- Aluminium prices surge as US-Iran war impact supply
- Indonesia fines nickel producers for illegal mining
Base metal prices on the London Metal Exchange (LME) showed mixed movements as of closing on 27 February 2026. Aluminium declined 0.02% to $3,157/t, with stocks decreasing 0.85% to 465,550 t. Nickel fell 0.05% to $17,685/t, while inventories rose 0.06% to 287,976 t.
Copper rose 1.01% to $13,439/t, supported by a 1.62% increase in stocks to 253,700 t. Zinc dropped 1.52% to $3,327/t, with stocks down 2.48% at 97,350 t. Lead fell 2.82% to $1,928/t, with a slight 0.07% decrease in inventories to 286,100 t.
Domestic market overview
Domestic non-ferrous scrap prices in India climbed up across major markets, supported by steady buying activity and firm downstream demand. Aluminium tense scrap (loose), ex-Delhi, increased by INR 1,500/t or 0.7% to INR 220,000/t from INR 218,500/t. Similarly, aluminium tense scrap (loose), ex-Chennai, rose by INR 3,000 or 1.4% to INR 225,000/t from INR 222,000/t.
Meanwhile, copper armature scrap (Cu 99%), ex-Delhi, remained stable at INR 1,136,000/t, reflecting balanced trade sentiment and consistent procurement from cable and electrical segment buyers.
Other market updates
Middle East tensions push oil higher; India weighs supply options
Crude prices jumped nearly 10% to around $80 per barrel after tanker strikes near Oman escalated risks around the Strait of Hormuz, a vital route for about a fifth of global oil trade. Prices could test $100 or more if disruptions continue, although comfortable global supplies and rising US output may limit the shock. For India, which depends heavily on Gulf crude passing through the strait, the situation poses supply and cost risks. Shipping majors, including Maersk and NYK Line, have paused transits, adding to freight and insurance pressures as markets await further clarity.
Aluminium prices surge as US-Iran conflict threatens Middle East supply
Aluminium prices jumped 2.8% to $3,228/t on the LME on 2 March 2026 amid fears that escalating US-Iran tensions could disrupt exports through the Strait of Hormuz. The region produces about 9% of the world’s aluminium, with Iran, Bahrain, Saudi Arabia, and the United Arab Emirates relying on the corridor for trade. Other base metals saw mixed moves, with zinc rising slightly and copper slipping after earlier gains.
Embraer, Hindalco sign MoU to explore aerospace aluminium production in India
Embraer and Hindalco Industries Limited have signed a Memorandum of Understanding (MoU) to explore opportunities in India’s aerospace sector. The partnership will assess the production of aerospace-grade aluminium to support Embraer’s industrial programmes and align with the Make in India initiative. By developing local suppliers, the collaboration aims to strengthen India’s aerospace ecosystem and generate long-term value across the supply chain.
Indonesia fines nickel producers for illegal mining
Indonesia has imposed hefty penalties on four major nickel producers for operating without proper permits in forest areas in North Maluku, with fines reaching up to IDR 6.5 billion per hectare. PT Weda Bay Nickel faces the largest penalty exceeding IDR 4 trillion, and authorities have seized part of its concession in a rare enforcement move. The crackdown underscores Jakarta’s tougher stance on regulating the mining sector.
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