- LME stocks fall; copper drops 11.66%
- Japan’s Q1 auto output jumps 12.2%
At the close of trading on 7 June 2025, base metals prices on the London Metal Exchange (LME) showed positive trends w-o-w, with copper witnessing the highest gain of 2.05%. Meanwhile, LME warehouse stocks exhibited negative trends, with copper declining the steepest, by 11.66%.
On the LME, three-month aluminium stood at $2,451/tonne (t), up by 0.27%, while nickel increased by 1.64% w-o-w to $15,487/t. Copper prices were at $9,693/t, up by 2.03% w-o-w, while zinc increased by 1.76% w-o-w to $2,666/t. Lead was up by 1.05% w-o-w to $1,979/t.
India’s imported aluminium scrap prices trended upward w-o-w, driven by robust global demand, volatile LME movements, and persistent supply shortages. Prices increased by up to $50-60/t, supported by firm buying from automakers and limited raw material availability. The recent hike in US aluminium tariffs to 50% added to market uncertainty, intensifying competition and reinforcing bullish sentiment.
BigMint’s latest assessments indicate that Tense scrap from the US stood at $2,000/t, increasing by 0.50% w-o-w, while Wheels from the UK stood at $2,530/t, both CFR west coast India.
In the domestic market, Tense scrap prices in both Delhi and Chennai remained steady as compared to last week. According to BigMint’s assessment, domestic Tense scrap stood at INR 196,000/t ex-Delhi-NCR and INR 197,000/t ex-Chennai.
India’s aluminium scrap imports fell 3% m-o-m in April to 139,724 t, continuing the downtrend seen over the past three months.
India’s imports of ADC12 ingots remained at zero for the second consecutive month in April 2025, reflecting potential BIS certification challenges or limited appetite for imported material. In contrast, A356 alloyed ingot imports rose sharply by 39.1% m-o-m to 11,185 t from 8,040 t in March.
Copper
Indian copper scrap prices increased this week, following trends prevailing on the London Metal Exchange (LME) platform. Copper scrap demand remained strong, with buyers actively purchasing in expectation of further price increases.
Copper armature scrap was assessed at INR 801,000/t ex-Delhi, up by INR 13,000/t, while motors mix stood at $1,160/t, increasing by 0.90% w-o-w.
Secondary continuously cast rods (CCRs) (99.90%) were assessed at INR 864,000/t ex-Delhi, reflecting an increase of INR 19,000/t w-o-w. Meanwhile, primary CCR prices were assessed at INR 888,000/t ex-Delhi, reflecting a rise of INR 11,000/t w-o-w.
India’s copper scrap imports rose by 2.4% m-o-m in April 2025 to 30,779 t compared to 30,070 t in March. Additionally, it was higher by 32% as compared to February’s values. According to sources, this uptick is primarily attributed to the expectation of tighter domestic scrap availability in the coming months, coupled with strong replacement demand in the electrical and wire rod manufacturing segments.
Zinc
Imported zinc diecast from the Middle East was assessed at $2,150/t CFR Mundra, steady w-o-w, while domestic zinc ingots stood at INR 269,100/t up by INR 3,000/t.
Zinc ingot prices of Hindustan Zinc Limited (HZL) stood at INR 269,300/t ex-Jodhpur, up by 0.6% w-o-w.
Lead
Domestic primary lead ingot prices remained steady at INR 200,000/t, while re-melted ingots were at INR 182,000/t. Meanwhile, HZL lead ingots remained steady w-o-w at INR 200,500/t ex-Jodhpur.
Other market updates
Japan’s auto output grows 12.2% y-o-y in Q1
Japan’s automobile production rose 12.2% y-o-y in Q1CY’25 to 2.14 million units, as per JAMA data. Domestic sales surged 14% to 1.29 million units, while exports climbed up by 2.7% to 1.02 million. In March alone, output grew 2% y-o-y, supported by strong local demand and steady export momentum, signalling ongoing recovery in the automotive sector.
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