- Indonesia reviews alumina and nickel export hurdles
- NALCO reports strong quarterly performance
LME base metals traded mixed on 31 July. Lead recorded the steepest decline, falling 0.95% d-o-d to $1,878/t. Zinc was the top gainer, rising 0.58% to $3,643/t. Aluminium slipped 0.38% to $3,184/t, while nickel edged lower by 0.12% to $17,249/t. Copper also weakened, easing 0.09% to $13,791/t.
LME inventories recorded mixed trends across major base metals. Copper stocks posted the largest decline, falling 2.63% d-o-d to 255,400 t. Zinc inventories dropped 1.08% to 100,700 t, while aluminium stocks slipped 0.56% to 266,300 t. Lead inventories eased 0.30% to 445,850 t, whereas nickel inventories remained unchanged at 267,522 t.
Domestic market overview
India’s non-ferrous scrap market witnessed mixed trends on 31 July.Aluminium tense scrap (loose), ex-Delhi, declined by INR 3,000/t (1.2%) d-o-d to INR 245,000/t. Ex-Chennai prices also softened, falling by INR 2,000/t (0.8%) to INR 243,000/t. The decline reflected weaker domestic scrap demand despite gains in MCX aluminium futures.
Meanwhile, copper armature scrap (Cu 99%), ex-Delhi, increased by INR 4,000/t (0.3%) to INR 1,270,000/t from INR 1,266,000/t. Domestic buying interest remained steady and supported prices, even as LME copper edged slightly lower.
Other updates
Indonesia reviews alumina and nickel export hurdles
Indonesia is reviewing export bottlenecks affecting alumina and nickel shipments after industry concerns over licensing procedures and customs clearances. Any easing of export restrictions could improve the flow of alumina and nickel products into global markets. Higher exports would increase raw material availability for aluminium smelters and stainless steel producers. Until policy changes are implemented, supply uncertainty is likely to continue supporting alumina and nickel prices.
NALCO reports strong quarterly performance
National Aluminium Company Ltd. (NALCO) reported a strong improvement in Q1 FY27 results. Consolidated net profit nearly doubled to INR 20 billion from INR 10.5 billion a year earlier. The performance was supported by higher aluminium prices, improved operating efficiency, and record bauxite mining and alumina production. Strong earnings from one of India’s largest integrated aluminium producers underline healthy domestic industry fundamentals and could encourage higher production if market conditions remain favourable.
Aluminium scrap tightness supports ADC12 prices
Chinese ADC12 alloy prices remained firm as tight aluminium scrap availability continued to constrain raw material supply. However, seasonal weakness in downstream automotive demand limited additional price gains during the summer off-season. Firm scrap costs and softer end-user demand are expected to keep ADC12 prices largely range-bound in the near term. Any sustained recovery will depend on stronger manufacturing activity and improved scrap availability.
Yen strengthens amid intervention expectations
The Japanese yen strengthened towards ¥155 per US dollar as traders anticipated possible government intervention following recent currency weakness. A stronger yen could lower import costs for Japanese manufacturers buying aluminium and copper raw materials. It may also improve purchasing power for metal imports. However, continued currency volatility is expected to remain an important factor for regional metals trade and investor sentiment.
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