Weekly round-up: LME base metals extend gains w-o-w; Indian scrap markets show mixed trends
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- Nickel hits 14-month high on Indonesia mining halt
- Aluminium crosses $3,000/t as supply concerns linger
London Metal Exchange (LME) base metals prices traded higher w-o-w as of 3 January 2026, supported by broad-based gains across the complex at a time of declining inventories. Aluminium prices rose 1.84% w-o-w to $3,016/t, while LME stocks fell 2.26% to 509,250 t, reflecting tighter availability. Nickel posted the strongest weekly gain, surging 6.55% w-o-w to $16,820/t even as inventories edged marginally lower by 0.16% to 255,282 t.
Copper prices advanced 2.52% w-o-w to $12,470/t, backed by a sharp 7.45% decline in LME stocks to 145,325 t, indicating strengthening supply-side tightness. Zinc prices increased 1.16% w-o-w to $3,127/t, with inventories down 0.51% at 106,325 t. Lead saw modest gains, rising 0.58% w-o-w to $2,007/t, while LME stocks dropped 3.85% to 239,325 t.
Nickel prices climbed to a 14-month high on Friday after Vale Indonesia suspended mining operations due to delays in approval of its annual production plan, raising fresh concerns over supply tightness. Three-month LME nickel rose as much as 1.8% to $16,945/t, it's highest since October 2024, supported further by Indonesias proposal to cut nickel ore output in 2026 to shore up prices.
Meanwhile, LME aluminium crossed the $3,000/t mark for the first time since 2022, edging up 0.3% to $3,005/t, driven by looming supply disruptions from the expected Mozal smelter shutdown in Mozambique and the imposition of carbon levies on aluminium imports into Europe. The broader base metals complex also remained firm, with copper trading near record highs on bullish momentum.
India's imported aluminium scrap prices showed a mixed trend in the week ended 3 January, supported by selective buying, with gains seen across several key grades.
BigMint assessed Middle East-origin Tense (8-9%) at $1,930/t CFR Nhava Sheva, unchanged w-o-w, while Middle East-origin Extrusion 6063 edged up $5/t to $2,670/t.
Indian aluminium prices recorded strong w-o-w gains, supported by upward revisions by the primary producers in response to firmer LME and MCX aluminium prices and renewed global supply concerns.
Domestic P1020 ingot (99.7%) prices in Delhi rose by INR 8,000/t w-o-w to INR 300,000/t ex-Delhi NCR.
Additionally, NALCO raised its primary aluminium ingot (P1020, 99.7%) prices by INR 5,600/t ($62/t) on 1 January.
India's imported copper scrap prices in India moved higher w-o-w on 3 January, tracking record-high London Metal Exchange (LME) copper futures, with firm demand seen for Millberry scrap.
Birch/Cliff was assessed at $11,470/t, up by $210/t w-o-w, while US motors mix stood at $1,290/t, down by $90/t w-o-w (both CFR Mundra).
Domestic copper scrap and CCR prices jumped sharply d-o-d and w-o-w on 3 January, tracking a strong rally in LME copper futures. Copper armature scrap was assessed at INR 1,100,000/t, up by 4.3% d-o-d and 8.7% w-o-w.
Domestic brass honey prices remain rangebound w-o-w with 1% upside on subdued market activity and multiple demand-side pressures. According to BigMint's assessment, brass honey exw Jamnagar was assessed at INR 620,000/t, 1% up w-o-w.
India's zinc scrap and dross market witnessed an upward movement this week, with prices strengthening on sustained demand from local processors.
BigMint assessed zinc diecast scrap (Middle East origin) at $2,465/tonne (t) CFR west coast India, up by $5/t w-o-w, amid steady inquiry levels.
Zinc dross was assessed at INR 250,000/t ex-Delhi, up by INR 1,400/t w-o-w.
Domestic zinc spot prices stood at INR 316,000/t exw-Delhi, down by 0.32% w-o-w. HZL zinc prices were up by 0.68% w-o-w at INR 312,700/t ex-Chanderiya.
Lead
Domestic primary lead ingot prices stood at INR 191,000/t, unchanged w-o-w, while re-melted ingots stood at INR 180,800/t, down by 0.11 w-o-w.
Meanwhile, HZL lead prices stood at INR 211,000/t ex-Chanderiya, up by 1.49% w-o-w.
Other updates
Hindustan Zinc posts record mined metal output in 9MFY'26
Hindustan Zinc Limited reported its highest-ever mined metal production for both Q3 and 9MFY'26, supported by higher ore output, improved grades, and better recoveries. In Q3FY26, mined metal production rose 4% y-o-y to 276,000 t, while refined zinc output increased 8% y-o-y to 221,000 t. For 9MFY26, mined metal production reached a record 799,000 t, up 2% y-o-y, marking the companys best performance since transitioning to underground mining.
