- Domestic aluminium scrap prices decline sharply
- LME copper prices ease amid geopolitical uncertainty
LME base metals traded mixed on 23 July. Nickel recorded the strongest gain, rising 1.08% d-o-d to $17,420/t, followed by zinc, up 0.53% to $3,611/t, and lead, which increased 0.32% to $1,903/t. Aluminium declined 0.34% to $3,182/t, while copper slipped 0.46% to $13,745/t.
LME inventories declined across all major base metals. Copper stocks recorded the steepest fall, down 3.27% d-o-d to 281,425 t, followed by zinc, which fell 2.24% to 106,075 t. Nickel inventories declined 1.28% to 268,548 t, aluminium stocks dropped 1.11% to 275,175 t, and lead inventories edged lower by 0.09% to 449,325 t.
Domestic market overview
India’s non-ferrous scrap market witnessed mixed trends on 23 July. Aluminium tense scrap (loose), ex-Delhi, declined by INR 12,000/t (4.5%) d-o-d to INR 253,000/t, while ex-Chennai prices fell by INR 5,000/t (2%) to INR 250,000/t.
Meanwhile, copper armature scrap (Cu 99%), ex-Delhi, increased by INR 20,500/t (1.6%) to INR 1,288,000/t, tracking higher domestic prices despite a slight decline in LME copper prices.
Other updates
Hindalco maps INR 1 lakh crore investment pipeline across aluminium and copper
Hindalco Industries has outlined a potential INR 1 lakh crore investment pipeline across its aluminium and copper businesses to support capacity expansion, downstream value addition, and long-term growth. The proposed investments are aimed at strengthening the company’s domestic manufacturing footprint while meeting rising demand from infrastructure, energy transition, and automotive sectors.
Copper prices retreat as US-Iran conflict outweighs strong earnings
LME copper prices pulled back from record levels as escalating US-Iran tensions weighed on market sentiment, overshadowing strong quarterly results from major producers including Teck Resources, Freeport-McMoRan, and Southern Copper. Meanwhile, progress toward restarting the Cobre Panama mine and declining exchange inventories remained key developments influencing the global copper market.
Indonesia’s bauxite downstream investment surpasses nickel in Q2CY’26
Indonesia’s bauxite downstream sector attracted IDR 40.1 trillion in investment during Q2CY’26, exceeding the IDR 29.4 trillion invested in the nickel sector for the first time. The shift reflects rising investment in domestic bauxite processing as the government expands its downstream strategy beyond nickel to strengthen value-added manufacturing.
South32 to sell aluminium assets to Alcoa for up to $5.6 billion
South32 has agreed to sell its aluminium value chain assets to Alcoa in a deal valued at up to $5.6 billion, excluding the Mozal Aluminium operation. The divestment supports South32’s strategy to focus on its base metals business, with the transaction expected to close in H2FY’27, subject to shareholder and regulatory approvals.
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