Copper cathode prices in western India rise w-o-w on tight supply, LME gains

• Strong demand from data centre projects supports prices
• Far East, African supply continues to dominate Indian market

Copper cathode prices in western India moved higher w-o-w on 7 May 2026, mainly due to the strong rise in London Metal Exchange (LME) copper prices to $13,400/t from $13,000/t a week back. This was accompanied by concerns over limited supply amid robust demand.

According to BigMint’s bi-weekly copper cathode assessment for western India, ex-Mumbai prices rose to INR 1,318,000/tonne (t) from INR 1,287,000/t, while ex-Ahmedabad prices moved up to INR 1,320,000/t from INR 1,289,000/t. Similarly, copper prices on the Multi Commodity Exchange (MCX) also increased from around INR 1,270,000/t to INR 1,311,000/t this week, tracking gains in the global market.

Global copper prices remained elevated amid ongoing concerns over concentrate shortages, low to negative treatment and refining charges (TC/RCs) for copper concentrates, and tight upstream supply conditions. This is despite easing geopolitical tensions in the Middle East, which slightly improved overall market confidence and reduced fears of major supply disruptions in global commodity trade routes.

Market insight

In the Indian market, cathode demand from the wire and cable sector remained steady, especially from copper rod (CCR) manufacturers operating at high utilisation levels. Market participants stated that demand, particularly from data centre projects, continues to support copper consumption despite high prices currently. Several downstream players are actively securing cathode material amid concerns over supply availability. Domestic cathode availability remains relatively tight, with many large buyers still depending on imports from Far East countries and Africa.

A trader noted that “Imported cathodes from Far East countries and Africa continued to dominate the Indian market due to competitive premiums, better delivery commitments, and consistent quality. African-origin cathodes, in particular, witnessed healthy demand.”

Some market participants observed that “high scrap prices, especially high-grade mill berry scrap, are also indirectly supporting cathode demand, with the price gap between refined copper and high-grade scrap narrowing significantly.”

Industry sentiment also remains positive due to upcoming expansions in the wire, cable, and copper rod segments. Capacity additions by major players (including KEI Industries, Precision Wires India, and Indo Asia Copper Limited) in the cables and conductors industry are expected to increase cathode demand further over the next 1-2 years.

Trades

Copper cathodes traded at INR 1318,000-1320,000/t Ex Mumbai — over 30-50 t

Copper cathodes traded at INR 1323,000-1324,000/t Ex Delhi — over 50-55 t

Outlook

BigMint’s outlook for the copper cathode market remains positive, supported by ongoing capacity expansions in the wire, cable, transformer, and copper rod segments across India. We expect demand to stay firm in Q2CY’26, driven by continued growth in power infrastructure, renewable energy, EVs, and data centre projects. As such, we believe that prices will continue to rise throughout the quarter.