- China’s NEV sales support aluminium demand
- Codelco gets $2.4 billion capital boost
LME base metals traded mixed on 10 August, with four of five metals closing higher. Aluminium led gains, rising 1.16% d-o-d to $3,318/t. Lead followed with a 0.85% gain to $1,903/t, while zinc advanced 0.84% to $3,738/t. Copper also rose 0.60% to $14,160/t, whereas nickel slipped 0.46% to $16,925/t.
LME inventories also recorded mixed trends. Stocks fell for aluminium, copper, zinc and lead, while nickel stocks held steady. Copper inventories posted the largest decline, falling 1.62% d-o-d to 222,975 t. Lead stocks fell 0.90% to 424,575 t, followed by aluminium at 256,400 t, down 0.58%. Zinc stocks declined 0.41% to 97,075 t, while nickel remained unchanged at 264,444 t.
Domestic Market Overview
India’s non-ferrous scrap market saw mixed trends on 10 August. Aluminium prices remained stable in Delhi but fell in Chennai. Copper scrap prices also eased.
Aluminium tense scrap (loose), ex-Delhi, remained unchanged at INR 245,000/t. Meanwhile, ex-Chennai prices fell by INR 4,000/t, or 1.6%, to INR 240,000/t.
Meanwhile, copper armature scrap (Cu 99%), ex-Delhi, fell by INR 4,000/t, or 0.3%, to INR 1,286,000/t. The previous price stood at INR 1,290,000/t. LME copper, however, rose 0.60% to $14,160/t.
Other Updates
Oil prices rise as US-Iran peace hopes fade
Benchmark cruded oil prices rose around 5% as prospects for a US-Iran peace agreement weakened. The development raised concerns about the reopening of the strategically important Strait of Hormuz. Meanwhile, the waterway remains critical for global oil and LNG flows. Continued regional tensions could keep supply risks elevated. Consequently, higher energy prices may raise production and transportation costs for energy-intensive metals such as aluminium. However, the impact will depend on the duration of the disruption.
Chile provides Codelco with $2.4 billion boost
Chile will provide state-owned Codelco with a $2.4 billion capital injection. The world’s largest copper producer faces operational and financial challenges. The funding will support its investment programme and help maintain and expand production. Meanwhile, the move could strengthen Codelco’s long-term production capacity and financial position. However, the near-term supply impact should remain limited because new investment will take time to lift output.
PT Smelting Gresik accident disrupts copper cathode shipments
PT Smelting’s Gresik copper smelter in Indonesia suffered a molten-material leak on August 8. High-temperature material reportedly came into contact with water, generating pressure and steam. No casualties or environmental impacts were reported. Meanwhile, repairs could take several weeks. Low anode inventories have already affected cathode production. As a result, the disruption could delay copper cathode shipments and tighten refined copper availability in Southeast Asia.
China’s NEV wholesale sales rise 23% in July
China’s passenger NEV wholesale sales reached 1.47 million units in July. Sales rose 23% year on year despite weakness across the wider automotive market. Meanwhile, volumes fell 1% from June. July still recorded the strongest year-on-year growth rate so far in 2026. As a result, continued NEV growth supports aluminium demand in lightweight automotive components and battery enclosures. However, this trend remains more relevant to medium- and long-term demand than near-term prices.
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