- Western India cathode prices decline w-o-w amid softer global, domestic benchmarks
- July cathode imports rise 17% m-o-m as buyers secure material despite elevated premiums
Copper cathode prices in western India declined week-on-week as the recent rally in global copper prices lost momentum. Softer MCX copper futures and lower domestic replacement values also weighed on spot prices. Despite the correction, physical demand remained healthy, with wire rod manufacturers, cable producers and other downstream consumers continuing to buy material.
According to BigMint’s assessment, ex-Mumbai copper cathode prices fell to around INR 1,374,000/t on 3 September 2026 from nearly INR 1,392,000/t a week earlier. Similarly, ex-Ahmedabad prices declined to approximately INR 1,376,000/t, compared with INR 1,394,000/t a week earlier.
Market participants said buying interest remained firm despite the price correction. Consumers that had delayed purchases during the recent rally returned to the market to replenish inventories, with some buyers securing volumes beyond immediate requirements amid expectations of continued tightness in physical copper availability. Demand remains supported by consumption from the power, infrastructure, wire and cable and manufacturing sectors.
Import premiums remain elevated
On the supply side, import premiums remained firm at around $250-300/t, while spot cathode availability was relatively limited. The combination of higher import costs and firm physical demand has provided support to domestic prices despite the recent correction in global benchmarks.
Market participants expect buying activity to improve further after the festive period, as European buyers return from summer holidays and international trading activity normalises. This could improve liquidity and transaction volumes across the copper value chain.
In Europe, market participants said physical cathode remained available for buyers willing to pay prevailing premiums, indicating that the market was experiencing tightness rather than an outright shortage. On-warrant LME copper stocks increased to 111,175 t from 106,950 t a week earlier, although inventory movements remained volatile as metal continued to move on and off warrant.
India copper cathode imports rise 16.8% m-o-m
India’s copper cathode imports increased 16.8% month-on-month to 20,096 t in July 2026, from 17,207 t in June, indicating continued demand for imported material despite elevated copper prices.
Market participants said domestic consumers remained active in securing overseas cargoes as limited spot availability and expectations of sustained downstream demand encouraged buyers to maintain inventories. Import premiums of around $250–300/t have increased the landed cost of imported cathode, but buyers have continued to book material to ensure regular raw-material supply.
The increase in imports also highlights the strength of India’s physical copper market, with consumers continuing to procure cathode despite price volatility and higher import costs.
Overseas copper assets could support long-term supply
India’s renewed efforts to secure copper assets in Zambia could strengthen long-term feedstock availability for domestic refiners. Greater access to overseas copper resources could help Indian producers secure raw materials, support stable refined copper output and reduce supply risks as domestic copper consumption continues to expand.
Hindustan Copper targets Chilean concentrate
Hindustan Copper’s planned sourcing of copper concentrate from Chile could further improve feedstock availability for Indian refiners. The company plans to supply the imported concentrate to domestic smelters, including Hindalco and Adani, which could support higher utilisation of domestic processing capacity and strengthen refined copper availability in India.
Outlook
The Indian copper cathode market is expected to remain stable to firm in the near term. Healthy downstream demand, limited spot availability and elevated import premiums of around $250–300/t are likely to provide a floor to domestic prices. While short-term volatility may continue in line with global and MCX copper movements, buying activity is expected to improve as market operations normalise after the monsoon and festive period.
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