- Domestic aluminium scrap prices remained largely stable
- Mercuria secured full 2026 Ellatzite copper concentrate offtake
Base metals prices on the London Metal Exchange (LME) strengthened on 30 December, with broad-based gains recorded across aluminium, nickel, copper, zinc, and lead. Aluminium prices rose 0.95% to $2,980/t, supported by improved sentiment, while nickel surged 6.41% to $16,828/t, marking the strongest gain among base metals. Copper prices advanced 2.75% to $12,559/t, extending recent upside momentum. Zinc climbed 1.15% to $3,124/t, and lead edged higher by 0.22% to $2,010/t.
LME warehouse inventories showed a mixed trend. Aluminium stocks declined by 0.96% to 514,250 t, while copper inventories saw a sharp drawdown of 3.30% to 149,475 t, indicating tightening availability. Zinc stocks slipped marginally by 0.21% to 106,325 t. Nickel inventories were unchanged at 255,186 t, whereas lead stocks inched up by 0.41% to 245,275 t.
Domestic market overview
In India’s non-ferrous markets, BigMint assessed copper armature scrap at INR 1,160,000/t ex-Delhi, down by INR 10,000/t d-o-d. Meanwhile, aluminium Tense scrap prices remained stable at INR 204,000/t ex-Delhi and at INR 191,000/t ex-Chennai, respectively.
Other market updates
Mercuria secures 2026 copper concentrate offtake from Ellatzite mine
Commodities trading group Mercuria has signed an offtake agreement with Bulgarian miner Geotechmin covering 100% of copper concentrate production from the Ellatzite mine in 2026, reinforcing its expansion into metals trading in Europe. The deal includes a $250 million prepayment facility and comes as Mercuria expects tighter global copper markets next year, which could lift concentrate and refined copper prices. For Geotechmin, the agreement provides competitive access to international markets, with the Ellatzite mine forecast to produce around 195,000 wet metric tons of copper concentrate in 2026.
Korea Zinc trims share issuance for US smelter project
Korea Zinc said it has revised its planned share issuance to $1.94 billion, slightly lower than previously announced, citing the finalised share price and changes in currency exchange rates. The funds will be used to establish a non-ferrous metal smelter in Tennessee to produce critical minerals such as antimony and gallium, supporting U.S. efforts to reduce reliance on China for key materials used in electronics and defence manufacturing.
Indonesia plans mining output cuts to prop up commodity prices
Indonesia will cut mining output quotas to support prices of key commodities such as coal and nickel, Energy and Mineral Resources Minister Bahlil Lahadalia said, adding that the move aims to keep mineral prices at “rational” levels while boosting state revenues from royalties and taxes. The government plans to slash production under the annual RKAB mining plans submitted for approval, though no details were given on the scale of cuts for coal or other minerals. The announcement comes amid a slump in coal prices and reports of planned 2026 nickel output reductions, which helped push Shanghai nickel prices up. Bahlil also said the policy would help manage the environmental impact of mining, as Indonesia remains the world’s largest exporter of thermal coal and nickel products.
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