- Q3 Japan premium reaches highest since 2014
- Weak demand limits copper scrap gains
LME base metals prices strengthened during the week, supported by improved market sentiment. Aluminium rose by 2.4% to $3,153/t from $3,080/t, while copper increased 1.2% to $13,454/t from $13,299/t. Zinc also gained 1.2% to $3,588/t from $3,546/t, whereas lead recorded the strongest increase, rising 2.6% to $1,900/t from $1,851/t.
Meanwhile, LME inventories declined across all major base metals. Aluminium stocks fell 3.7% to 287,725 t from 298,775 t, copper inventories decreased 3.9% to 306,500 t from 318,900 t, zinc stocks dropped 3.3% to 114,800 t from 118,675 t, and lead inventories eased 1.3% to 289,375 t from 293,150 t.
Aluminium
India’s imported aluminium scrap prices declined further w-o-w, tracking continued weakness in LME aluminium prices and subdued buying activity in the domestic market.
According to BigMint’s latest assessment for CFR Nhava Sheva deliveries, UK-origin zorba 95-5 scrap prices fell by $60/t w-o-w to $2,690/t, while US-origin tense 6-7% scrap prices declined by $125/t w-o-w to $2,400/t.
Domestic aluminium prices in India increased w-o-w as of 10 July 2026, supported by stronger trends on the Multi Commodity Exchange (MCX) and the London Metal Exchange (LME).
According to BigMint’s assessments, P1020 aluminium ingot prices in Delhi NCR rose by INR 6,500/t (2%) w-o-w to INR 344,500/t on 10 July from INR 338,000/t on 3 July.
Additionally, Japan’s Q3CY’26 aluminium premium settled at $395/t CIF Japan, up 13% from $350/t in Q2, marking the highest quarterly premium in more than a decade and the strongest level since Q3CY’14 ($404/t). The settlement was concluded through 10 transactions covering a minimum monthly volume of 15,500 t.
India’s leading automaker reduced ADC12 settlement prices by INR 13,400/t to INR 349,600/t for July 2026 from INR 363,000/t, marking the second price correction after consistent price increases since the beginning of 2026. The reduction reflects weaker market sentiment and aggressive negotiations with suppliers.
Copper
Copper scrap prices in India remained largely stable w-o-w on 11 July 2026, with only marginal fluctuations as weak domestic demand offset the recovery in benchmark 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, slightly down w-o-w, edging down just by 1% to INR 1,186,000/t from INR 1,200,000/t.
Copper cathode prices in western India increased w-o-w on 11 July 2026, supported by a 1.4% w-o-w rise in MCX copper prices, despite a correction in LME copper prices.
As per BigMint’s assessment, ex-Mumbai copper cathode prices rose to around INR 1,285,000/t on 9 July from nearly INR 1,274,000/t last week.
India’s brass honey scrap prices increased by 2% w-o-w on 10 July 2026, supported by higher domestic copper prices despite largely rangebound LME copper prices during most of the week.
BigMint’s assessment placed brass honey scrap prices at around INR 820,000/t exw-Jamnagar, up by INR 15,000/t from INR 805,000/t a week earlier.
Zinc & Lead
India’s zinc dross and zinc oxide prices recovered w-o-w as of 11 July 2026, supported by firmer London Metal Exchange (LME) zinc prices and higher replacement costs. Market activity, however, remained largely need-based, with consumers restricting purchases to immediate production requirements amid cautious demand visibility.
Hindustan Zinc Ltd (HZL) on 9 July 2026 increased zinc ingot prices by INR 4,900/t ($57/t) and lead ingot prices by INR 900/t ($10/t) compared with its previous revision announced on 6 July.
Following the latest revision, HZL’s benchmark Special High Grade (SHG) zinc ingot prices were raised to INR 379,700/t ($4,438/t), while lead ingot prices increased to INR 211,200/t ($2,468/t).
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