At close of trading on 4 April, 2025, base metals prices on the London Metal Exchange (LME) showed negative trends, with copper witnessing the highest drop of 10.35% w-o-w. Meanwhile, LME warehouse stocks exhibited negative trends, with zinc falling by 7.87% w-o-w.
On LME, three-month aluminium stood at $2,378/tonne (t), down by 6.64%, while nickel prices decreased by 9.9% w-o-w to $14,758/t. Copper prices were at $8,780/t, down by 10.35% w-o-w, while zinc decreased by 7% w-o-w to $2,657/t. Lead was down by 5.88% w-o-w to $1,906/t.
Aluminium
India’s imported aluminium scrap prices remained rangebound w-o-w.
BigMint’s benchmark assessment for Tense scrap originating from the US was at $1,890/tonne (t), decreasing by $50/t w-o-w, while Wheels from the UK stood at $2,350/t, dropping by $90/t w-o-w, both CFR west coast, India.
Copper
Copper scrap prices in India dropped w-o-w. Copper armature scrap was assessed at INR 790,000/t ex-Delhi, down by INR 20,000/t w-o-w, while motors mix tags moved down w-o-w to $1,100/t down by $60/t.
Secondary continuously cast rods (CCRs) (99.9%) were assessed at INR 841,000/t ex-Delhi, reflecting a downtrend of INR 34,000/t w-o-w. Meanwhile, primary CCR prices dropped by INR 35,000/t to INR 855,000/t.
Zinc
Imported zinc diecast from the Middle East was assessed at $2,130/t CFR Mundra, down by $50/t w-o-w, while domestic zinc ingots dropped by INR 19,000/t to INR 265,000/t.
Hindustan Zinc Limited’s (HZL’s) zinc ingot prices were reduced by INR 12,400/t w-o-w to INR 287,800/t ex-Jodhpur.
Lead
Domestic primary lead ingot prices remained stable at INR 203,000/t, while re-melted ingots stood at INR 183,000/t. Meanwhile, HZL lead ingots decreased by INR 6,100/t w-o-w to INR 202,300/t ex-Jodhpur.
Chinese base metals market overview
In the week ending 4 April, deliverable base metals inventories at warehouses registered with the Shanghai Futures Exchange (SHFE) displayed a negative picture, with nickel showing the highest drop of 9.9% w-o-w to settle at 33,256 t, according to the exchange’s weekly stock report.
Other updates
HCL partners with Chile’s Codelco: Hindustan Copper Limited (HCL) has signed a non-binding agreement with Chile’s Codelco to collaborate on mining exploration and mineral beneficiation. The partnership focuses on knowledge-sharing and potential strategic initiatives, strengthening HCL’s global mining presence. The memorandum of understanding (MoU) emphasises joint activities in mining properties and knowledge exchange, fostering international cooperation for mutual growth and development.
Hindustan Zinc sets new production records in FY’25: Hindustan Zinc Ltd, a Vedanta Group company, has achieved a 4% increase in mined metal production in the fiscal year ending 31 March, 2025. The company set new records in both mined and refined metal output, driven by enhanced ore grades, improved mill recovery, and optimised operations. This remarkable performance reinforces its leadership in the global zinc industry, supported by strong quarterly growth and increased energy production.
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