India: Copper cathode prices rise w-o-w amid firm global cues

• US tariff uncertainty supports global cathode premiums
  
  
• Strong Chinese demand tightens availability across Asia
  
  

Copper cathode prices in western India rose w-o-w on 04 June 2026 following a rise in global copper prices, leading to higher domestic offers.

As per BigMint's assessment, ex-Mumbai copper cathode prices rose to around INR 1,377,000/t today from nearly INR 1,325,000/t last week. Similarly, Ahmedabad prices rose to INR 1,380,000/t from around INR 1,327,000/t.

The rise followed an increase in both the London Metal Exchange (LME) and Multi Commodity Exchange (MCX) copper prices. LME copper moved up from around $13,570/t last week to nearly $13,710/t today, while MCX copper prices rose from around INR 1,320/kg to nearly INR 1,365/kg. Domestic cathode prices moved higher in line with these benchmark corrections.

Import activity also remained active, with Japanese-origin cathodes reportedly being offered to India at premiums of nearly $300/t over LME levels. Traders noted that several primary and large-scale buyers are aggressively sourcing overseas cathode material from Japan, Singapore, and other Asian hubs to secure near-term supply amid tighter regional availability. Market participants also indicated increasing interest in African-origin cathodes, especially from Congo and Zambia, as buyers look to diversify procurement sources and manage supply risks.

Globally, stronger US copper premiums have also started influencing Asian trade flows. South American cathode units are increasingly moving toward the US market due to significantly higher premiums there, reducing competitively priced material availability for Asian buyers. This has indirectly supported Asian cathode premiums, including India.

Additionally, tightening visible LME copper inventories and narrowing cash-to-three-month spreads have further strengthened bullish sentiment across the refined copper market. Market participants believe that if US tariff uncertainty continues and Chinese demand remains firm, cathode premiums into India could stay elevated in the near term despite high outright prices.

Traders said Asian copper cathode premiums remained strong as more global copper material is moving to the US due to uncertainty over possible Section 232 tariffs. This reduced spot material availability in Asia and Europe and limited cheaper offers into India.

Market participants also said higher sulphuric acid prices are supporting Chinese smelter profitability, reducing chances of production cuts. Although China continues producing good volumes of refined copper, strong domestic demand there is consuming a large share of the available cathode material.

Outlook

Copper cathode premiums in Asia are expected to remain firm as more global material continues moving toward the US market. Strong Chinese domestic demand and healthy smelter operations may keep regional availability tight. In India, cathode demand is likely to stay stable, although elevated LME prices may restrict aggressive spot buying from smaller consumers.