- US copper demand surges, LME stocks drain
- India strengthens resource ties with Zambia
Base metals prices on the London Metal Exchange (LME) remained range-bound d-o-d, with zinc decreasing by 1.36% to $2,752/tonne (t). Meanwhile, inventories at LME-registered warehouses saw mixed trends d-o-d, with zinc recording the highest decline of 2.19%.
Indian market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 819,000/t ex-Delhi, stable d-o-d. Aluminium Tense scrap prices remained stable d-o-d, with ex-Delhi at INR 197,000/t and ex-Chennai at INR 198,000/t.
Market updates
Copper faces uneven ride amid tariff turmoil
Global copper markets faced sharp divergence as apprehensions regarding the potential US tariffs distorted trade flows. US demand surged, creating a $1,200/t premium and draining LME stocks. However, with copper production struggling to keep pace with geopolitical and market pressures, inventories remain low and volatility high. While Chinese smelters may ramp up exports, delayed shipments could tighten global supply.
India launches cobalt, copper exploration in Zambia
India has launched exploration activities for cobalt and copper in Zambia by dispatching a team of geologists to the resource-rich African nation. This move follows India’s acquisition of greenfield land in Zambia’s northwest province in March 2025, aimed at strengthening its critical mineral supply chains. Zambia, whose economy heavily depends on mineral exports such as copper, cobalt, gold, zinc, and lead, derives about 70% of its foreign exchange and 12% of its GDP from mining.
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