex-Delhi, remained largely stable w-o-w, edging down by around 0.7% to INR 1,200,000/t from INR 1,208,000/t.
Copper cathode prices in western India rose w-o-w on 02 July 2026 following a rebound in domestic copper exchange prices, leading to higher domestic offers.
As per BigMint’s assessment, ex-Mumbai copper cathode prices rose to around INR 1,274,000/t on 2 July from nearly INR 1,240,000/t last week.
India’s brass honey scrap prices rose slightly w-o-w on 3 July 2026 amid improving global prices. BigMint’s assessment placed brass honey scrap prices at around INR 805,000/t exw-Jamnagar, up by INR 5,000/t w-o-w.
India’s imports of finished copper products weakened during the first five months of CY’26, with finished long imports declining 12% y-o-y to 58,030 t and finished flat imports falling 25% to 66,787 t.
Zinc
India’s zinc dross and zinc oxide prices declined further w-o-w as of 1 July 2026, tracking weaker London Metal Exchange (LME) zinc prices and subdued downstream procurement.
Domestic zinc dross prices declined by around INR 2,800/t w-o-w to INR 310,400/t ex-Delhi from INR 313,200/t a week earlier.
Meanwhile, zinc oxide (99% Zn) prices fell by around INR 3,900/t w-o-w to INR 300,300/t ex-Delhi, compared with INR 304,200/t in the previous week.
Hindustan Zinc Limited (HZL) reported its highest-ever first-quarter mined metal production of 268,000 t for the quarter ended 30 June 2026, marking the fifth consecutive year of record first-quarter output.
Hindustan Zinc Ltd (HZL) on 1 July 2026 increased zinc ingot prices by INR 9,200/t ($107/t) compared with its previous revision announced on 29 June.
Lead
Hindustan Zinc Ltd (HZL) on 1 July 2026 increased reducing lead ingot prices by INR 2,900/t ($34/t) compared with its previous revision announced on 29 June.
Domestic lead prices remained largely steady as of 3 July 2026. Primary lead ingot eased marginally by INR 200/t to INR 213,000/t ex-Delhi, while remelted lead ingot increased by INR 900/t to INR 203,000/t.
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