Weekly round-up: India’s non-ferrous markets remain largely stable; LME copper retreats as aluminium firms

• Imported aluminium scrap prices in India rise on firmer LME
• Falling LME copper inventories signal tighter global supply

LME base metals traded mixed during the week ended 31 July 2026. Copper recorded the sharpest decline, easing to $13,800/t from the previous week, while aluminium edged higher to $3,179/t. Zinc also advanced, whereas lead slipped marginally.

Meanwhile, LME inventories showed mixed trends across major base metals. Copper inventories continued to decline sharply, indicating tight exchange availability, while aluminium and zinc stocks also moved lower. In contrast, lead inventories increased during the week, reflecting relatively comfortable supply. Persistent inventory drawdowns in copper and aluminium continued to underpin broader market sentiment despite macroeconomic uncertainty.

Aluminium

India’s imported aluminium scrap prices increased w-o-w, supported by firmer LME aluminium prices.

According to BigMint’s latest assessment for CFR Nhava Sheva deliveries, UK-origin zorba 95-5 scrap prices rose by $10/t w-o-w to $2,710/t, from $2,700/t a week earlier.

Domestic aluminium prices in India edged lower w-o-w as of 31 July 2026, amid subdued buying activity in the physical market during the monsoon season.

According to BigMint’s assessment, P1020 aluminium ingot prices in Delhi NCR declined by INR 3,000/t (0.9%) w-o-w to INR 345,000/t on 31 July, from INR 348,000/t a week earlier.

Global primary aluminium production stood at 36.42 mnt in H1CY’26, marginally lower than 36.49 mnt in H1CY’25, according to the International Aluminium Institute (IAI).

Copper

Copper scrap prices in India eased marginally w-o-w, tracking weaker domestic physical demand despite LME copper remaining near elevated levels. Despite the correction in domestic prices, declining LME copper inventories continued to indicate tight underlying supply conditions, limiting the downside in international prices.

At the domestic level, buying activity remained largely requirement-driven across major trading hubs. According to BigMint’s assessment, copper armature scrap, ex-Delhi, slipped to INR 1,270,000/t from INR 1,272,000/t a week earlier.

Copper cathode prices in western India also corrected w-o-w following softer domestic buying interest. As per BigMint’s assessment, ex-Mumbai copper cathode prices declined to around INR 1,333,000/t, compared with INR 1,348,000/t in the previous week.

Zinc, lead

India’s zinc dross and zinc oxide prices extended their gains during the week, supported by stronger LME zinc prices and firm replacement costs, although physical demand remained largely stable.

Domestic zinc dross prices increased by INR 500/t w-o-w to INR 320,500/t ex-Delhi, from INR 320,000/t a week earlier.

Meanwhile, zinc oxide (99% Zn) prices rose by INR 900/t w-o-w to INR 309,700/t ex-Delhi, compared with INR 308,800/t in the previous assessment.

Market participants remained cautious amid mixed macroeconomic signals. However, continued declines in LME zinc inventories provided underlying support to prices, while lead prices remained under pressure following higher exchange inventories.