- Aluminium dips as global supply builds up
- LME copper hits 16-month peak on tight supply
At the close of trading on 26 September 2025, base metals prices on the London Metal Exchange (LME) remained range-bound w-o-w, with copper witnessing the highest incline of 1.99% to $10,182/tonne (t). Meanwhile, LME warehouse stocks exhibited negative trends, with zinc witnessing the steepest decline of 10.56%.
On the LME, three-month aluminium prices stood at $2,656/t, down by 1.06% w-o-w, while zinc decreased by 0.29% to $2,889/t. Copper prices were at $10,182/t, up by 1.99% w-o-w, and lead was up by 0.58% w-o-w at $2,003/t. Nickel stood at $15,175/t, down by 0.98% w-o-w.
India’s imported aluminium scrap prices saw a dip w-o-w, following a downtrend in LME prices. BigMint assessed US-origin Tense scrap at $2,005/t, down by $5/t w-o-w, while US Taint Tabor HRB (2-3%) held steady at $2,215/t.
India’s overall aluminium scrap imports increased by 10% to 1.25 mnt in 8MCY’25 from 1.13 mnt in 8MCY’24. Major importers also scaled up procurement amid a shortage of aluminium scrap during the initial months of the year, particularly following the imposition of US tariffs.
Indian aluminium scrap buyers stayed largely inactive this week, adopting a cautious stance amid weak market sentiment. With previously booked shipments still arriving and domestic prices under pressure, most buyers refrained from placing fresh orders. Trading was confined to small, need-based deals, as uncertainty over price trends and demand outlook prevailed.
Imported copper scrap prices in India saw an uptrend w-o-w, following a gain in London Metal Exchange (LME) copper futures, which hit a 16-month high. Parallelly, domestic copper scrap prices increased w-o-w.
According to BigMint’s assessment, Birch Cliff scrap was assessed at $9,580/tonne (t), up by $330/t w-o-w, while US motors mix stood at $1,200/t (both CFR Mundra), up by $10/t w-o-w.
Overall, the surge above $10,182/t confirms coppers critical demand-supply tightness globally, reaffirming the secondary markets pivotal role as both a price buffer and strategic raw material source in Indias copper ecosystem amid evolving global metal dynamics.
Global refined copper output rose mainly on gains from China and DRC, which made up 57% of production with an 8.2% increase, while output elsewhere edged up just 0.5%.
India’s zinc scrap and dross market showed mixed trends w-o-w in a narrow range amid steady inquiries and firm supply, which limited significant price movements. BigMint assessed zinc diecast scrap (Middle East origin) at $2,355/tonne (t) CFR west coast India, up by $50/t w-o-w.
India’s zinc scrap imports climbed up sharply by 43% y-o-y in the first eight months of 2025 (January-August 2025) to 67,622 tonnes (t) compared with 47,365 t in the same period of 2024.
Domestic zinc spot prices edged down by 1.4% w-o-w to INR 293,000/t exw-Delhi. HZL zinc prices were down by 1.04% w-o-w to INR 303,500/t exw-Rajasthan.
Lead
Domestic primary lead ingot prices stood at INR 200,000/t, while re-melted ingots stood at INR 181,000/t, both stable w-o-w.
Meanwhile, HZL lead ingots stood at INR 207,100/t ($2,335/t) ex-Chanderiya, up by INR 1,200/t w-o-w.
Other updates
IBM clears GMDC’s Ambaji Copper Project mining plan
The Indian Bureau of Mines has approved Gujarat Mineral Development Corporation’s (GMDC) mining plan for the Ambaji Copper Project, aimed at tapping India’s copper reserves and reducing import reliance, though environmental and other clearances are still pending.
Grasberg disruption adds pressure to copper supply
Freeport-McMoRan declared force majeure at its Grasberg mine in Indonesia after a deadly mudslide, intensifying copper supply concerns. With global demand rising due to the clean-energy and AI boom, prices surged to $10,400/t. Market sentiment is further strained by earlier disruptions in Chile, Congo, and Panama, pushing forecasts toward a deficit and potential $13,000-$15,000/t pricing.
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