At close of trading on 28 Friday, 2025, base metals prices on the London Metal Exchange (LME) showed negative trends, with zinc witnessing the highest decline of 4.61% w-o-w. Meanwhile, LME warehouse stocks exhibited mixed trends, with zinc showing a gain of 7.05% w-o-w.
On the LME, three-month aluminium stood at $2,605/tonne (t), down by 3.09%, while nickel prices increased by 0.54% w-o-w to $15,433/t. Copper prices were at $9,358/t, down by 2.10% w-o-w, while zinc decreased by 4.61% w-o-w to $2,793/t. Lead inched down by 0.80% w-o-w to $1,992/t.
Aluminium
Imported aluminium scrap prices in India went down w-o-w, mirroring London Metal Exchange (LME) future prices, which fluctuated within a limited range.
BigMint’sbenchmark assessment for Tense scrap originating from the US was at $1,890/tonne (t), decreasing by $20/t w-o-w, while Wheels from the UK stood at $2,470/t, stable w-o-w, both CFR west coast, India.
Domestic aluminium Tense scrap prices inched up by INR 1,000/t w-o-w, with ex-Delhi at INR 180,000/t and ex-Chennai at INR 181,000/t.
There is a potential shortage of raw material in the market which has made ADC12 prices to move up significantly, upto INR 220,000/t.
BigMint’sweekly assessments for ADC12 (non-OEM) grade stood at INR 205,000/t in Delhi and INR 206,000/t in Chennai, remained stable w-o-w.
Copper
Domestic copper armature prices were assessed at INR 784,000/t ex-Delhi, down by INR 4,000/t w-o-w, while copper motors mix scrap prices moved down by $20/t w-o-w to $1,180/t.
Secondary continuously cast rods (CCR) (99.90%) were assessed at INR 842,000/t (ex-Delhi), reflecting a 0.2% weekly decrease. Meanwhile, primary CCR prices up by 0.6% to INR 870,000/t.
The local copper market remains largely driven by need-based purchases, with mills scaling back procurement. Despite expectations, the removal of import duty has yet to impact Indian market prices.
Copper scrap imports stood at 25,768 t in December 2024, decreasing to 24,567 t in January, a 4.6% decline m-o-m. In CY’24, total copper scrap imports reached 319,372 t.
Zinc
Zinc prices slightly increased w-o-w. Imported zinc diecast from the Middle East was assessed at $2,110/t CFR Mundra, down $25/t w-o-w, while domestic zinc ingots decreased by INR 2,000/t w-o-w to INR 278,000/t. Hindustan Zinc Limited (HZL) zinc ingots, however, inched down by INR 2,500/t w-o-w to INR 291,100/t ex-Jodhpur.
Lead
In this segment, domestic primary ingots remained range-bound at INR 203,000/t, while re-melted ingots remained largely stable w-o-w at INR 183,000/t. Meanwhile HZL lead ingots increased by INR 1,400/t w-o-w at INR 204,300/t ex-Jodhpur.
Wet batteries from the UAE were at $870/t CFR Kolkata. As companies establish new plants, automotive manufacturing demand is rising.
Chinese base metals market overview
In the week ending 28 February, deliverable base metals inventories at warehouses registered with the Shanghai Futures Exchanges (SHFE) displayed a mixed picture, with lead showing the largest inflow of 22% w-o-w to 59,176 t, according to the exchange’s weekly stock report.
Other updates
India secures copper and cobalt exploration in Zambia: India has received permission to explore copper and cobalt in Zambia’s 9,000-sq-km area. The Geological Survey of India will invest INR 15-20 crore in the exploration, which includes prospecting and drilling. This move is part of India’s strategy to secure critical minerals globally, with Zambia being a key partner due to its significant copper exports.
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