- Copper inventories decline 1.94%, LME base metals trade mixed
- Codelco accident raises copper supply concerns in Chile
LME base metals traded mixed on 9 October. Zinc recorded the strongest gain, rising 2.34% d-o-d to $3,806/t, followed by copper, up 1.61% to $14,540/t, and lead, which gained 1.51% to $1,888/t. Meanwhile, nickel advanced 0.44% to $15,622/t, while aluminium slipped 0.07% to $3,049/t.
LME inventories recorded mixed trends, with copper stocks registering the steepest decline. Copper inventories fell 1.94% d-o-d to 235,225 t, followed by lead, down 0.44% to 347,875 t, and zinc, which slipped 0.25% to 127,425 t. Meanwhile, aluminium stocks stood at 238,875 t and nickel inventories at 284,178 t, with both unchanged d-o-d.
Domestic market overview
India’s domestic non-ferrous scrap market witnessed mixed trends last session, with aluminium prices edging higher in Delhi, while copper armature scrap prices declined slightly.
Aluminium tense scrap (loose), ex-Delhi, rose by INR 1,000/t (0.41%) d-o-d to INR 245,000/t from INR 244,000/t. In contrast, ex-Chennai prices remained unchanged at INR 246,000/t. Aluminium P1020 prices also advanced by INR 1,000/t (0.29%) to INR 345,000/t from INR 344,000/t. Meanwhile, MCX aluminium prices fell 1.19% to INR 3,334/kg.
Meanwhile, copper armature scrap (Cu 99%) declined by INR 1,000/t (0.07%) d-o-d to INR 1,352,000/t from INR 1,353,000/t. In contrast, MCX copper prices rose 0.33% to INR 14,229/kg, despite the slight decline in domestic scrap prices.
Other updates
Middle East tensions keep energy and shipping costs in focus
Hostilities in the Middle East and attacks on commercial vessels around the Strait of Hormuz continue to threaten energy supply routes. However, oil prices declined in the latest reported session, with Brent crude falling 1.07% to $103.6/barrel. Expectations of additional Russian fuel supplies helped ease prices, although geopolitical risks remained.
PMB plans $133 mn investment in silicon-aluminium alloys
Malaysia’s PMB Technology plans to invest $133 million in silicon-aluminium alloys amid mounting losses in its silicon metal business, driven by oversupply and weak demand. The company reported a net loss of MYR 48.16 million ($11.8 million) in the first half of 2026, against a profit a year earlier. The proposed diversification targets higher-value automotive and aerospace applications, with its market impact depending on project execution and future demand.
Codelco accident raises copper supply concerns in Chile
Chile’s state-owned copper producer Codelco reported that two contractor workers died following an accident in the open-pit area of its El Teniente division on 11 October. A third worker was rescued, while authorities investigated the incident. The affected area had already been closed because of adverse weather conditions. El Teniente produced approximately 310,000 tonnes of copper in 2025, making its operating status important to Chilean supply.
MINO expands Indian presence following mill start-up
Italian rolling-technology supplier MINO established its Indian subsidiary in Navi Mumbai in September 2026. The move aims to strengthen local engineering, project execution and after-sales support. It follows the start-up of Jupiter Aluminium Limited’s (JUPALCO’s) four-high aluminium cold rolling mill. The mill produced its first coil in August 2025 and has an annual capacity of around 120,000 t. It serves the packaging, automotive, construction and electrical sectors. MINO’s local presence could improve technical support and encourage further investment in India’s aluminium processing industry.
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