- LME lead edges up as inventories fall sharply
- Copper prices fall 3% as stocks climb up 2%
Base metals prices on the London Metal Exchange (LME) fell on 19 January, with broad-based weakness across the complex. Aluminium prices declined 1.32% to $3,134/t, while LME stocks fell 0.41% to 488,000 t, reflecting continued drawdowns. Nickel witnessed a sharper correction, down 2.75% to $17,578/t, even as inventories inched up 0.16% to 285,732 t, indicating steady inflows.
Copper prices dropped 3.04% to $12,803/t, accompanied by a notable 1.74% rise in stocks to 143,575 t, suggesting easing tightness. Zinc also moved lower by 2.40% to $3,209/t, with inventories marginally down by 0.16% at 106,525 t. In contrast, lead was the only gainer, edging up 0.20% to $2,044/t, while stocks declined sharply by 2.39% to 206,350 t, pointing to tightening availability.
Domestic market overview
In India’s non-ferrous metals markets, aluminium Tense scrap prices were largely steady d-o-d, with ex-Delhi assessments unchanged at INR 207,000/t, signalling stable buying interest, while ex-Chennai prices fell by INR 500/t to INR 202,500/t, indicating slightly softer regional demand. In contrast, copper armature scrap prices, ex-Delhi, eased by INR 8,000/t (down 0.7%) to INR 1,120,000/t, reflecting mild corrective pressure after recent highs.
Other updates
Copper rises towards $13,000 on weaker dollar, tariff uncertainty
Copper prices advanced towards $13,000/t w-o-w, supported by a softer US dollar after President Donald Trump’s remarks on potential tariffs related to Greenland, which lifted broader commodity sentiment. The move was further underpinned by tight global supply conditions and resilient demand, particularly from China and energy transition sectors. However, market participants remain cautious, as escalating trade tensions could weigh on industrial activity and cap further upside.
Nickel futures retreat from recent highs amid profit-taking, demand concerns
Nickel futures eased from their recent 19-month highs, slipping back toward the $17,800-18,000/t range as traders moved to book profits after a strong rally. The pullback was also influenced by softer near-term demand signals from China, where stainless steel production and downstream consumption remain uneven. Despite the decline, the broader market outlook continues to find support from supply-side constraints, particularly Indonesia’s plans to tighten nickel ore production quotas in 2026, which could limit global availability. As a result, while prices have corrected in the short term, fundamentals suggest downside may remain contained unless demand weakens further.
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