• Inventory drawdowns tighten global base metals supply
• Domestic scrap markets firm amid supply constraints

LME base metals trended higher w-o-w as of 10 April, supported by improved sentiment across the complex. Copper led gains, rising 2.59% to $12,553/t, followed by zinc rising 1.51% to $3,285/t, aluminium up 0.93% to $3,457/t, nickel up 0.85% to $17,205/t, and lead up 0.47% to $1,927/t.

On the inventory front, stocks were largely on the downside, indicating tightening availability. Aluminium inventories declined sharply by 2.51% to 401,625 t, zinc fell 1.67% to 112,050 t, lead dropped 1.02% to 278,775 t, and nickel edged lower by 0.07% to 281,310 t. Copper was the only exception, with stocks rising 5.21% to 383,450 t.

Aluminium

India's imported aluminium scrap prices remained firm w-o-w as of 10 April, supported by strength in LME aluminium prices and persistent geopolitical tensions impacting global supply chains.

As per latest market assessments, UK-origin zorba 95-5 scrap, CFR Nhava Sheva, increased to $2,870/t, up $20/t w-o-w from $2,850/t. Similarly, US-origin tense scrap (6-7%), CFR Nhava Sheva, rose to $2,580/t, gaining $50/t w-o-w from $2,530/t, reflecting continued buying interest.

On the domestic front, aluminium ingot prices sustained an upward bias. P1020 ingot, ex-Delhi NCR, was assessed at INR 358,500/t, up INR 500/t w-o-w from INR 358,000/t, indicating marginal gains following the sharp rally seen in the previous week.

The overall uptrend in domestic and import markets tracked firm cues from LME and MCX aluminium futures, supported by supply-side concerns, currency movements, and improved market sentiment amid ongoing geopolitical developments.

Copper

India's copper scrap market witnessed a firm trend w-o-w as of 10 April, supported by gains in LME copper prices, which increased 2.59% to $12,553/t, alongside persistent supply-side tightness.

The uptrend was primarily driven by constrained availability of scrap in the domestic market, as geopolitical tensions disrupted import flows and delayed shipments. Additionally, yard owners held back material amid price uncertainty, further tightening supply.

As per market assessment, brass honey scrap rose to INR 730,000/t, up INR 8,000/t w-o-w from INR 722,000/t, reflecting sustained bullish sentiment.

Overall, firm global cues and tight domestic availability continued to support prices, with limited arrivals restricting downside despite cautious buying activity.

Zinc

India's zinc ingot (Zn 99.995%) prices edged higher w-o-w on 10 April, with SHG ingot, ex-Delhi, rising by INR 9,300/t to INR 340,300/t, compared with INR 331,000/t a week earlier, reflecting firm spot sentiment and improved cost support from global markets.

The increase tracked gains in LME zinc prices, which rose 1.51% w-o-w to $3,285/t, supported by continued inventory drawdowns, indicating tightening availability. Domestic prices also followed recent revisions by Hindustan Zinc Limited (HZL), which increased zinc ingot prices by INR 6,900/t to INR 317,000/t ex-Chanderiya, aligning with firm global cues.

Indias zinc dross and zinc oxide markets remained largely stable w-o-w, supported by stronger LME trends. However, buying activity stayed cautious, limiting sharper upside in secondary segment prices despite firm underlying sentiment.

Lead

India's domestic lead market remained largely stable with a marginal upward bias w-o-w. Lead Primary Ingot, ex-Delhi, was assessed at INR 204,100/t, up INR 600/t w-o-w from INR 203,500/t, while lead remelted ingot, ex-Delhi, increased to INR 196,000/t, up INR 1,500/t w-o-w from INR 194,500/t, reflecting steady spot demand.

The uptick in prices was supported by recent revisions from Hindustan Zinc Limited (HZL), which increased lead ingot prices by INR 4,200/t to INR 214,800/t ex-works, aligning with firm global cues.

Overall sentiment remained stable, with modest gains driven by producer price hikes and steady domestic demand, while upside remained limited amid balanced market conditions

Other updates

HCL reports 7-year high output; expansion plans underway

Hindustan Copper Limited (HCL) reported its highest output in seven years, with FY'26 copper MIC production rising around 9% y-o-y, supported by improved operational efficiency and higher ore output.

The company is progressing with expansion plans targeting higher mining capacity by 2030, alongside modernisation initiatives to enhance productivity and sustainability across key operations.

Panama approves limited restart at Cobre Panama via stockpile processing

Panama has approved processing of around 38 mnt of stockpiled ore at the Cobre Panama mine, with potential recovery of near 70,000 t of copper, aimed at generating revenue without full-scale mining restart.

The $250 million plan is expected to support site maintenance, create employment, and ease supply concerns, while broader decisions on mine reopening remain pending.