- Indian ADC12 prices rebound amid recovery in auto demand
- Kutch Copper secures long-term Australian concentrate supply
At the close of trading on 7 November 2025, base metals prices on the London Metal Exchange (LME) showed mixed trends w-o-w, with lead witnessing a gain of 1.76% to $2,053/tonne (t). Meanwhile, LME warehouse stocks exhibited negative trends, with lead witnessing the highest drop of 7.54%.
On the LME, three-month aluminium prices stood at $2,852/t, down by 1.13% w-o-w, while zinc increased by 0.25% to $3,063/t. Copper prices were at $10,745/t, down by 1.31% w-o-w, and lead was up by 1.76% at $2,053/t. Nickel stood at $15,070/t, down by 1.02% w-o-w.
At closing on 3 November, LME aluminium prices stood at $2,907/t, up by around $46/t as compared to $2,861/t last week. Aluminium prices rose amid tightening global supply, driven by Century Aluminium’s production cut in Iceland following equipment failure. While concerns grew that China could exceed its 45 mnt output cap, Beijing’s move to slow industrial capacity growth reinforced expectations of limited supply.
LME copper prices stood at $10,625/t on 5 November 2025, lower than $10,947/t a week earlier. LME copper prices retreated after touching $11,200/t as traders booked profits following a strong late-October rally.
The pullback was driven by a firmer US dollar, which made dollar-denominated metals costlier for overseas buyers, and by mixed signals from China, where manufacturing activity and short-term industrial demand showed signs of slowing. Rising inventories in key Chinese hubs also weighed on sentiment. However, analysts noted that the decline appeared to be a technical correction rather than a fundamental shift, as tight refined supply and resilient global demand continue to underpin market support.
India’s imported aluminium scrap prices showed positive trends w-o-w, following positive movements on the London Metal Exchange (LME).
BigMint assessed UAE-origin Tense scrap at $1,950/t, up by $5/t w-o-w, while UK-origin Taint Tabor C/S (9-10%) stood at $2,020/t, up by $5/t w-o-w.
India’s aluminium ADC12 market rebounded in October 2025 after a modest decline in September, with prices supported by rising automotive sector demand following GST cuts. While global scrap prices surged on higher LME levels, domestic tags corrected due to improved availability.
According to BigMint, average OEM ADC12 prices for October increased m-o-m, reaching INR 231,000/t in Delhi and Pune, up by INR 2,500/t and INR 3,000/t respectively, and INR 232,000/t in Chennai, up by INR 1,500/t.
Imported copper scrap prices in India declined w-o-w, tracking declines on London Metal Exchange (LME) futures. Parallelly, domestic copper scrap prices edged down amid muted demand and limited activity as the market continued to recover from the post-festive lull.
According to BigMint’s assessment, Birch Cliff scrap was assessed at $9,955/tonne (t), down by 4.5% w-o-w, while US motors mix stood at $1,190/t (both CFR Mundra), down by 1.7% w-o-w.
India’s copper demand rose sharply by 9.3% y-o-y to 1.878 million tonnes (mnt) in FY’25 from 1.718 mnt in FY’24, according to International Copper Association (ICA) India. This strong growth — the highest in five years — underlines the nation’s structural shift towards electrification, industrialisation, and clean energy expansion.
India’s zinc scrap and dross market showed mixed but largely range-bound trends w-o-w, supported by steady inquiries and firm supply. Limited fluctuations were noted across regions, as buyers remained cautious and trades occurred within a narrow band.
BigMint assessed zinc diecast scrap (Middle East origin) at $2,430/t CFR west coast India, up by $10/t w-o-w.
Domestic zinc spot prices stood at INR 315,000/t exw-Delhi, down by 0.6% w-o-w. HZL zinc prices were down by 1.3% w-o-w to INR 326,000/t ex-Chanderiya.
Lead
Domestic primary lead ingot prices stood at INR 190,500/t, while re-melted ingots stood at INR 176,500/t, both up by INR 500/t w-o-w.
Meanwhile, HZL lead prices stood at INR 211,100/t ex-Chanderiya, up by 0.8% w-o-w.
Other updates
Kutch Copper signs long-term supply deal with Caravel Minerals
Adani Group’s Kutch Copper has signed an agreement with Australia’s Caravel Minerals to secure long-term copper concentrate supply for its upcoming 0.5 mnt/year Mundra smelter in Gujarat. The AUD 1.7 billion project, among Australia’s largest undeveloped copper deposits with 1.3 mnt of payable metal, will initially ship 62,000-71,000 t annually to India, strengthening India-Australia mineral ties and supporting domestic copper demand growth.
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