India: Copper cathode prices weaken w-o-w; domestic copper output holds ground

• India produced 223,000 t of refined copper in Jan-Apr'26
  
  
• Ongoing capacity ramp-ups continue to strengthen domestic supply
  
  

Copper cathode prices in western India rose w-o-w on 18 June 2026 following a rebound in global copper prices, leading to healthy domestic offers.

As per BigMint's assessment, ex-Mumbai copper cathode prices fell to around INR 1,240,000/t on 25 June from nearly INR 1,300,000/t last week. Similarly, Ahmedabad prices rose to around INR 1,243,000/t from nearly INR 1,303,000/t.

The fall followed a decrease in both the London Metal Exchange (LME) and Multi Commodity Exchange (MCX) copper prices. LME copper prices fell from around $13,700/t last week to nearly $13,250/t this week, while although MCX copper prices decreased to around INR 1,230,800/t on 25 June, fell w-o-w from, the range of INR 1,341/kg.

LME copper prices weakened amid rising exchange inventories, a widening global refined copper surplus, and profit-taking following the recent tariff-driven rally. Improved metal availability across major exchanges weighed on market sentiment despite ongoing mine supply disruptions in key producing regions.

India's production

Domestic cathode availability remained comfortable during the week, limiting the impact of stronger international cues on physical market activity. According to BigMint data, India's refined copper production stood at 223,000 t during January-April 2026, a rise of 8% y-o-y, with Hindalco accounting for 139,000 t, followed by Sesa Sterlite at 53,000 t and Kutch Copper at 31,000 t. Although production eased to 54,000 t in April from 67,000 t in March, stable operating rates and the ramp-up of new capacities continued to ensure adequate material availability across the domestic market.

As a result, buying activity remained largely requirement-driven, with wire rod manufacturers and cable producers procuring material primarily for near-term consumption. Market participants indicated that no supply tightness was observed despite supportive global sentiment surrounding potential US copper tariffs. Consequently, domestic cathode prices continued to track movements in LME and MCX copper, with market direction being influenced more by international price trends and tariff-related developments than by domestic supply fundamentals.

Market participants indicated that domestic cathode availability remained comfortable during the week, with sufficient material available from major producers across key consuming regions. Buying activity was mainly seen from wire rod manufacturers and cable producers, although most consumers preferred purchasing only for immediate requirements due to the recent decline in copper prices.

Several buyers delayed large-volume bookings, expecting a further correction in LME and MCX copper prices. As a result, spot market activity remained relatively slow despite adequate material availability. Traders noted that there was no shortage of cathodes in the domestic market, with supplies from Hindalco, Vedanta, Birla Copper, and Kutch Copper readily available.

The ongoing uncertainty around potential US copper tariffs also kept buyers cautious. While tariff-related concerns had earlier supported copper prices and encouraged some inventory building, the recent fall in LME prices prompted many consumers to adopt a wait-and-watch approach before committing to fresh purchases.

Going forward, market participants expect domestic cathode prices to continue tracking movements in LME and MCX copper. Unless global prices stabilise, buyers are likely to remain cautious and continue procuring material in smaller quantities. However, demand from the power, cable, renewable energy, and infrastructure sectors is expected to provide underlying support to the physical market.