Weekly round-up: Global base metals prices on LME record gains

Additionally, aluminium prices on the LME reached a one-month high as EU envoys agreed to ban Russian primary aluminium imports. The price surged by 1.1%, reaching $2,730/t. The ban, effective in a year, follows previous reductions in Russian imports. LME stocks dropped to 543,900 t, their lowest since May 2024, falling by 50%, tightening supply and further boosting prices.

Copper

Domestic copper armature prices were assessed at INR 788,000/t ex-Delhi, down by INR 2,000/t w-o-w, while copper motors mix scrap prices moved up w-o-w to $1,200/t following LME prices which rebounded to over $9,510/t levels, up $85/t w-o-w.

Secondary continuously cast rods (CCR) (99.90%) were assessed at INR 840,000/t (ex-Delhi), reflecting a 0.6% weekly decrease. Meanwhile, primary CCR prices fell by 0.6% to INR 865,000/t.

The local market is experiencing reduced trading activity as LME prices have risen, leading buyers to bid lower. Some yard owners chose to hold their stocks back, as bids were lower.

Zinc

Zinc prices increased w-o-w. Imported zinc diecast from the Middle East was assessed at $2,135/t CFR Mundra, up $20/t w-o-w, while domestic zinc ingots increased by INR 3,000/t w-o-w to INR 280,000/t. Hindustan Zinc Limited (HZL) zinc ingots, however, inched up by INR 2,800/t w-o-w to INR 293,600/t ex-Jodhpur.

Lead

In this segment, domestic primary ingots remained range-bound at INR 201,000/t, while re-melted ingots remained steady w-o-w at INR 182,000/t. Meanwhile HZL lead ingots also remained steady w-o-w at INR 202,900/t ex-Jodhpur.

Additionally, India has begun importing wet lead batteries, though only a few players are currently involved, according to sources.

Chinese base metals market overview

In the week ending 21 February, deliverable base metals inventories at warehouses registered with the Shanghai Futures Exchanges (SHFE) displayed a positive picture, with zinc showing the largest inflow of 26% w-o-w to 85,265 t, according to the exchange’s weekly stock report.

Other updates

Anglo American sells nickel business to MMG: Anglo American, a leading mining company, has agreed to sell its nickel business, including two Brazilian ferro nickel operations and growth projects, to MMG for up to $500 million. The deal includes an upfront $350 million, with additional earnouts and contingent payments. This sale simplifies Anglo Americans portfolio, to focus largely on copper, iron ore, and crop nutrients, while strengthening MMG’s presence in Latin America.