- Domestic aluminium prices extend weekly gains
- Copper cathode prices continue weekly recovery
LME base metals prices weakened during the week amid softer market sentiment. Aluminium declined by 0.2% to $3,147/t from $3,153/t, while copper edged down 0.3% to $13,415/t from $13,454/t. Zinc recorded the steepest decline, falling 1.6% to $3,529/t from $3,588/t, followed by lead, which eased 1.5% to $1,871/t from $1,900/t.
Meanwhile, LME inventories showed mixed trends across major base metals. Aluminium stocks fell 2.7% to 280,100 t from 287,725 t, copper inventories declined 3.2% to 296,625 t from 306,500 t, and zinc stocks decreased 2.7% to 111,725 t from 114,800 t. In contrast, lead inventories surged 56.2% to 452,075 t from 289,375 t.
Aluminium
India’s imported aluminium scrap prices showed mixed trends w-o-w amid stronger LME aluminium prices.
According to BigMint’s latest assessment for CFR Nhava Sheva deliveries, UK-origin zorba 95-5 scrap prices declined by $5/t w-o-w to $2,685/t, while UK-origin wheel scrap prices increased by $20/t to $3,150/t.
Domestic aluminium prices in India continued to strengthen w-o-w as of 17 July 2026, supported by firmer trends on the Multi Commodity Exchange (MCX) and the London Metal Exchange (LME), despite monsoon-driven subdued buying activity in the physical market.
According to BigMint’s assessments, P1020 aluminium ingot prices in Delhi NCR increased by INR 7,100/t (2%) w-o-w to INR 348,800/t on 17 July, from INR 341,700/t on 10 July.
Copper
Copper scrap prices in India moved higher w-o-w on 14 July 2026, however with only marginal fluctuations in trades as domestic demand remains seasonally slow.
At the domestic level, buying activity remained largely requirement-driven across major trading hubs. According to BigMint’s assessment, copper armature scrap, ex-Delhi, up w-o-w, edging up just by 3% to INR 1,225,000/t from INR 1,190,000/t.
Copper cathode prices in western India increased w-o-w on 16 July 2026, supported by a sharp recovery in LME copper prices and firmer import premiums. Buying activity, however, remained largely requirement based as downstream consumers continued to exercise caution amid elevated prices and uncertainty surrounding the proposed US copper import tariffs.
As per BigMint’s assessment, ex-Mumbai copper cathode prices rose to around INR 1,320,000/t on 16 July from nearly INR 1,310,000/t last week.
Zinc & Lead
India’s zinc dross and zinc oxide prices extended their gains in the week ended 15 July 2026, supported by firmer London Metal Exchange (LME) zinc prices, continued declines in exchange inventories and higher replacement costs for secondary material.
Despite the upward price movement, downstream buying remained disciplined, with most consumers procuring material only against confirmed production schedules as higher offers met resistance from value-conscious buyers.
Domestic zinc dross prices increased by INR 5,500/t w-o-w to INR 318,000/t ex-Delhi from INR 312,500/t a week earlier.
Hindustan Zinc Ltd (HZL) on 16 July 2026 reduced zinc ingot prices by INR 1,700/t ($20/t) and lead ingot prices by INR 2,800/t ($33/t) compared with its previous revision announced on 13 July.
Following the latest revision, HZL’s benchmark Special High Grade (SHG) zinc ingot prices were lowered to INR 383,900/t ($4,485/t), while lead ingot prices declined to INR 208,900/t ($2,439/t).
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