Weekly round-up: Global base metals prices remain range-bound

• ICSG forecasts double global copper surplus in 2025
• Chinese aluminium scrap imports down 1% y-o-y

At the close of trading on 2 May 2025, base metals prices on the London Metal Exchange (LME) showed a slight downtrend, with zinc witnessing the highest gain of 1.47% w-o-w. Meanwhile, LME warehouse stocks exhibited negative trends w-o-w, with lead falling the steepest, by 3.63%.

On the LME, three-month aluminium stood at $2,431/tonne (t), up by 0.12%, while nickel prices dipped by 0.42% w-o-w to $15,480/t. Copper prices were at $9,365/t, down by 0.10% w-o-w, while zinc decreased by 1.47% w-o-w to $2,607/t. Lead was down by 0.51% w-o-w to $1,934/t.

Aluminuim

India’s imported aluminium scrap prices rose by up to $10-20/t w-o-w, supported by a tightening supply of raw materials in the global market because of fluctuating LME prices which is making sellers cautious.

BigMint’s latest assessments indicate that Tense scrap from the US stood at $1,940/t, while Wheels from the UK remained stable at $2,470/t, both on a CFR west coast India basis.

In the domestic market, Tense scrap prices in both Delhi and Chennai inched up by INR 1,000/t compared to last week. According to BigMint’s assessment, domestic Tense scrap stood at INR 192,500/t ex-Delhi-NCR and INR 193,000/t ex-Chennai.

Copper

India’s copper scrap prices dropped this week, following a 3% w-o-w decline in London Metal Exchange (LME) futures.

Copper armature scrap was assessed at INR 790,000/t ex-Delhi, while motors mix tags moved down w-o-w by $40/t to $1,180/t.

Secondary continuously cast rods (CCRs) (99.9%) were assessed at INR 840,000/t ex-Delhi, down by INR 4,000/t w-o-w. Meanwhile, primary CCR prices stood at INR 860,000/t, steady w-o-w.

Zinc

Imported zinc diecast from the Middle East was assessed at $2,150/t CFR Mundra, up by $5/t w-o-w, while domestic zinc ingots inched down by INR 8,000/t w-o-w to INR 256,000/t.

Zinc ingot prices of Hindustan Zinc Limited (HZL) dropped slightly by INR 900/t w-o-w to INR 267,400/t ex-Jodhpur.

Lead

Domestic primary lead ingot prices remained range-bound at INR 199,000/t, while re-melted ingots stood at INR 180,000/t. Meanwhile, HZL lead ingots were up by INR 2,900/t w-o-w at INR 198,800/t ex-Jodhpur.

Other updates

Copper slumps ahead of Chinese holidays: Copper prices dropped 5.4% in the COMEX morning session yesterday, as traders exited positions before China’s Labour Day break. A weak Chinese manufacturing PMI and a revised ICSG forecast, doubling the 2025 global copper surplus, deepened market concerns. Trade tensions and a supply glut are expected to pressure prices further into 2026.

China’s aluminium scrap imports fell: China’s aluminium scrap imports fell 1% y-o-y in March as secondary producers delayed purchases amid fewer orders and high secondary aluminium prices. Imports from Malaysia plunged 70%, while Thailand’s shipments more than doubled, making it China’s top supplier.