- Base metals soften while aluminium posts strong gains
- Geopolitical tensions shape mixed trends in base metals
LME base metals mostly showed a negative trend on a w-o-w basis in the week ended 6 March 2026, reflecting weak market sentiment across the complex. Aluminium was the only major gainer, rising 6.22% to $3,362/t.
On the London Metal Exchange, three-month aluminium rose above $3,300/t, with the prompt spread moving into backwardation — a classic signal of tightening nearby availability. Options positioning and broader flows into hard assets suggest speculative participation is amplifying the move, but the underlying driver remains physical risk.
Aluminium
India’s imported aluminium scrap prices rose sharply w-o-w on 6 March 2026, supported by gains in LME aluminium prices and ongoing geopolitical tensions, while domestic Tense scrap prices also remained firm amid tight local supply conditions.
As per BigMint’s assessment for CFR Nhava Sheva deliveries, Middle East-origin Tense 8-9% surged by $145/t w-o-w to $2,145/t, while UK-origin Wheel scrap increased by $85/t to $3,050/t.
Domestic aluminium prices in India increased w-o-w on 6 March 2026, tracking gains in aluminium futures on the LME and Multi Commodity Exchange of India (MCX), supported by continued global supply concerns.
As per market assessment, domestic aluminium P1020 ingot prices in Delhi NCR increased by INR 21,000/t, or 7%, w-o-w to INR 334,000/t.
Copper
Imported and domestic copper scrap prices in India showed mixed trends w-o-w in a narrow range on 6 March amid a slight drop in LME prices and cautious sentiment due to the conflict in the Middle East. Offers from the Middle East region remained stable but were limited.
Domestic brass honey scrap prices declined w-o-w in India, reflecting weaker buying sentiment and slower trading activity. BigMint assessed brass honey scrap, ex-works Jamnagar, Gujarat, at INR 700,000/t today, down by INR 12,000/t from INR 712,000/t last week.
Additionally, cathode imports fell 30% m-o-m to 8,550 t in January from 12,164 t in December. In contrast, anode imports surged 142% m-o-m to 15,133 t, marking the most notable shift in the January trade data. Blister imports witnessed an even sharper contraction, falling 45% m-o-m to 8,670 t.
Zinc
India’s zinc scrap and dross prices moved up w-o-w on 6 March 2026, supported by sustained procurement from local processors and firm global cues.
HZL on 05 March increased its zinc ingot prices by INR 600/t ($6/t) to INR 342,400/t ($3,737/t) compared to the previous revision on 02 March.
Lead
Domestic primary lead ingot prices stood at INR 196,200/t, down by 0.25% w-o-w, while re-melted ingots stood at INR 185,700/t, down by 0.5% w-o-w.
Meanwhile, HZL on 05 March cut its lead ingot prices by INR 300/t ($3/t) to INR 210,200/t ($2,294/t) compared to the previous revision on 02 March.
Leave a Reply