- Domestic aluminium prices edge lower amid monsoon
- Copper scrap prices surge on stronger LME
LME base metals traded largely firm during the week. Copper recorded the strongest gain, rising 1.2% to $13,617/t from $13,454/t, while aluminium increased 0.2% to $3,161/t from $3,153/t. Zinc and lead also edged up 0.1% each to $3,592/t and $1,902/t, respectively.
Meanwhile, LME inventories showed mixed trends across major base metals. Copper stocks recorded the steepest decline, falling 9.7% to 276,775 t from 306,500 t, followed by zinc, down 7.8% to 105,800 t from 114,800 t, and aluminium, which declined 5.2% to 272,775 t from 287,725 t. In contrast, lead inventories surged 55.1% to 448,850 t from 289,375 t.
Aluminium
India’s imported aluminium scrap prices increased w-o-w, supported by slightly stronger LME aluminium prices.
According to BigMint’s latest assessment for CFR Nhava Sheva deliveries, UK-origin zorba 95-5 scrap prices rose by $15/t w-o-w to $2,700/t.
Domestic aluminium prices in India edge lower w-o-w as of 24 July 2026, despite subdued buying activity in the physical market during the monsoon season.
According to BigMint’s assessment, P1020 aluminium ingot prices in Delhi NCR edged down by INR 800/t (0.2%) w-o-w to INR 348,000/t on 24 July, from INR 348,800/t a week earlier.
Global primary aluminium production stood at 36.42 mnt in H1CY’26, marginally lower than 36.49 mnt in H1CY’25, according to the International Aluminium Institute (IAI).
Copper
Copper scrap prices in India increased w-o-w on 21 July 2026, tracking the sharp rally in international copper prices, although physical trading activity remained subdued due to seasonally weak demand during the monsoon.
At the domestic level, buying activity remained largely requirement-driven across major trading hubs. According to BigMint’s assessment, copper armature scrap, ex-Delhi, increased by around 4.4% w-o-w to INR 1,270,000/t from INR 1,217,000/t, mirroring the strength in international copper prices despite muted physical demand.
Copper cathode prices in western India increased w-o-w on 23 July 2026, supported by a sharp recovery in LME copper prices and firmer import premiums.
As per BigMint’s assessment, ex-Mumbai copper cathode prices rose to around INR 1,348,000/t on 23 July from nearly INR 1,320,000/t last week.
Zinc & Lead
India’s zinc dross and zinc oxide prices extended their gains in the week ended 22 July 2026, supported by a sharp decline in LME zinc inventories and higher replacement costs for secondary material. Although the weekly average of three-month LME zinc prices declined slightly from the previous assessment period, prices recovered towards the end of the week, while falling exchange stocks strengthened the underlying market sentiment.
Domestic zinc dross prices increased by INR 2,000/t w-o-w to INR 320,000/t ex-Delhi from INR 318,000/t a week earlier.
Meanwhile, zinc oxide (99% Zn) prices rose by INR 1,000/t w-o-w to INR 308,800/t ex-Delhi, compared with INR 307,800/t in the previous assessment.
Meanwhile, Hindustan Zinc Ltd (HZL) on 23 July 2026 raised zinc ingot prices by INR 2,500/t ($29/t) and lead ingot prices by INR 1,500/t ($18/t) compared with its previous revision announced on 20 July.
Following the latest revision, HZL’s benchmark Special High Grade (SHG) zinc ingot prices increased to INR 387,600/t ($4,527/t), while lead ingot prices rose to INR 212,500/t ($2,480/t).
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