Weekly round-up: LME base metals extend losses; Indian non-ferrous prices weaken

• Domestic metal prices track weaker LME trends
  
  
• Copper scrap, cathode prices ease in India
  
  

LME base metals prices declined across the board in the week ended 26 June 2026. Aluminium recorded the sharpest fall, decreasing 6.4% to $3,180/t from $3,398/t. Copper slipped 2.4% to $13,270/t from $13,600/t, while zinc fell 4.3% to $3,435/t from $3,590/t. Lead also declined 2.9% to $1,913/t from $1,969/t.

LME base metals inventories also moved lower in the week ended 26 June 2026. Copper stocks registered the steepest decline, falling 4.5% to 336,475 t from 352,150 t. Aluminium inventories decreased 2.7% to 306,725 t from 315,300 t, zinc stocks eased 2.0% to 121,300 t from 123,775 t, and lead inventories declined 1.5% to 297,450 t from 301,950 t.

Aluminium

India's imported aluminium scrap prices declined sharply w-o-w, tracking continued weakness in LME aluminium prices and subdued buying activity.

According to BigMint's latest assessment for CFR Nhava Sheva deliveries, UK-origin zorba 95-5 scrap prices fell by $80/t w-o-w to $2,885/t, while US-origin tense 6-7% scrap prices declined by $65/t w-o-w to $2,665/t

Domestic aluminium prices in India declined sharply w-o-w as of 26 June 2026, tracking weaker trends on both the Multi Commodity Exchange (MCX) and the London Metal Exchange (LME).

According to BigMint's assessments, P1020 aluminium ingot prices in Delhi NCR fell by INR 25,000/t (7%) w-o-w to INR 340,000/t on 26 June from INR 365,000/t on 19 June.

Global primary aluminium production stood at 30.24 mnt in 5MCY'26, marking a marginal y-o-y decline from 30.25 mnt in 5MCY'25, according to data from the International Aluminium Institute.

Global primary aluminium production in 5MCY'26 exhibited mixed regional trends, reflecting the combined impact of energy availability, geopolitical disruptions, raw material supply adjustments, operational changes and evolving trade dynamics across major producing regions.

Copper

Copper scrap prices in India declined w-o-w on 24 June 2026, as benchmark prices fell however, domestic market sentiment remained cautious. London Metal Exchange (LME) copper prices fell $450/t to around $13,350/t from $13,800/t a week back, despite the news US tariff uncertainty.

At the domestic level, buying activity remained largely requirement-driven across key trading hubs. According to BigMint's assessment, copper armature scrap, ex-Delhi, fell around 3% w-o-w to INR 1,208,000/t from INR 1,250,000/t last week.

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 fell to around INR 1,243,000/t from nearly INR 1,303,000/t.

India's brass honey scrap prices fell slightly w-o-w on 26 June 2026, pressured by subdued demand and softer global prices. BigMint's assessment placed brass honey scrap prices at around INR 800,000/t exw-Jamnagar, down 1.2% w-o-w as comfortable imported scrap availability, slower buying activity, and softer global cues kept the market under pressure.

India's major copper producers collectively produced 223,000 tonnes (t) of refined copper cathodes during January-April 2026, up 8% y-o-y from 207,300 t in the corresponding period last year. The increase was almost entirely driven by Adani Group's Kutch Copper Ltd. (KCL), which produced 31,000 t during the period compared with a negligible 2,300 t in January-April 2025, reflecting the successful ramp-up of its newly commissioned smelter.

Zinc

India's zinc dross and zinc oxide prices declined w-o-w as of 24 June 2026, as softer London Metal Exchange (LME) zinc prices and cautious downstream procurement weighed on the domestic secondary zinc market.

Domestic zinc dross prices declined by around INR 4,800/t w-o-w to INR 313,200/t ex-Delhi from INR 318,000/t a week earlier.

Meanwhile, zinc oxide (99% Zn) prices fell by around INR 1,800/t w-o-w to INR 304,200/t ex-Delhi, compared with INR 306,000/t in the previous week.

In the north Indian zinc scrap market, regular-grade Tukdi prices were heard at around INR 300,000-301,000/t ex-Delhi, down from INR 302,000-303,000/t a week earlier. Small-sized Tukdi was assessed at INR 298,000-299,000/t compared with INR 299,000-300,000/t in the previous week.

Hindustan Zinc Ltd (HZL) on 25 June 2026 reduced zinc ingot prices by INR 4,000/t ($47/t) compared with its previous revision announced on 22 June.

Lead

Hindustan Zinc Ltd (HZL) on 25 June 2026 reduced lead ingot prices by INR 1,900/t ($22/t) compared with its previous revision announced on 22 June.

Lead prices in India softened slightly in the week ended 26 June 2026, with lead remelted ingot (Pb 99%) declining to INR 202,100/t from INR 203,200/t, while lead primary ingot (Pb 99.99%) eased to INR 213,200/t from INR 214,300/t.