- Uncertainty around US copper import tariffs trigger LME rally
- Domestic supply remains adequate, need-based buying continues
Copper cathode prices in western India rose w-o-w on 18 June 2026 following a rebound in global copper prices, leading to healthy domestic offers.
As per BigMint’s assessment, ex-Mumbai copper cathode prices rose to around INR 1,330,000/t on 18 June from nearly INR 1,320,000/t last week. Similarly, Ahmedabad prices rose to around INR 1,333,000/t from nearly INR 1,322,000/t.
The rise followed an increase in both the London Metal Exchange (LME) and Multi Commodity Exchange (MCX) copper prices. LME copper prices rose from around $13,480/t last week to nearly $13,700/t this week, while although MCX copper prices increased to around INR 1,341,800/t on 15 June, they moderated subsequently, remaining largely stable w-o-w in the range of INR 1,325/kg.
LME copper prices rose to around $13,700/t on 18 June as markets increasingly priced in the possibility of US tariffs on refined copper imports ahead of a key policy decision due by 30 June. The tariff uncertainty encouraged traders to divert copper inventories into the US, tightening metal availability in other regions and supporting LME prices.
A source stated, “Japanese-origin cathodes continue to be offered to India at premiums of around $250-300/t over LME,” depending on volume and delivery terms. However, market participants indicate that growing domestic availability has reduced urgency for imports, limiting the ability of overseas suppliers to push premiums significantly higher despite the rally in global prices.
Cathode imports decline m-o-m in May’26
India’s copper cathode imports fell 11% m-o-m to 22,760 t in May 2026. Market participants attributed the lower imports to improving local supply, particularly as new refining capacities continue to ramp up, reducing dependence on overseas shipments for day-to-day procurement.
Market sentiment
The Indian copper cathode market witnessed improved sentiment this week as the sharp rise in LME copper prices pushed domestic offers higher. Traders and stockists in western India increased offer levels following the global rally, while buyers returned to the market to cover near-term requirements before prices moved further up.
Most market participants attributed the price rise to ongoing uncertainty surrounding potential US copper import tariffs, which have continued to support global copper prices and keep market sentiment bullish. The stronger international market encouraged sellers to hold firm on offers, reducing room for negotiations.
In the physical market, buying interest was mainly seen from wire rod manufacturers and cable producers, particularly those with immediate production requirements. However, large-volume purchases remained limited as many consumers preferred staggered procurement amid elevated prices. Some buyers who had delayed purchases in anticipation of a correction re-entered the market following the latest rise in LME prices.
Market participants indicated that domestic material remained readily available, preventing any supply tightness despite stronger global cues. As a result, the price increase was largely sentiment-driven rather than a reflection of shortages in the local market.
Looking ahead, the market’s attention remains focused on developments related to US tariff measures and their impact on global copper flows. Most traders expect domestic cathode prices to remain firm in the near term if LME prices continue to hold above $13,500/t, although buying activity could slow if prices rise too quickly and squeeze downstream margins.
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