- Centinela copper strike persists as negotiations remain deadlocked
- Australia imposes financial guarantees on Chinese aluminium window imports
LME base metals continued the downward trend on 15 October, with nickel recording the steepest d-o-d decline of 1.86% to $15,221/t. Zinc fell 1.45% to $3,665/t, followed by copper, down 0.99% to $14,347/t. Lead declined 0.84% to $1,881/t, while aluminium edged down 0.03% to $2,987/t.
LME inventories recorded mixed movements. Zinc stocks rose 4.14% to 144,125 t, the largest percentage change, while copper inventories fell 0.72% to 228,000 t and lead stocks declined 0.51% to 340,075 t. Aluminium inventories eased 0.10% to 238,375 t, while nickel stocks edged up 0.05% to 282,654 t.
Domestic market overview
India’s non-ferrous market recorded mixed movements d-o-d, with aluminium scrap prices unchanged while P1020 aluminium ingot and copper armature scrap weakened. MCX aluminium and copper futures advanced despite declines in the corresponding LME contracts.
Aluminium tense scrap (loose) remained unchanged at INR 242,000/t ex-Delhi and INR 245,000/t ex-Chennai. P1020 aluminium ingot declined INR 9,000/t, or 2.7%, to INR 325,000/t from INR 334,000/t. Meanwhile, MCX aluminium rose 2.63% d-o-d to INR 3,253/kg.
Meanwhile, copper armature scrap (Cu 99%) ex-Delhi fell INR 12,000/t, or 0.9%, to INR 1,335,000/t from INR 1,347,000/t. MCX copper gained 0.69% d-o-d to INR 14,077/kg.
Other updates
Centinela copper strike continues amid stalled negotiations
Negotiations between Antofagasta Minerals and two unions at Chile’s Centinela copper mine remained deadlocked on 15 October. The Distrito Centinela and Minera Esperanza unions represent more than 700 workers and began striking on 7 October. Three workers had also entered their seventh day of a hunger strike. Antofagasta has maintained its 2026 copper production guidance of 625,000–655,000 tonnes, although prolonged industrial action could disrupt operations and affect concentrate availability.
Australia moves against Chinese aluminium windows over alleged dumping
Australia’s Trade Remedies Commission issued a preliminary finding that Chinese aluminium windows and doors were dumped at unfairly low prices, harming domestic manufacturers. From 15 October, importers must provide financial guarantees ranging from 5.3% to 73.3% of product value, depending on the exporter. The market was valued at approximately $2.8 billion during the investigation period, while Chinese products accounted for 19% of sales. A final recommendation is due by 16 December 2026.
Oil prices retreat as traders weigh sanctions relief and supply risks
Brent crude fell 0.42% to $105.48/barrel on 16 October, while WTI declined 0.79% to $97.20/barrel. Both benchmarks remained on track for weekly gains, with Brent up 0.44% and WTI 5.81%. Traders assessed the possibility of easing US sanctions on shadow-fleet vessels alongside continuing Middle East supply risks. Ship clearances through the Strait of Hormuz averaged 11.62 million barrels per day in the seven days to 13 October, about 68% of the 17.15 million bpd baseline.
South32 shareholders approve aluminium asset sale to Alcoa
South32 shareholders approved the sale of the company’s aluminium value-chain assets to Alcoa on 15 October. The transaction carries an implied enterprise value of up to $5.6 billion, including $3.1 billion in upfront cash, approximately $1 billion in Alcoa shares and contingent payments linked to aluminium and alumina prices. Assets include interests in Australia’s Worsley alumina refinery, South Africa’s Hillside smelter and Brazilian bauxite, alumina and aluminium operations. Completion is expected in the first half of 2027.
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