- India’s copper cathode imports surge y-o-y in Apr’25
- Restocking, tight domestic supply lift India’s scrap imports
Base metals prices on the London Metal Exchange (LME) remained range-bound d-o-d, with zinc increasing by 1.44% to $2,657/tonne (t). Meanwhile, inventories at LME-registered warehouses dropped d-o-d, with copper recording the steepest fall of 1.63%.
In other developments, India’s copper scrap and cathode imports surged y-o-y in April 2025.
COMEX market
Copper prices on the COMEX stood at $10,788/t, increasing by 0.6% compared to the previous close.
Indian market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 801,000/t ex-Delhi, stable d-o-d. Aluminium Tense scrap prices remained steady d-o-d, with ex-Delhi at INR 196,000/t and ex-Chennai at INR 197,000/t.
Market updates
India’s copper cathode imports rise in Apr’25, with no supply constraints
India’s copper cathode imports rose 33% to 32,000 t in April 2025 from 24,000 t a year earlier, with no supply issues, the Mines Ministry stated. The market stabilised following the implementation of a quality control order (QCO), supported by higher domestic output, especially from Adani’s Kutch refinery, and availability from BIS-certified suppliers. Prices remained aligned with LME trends.
India’s copper scrap imports surge in Apr’25 on restocking boost
India’s copper scrap imports jumped 46% y-o-y to 30,800 t in April 2025, the highest since November 2024, as refiners restocked after a weak Q1 and demand improved. Imports rose amid tight domestic supply and stronger downstream orders, especially from the cable and power sectors. Brass Honey led the import mix, with Germany and the US as top suppliers overall. Duty waivers and cable sector expansions are set to support Q2 demand.
Oil prices steady d-o-d
Oil prices held firm, with Brent near $67 and WTI just under $65, as traders assessed mixed signals on US trade policy, including a court ruling upholding Trump’s global tariffs. Despite recent declines driven by weak demand outlook and faster OPEC+ capacity recovery, markets remained steady amid easing US-China tensions.
Brent crude futures were recorded at $66.86/barrel today. Meanwhile, WTI crude oil futures increased by 0.06% d-o-d to $65.02/barrel.
Natural gas prices up
Natural gas stood at $3.53/metric million British thermal unit (MMBtu), up by 0.14% d-o-d.
Dollar index inches up
The dollar index, which measures the value of the greenback against a basket of six major currencies, hovered at 99.10, up by 0.03% d-o-d at the time of reporting. The Indian rupee was recorded at INR 85.45 against the dollar.
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