Weekly round-up: LME base metals gain w-o-w; tighter availability supports prices

• Indian trade stays selective despite gains across metals
  
  
• Inventories show mixed trends, lead stocks surge by 10%
  
  

LME base metals prices moved largely higher in the week ended 29 May 2026, with nickel recording the strongest gain of 1.95% to $19,125/t, followed by lead rising 1.35% to $2,025/t and aluminium increasing 1.18% to $3,685/t. Copper and zinc also posted modest gains of 0.42% and 0.23%, reaching $13,657/t and $3,556/t, respectively.

On the inventory side, lead stocks registered the sharpest increase, rising 9.61% to 314,000 t, followed by zinc inventories, which climbed 2.89% to 113,800 t. Meanwhile, copper stocks recorded the steepest decline, falling 2.50% to 389,425 t, while aluminium and nickel inventories edged lower by 0.43% and 0.33% to 338,000 t and 276,864 t, respectively, indicating relatively tighter availability for these metals.

Aluminium

India's imported aluminium scrap market remained stable to firm w-o-w, supported by stronger LME aluminium prices and continued tightness in overseas scrap availability, although buying activity remained largely need-based amid elevated offers.

UK-origin Zorba 95-5 scrap, CFR Nhava Sheva, increased by $30/t w-o-w to $3,010/t from $2,980/t, reflecting firm supplier offers and improved global market sentiment. Meanwhile, US-origin tense scrap (attachments 6-7%), CFR Nhava Sheva, edged up by $5/t to $2,790/t from $2,785/t, indicating stable demand despite cautious procurement by consumers.

On the domestic front, aluminium prices remained steady w-o-w, reflecting balanced market conditions. P1020 ingot prices in Delhi NCR held at INR 393,000/t. Firm global cues and supportive producer sentiment helped maintain price stability, while buying activity remained largely need-based.

Overall, the imported aluminium scrap market remained stable, with higher Zorba offers and marginal gains in tense prices reflecting positive global cues, tighter supply conditions, and continued strength in the broader aluminium complex.

Copper

India's copper scrap market displayed a firm trend w-o-w, supported by gains in London Metal Exchange (LME) copper prices, which increased by $57/t, or 0.42%, to $13,657/t on 29 May from $13,600/t on 22 May. The stronger global copper trend supported domestic scrap values, while buying activity remained largely requirement-driven amid elevated price levels

Demand from key consuming regions remained largely need-based, with buyers continuing to procure material cautiously despite the improvement in market sentiment.

The market remained supported by firmer copper prices and positive sentiment across the value chain. However, elevated price levels limited aggressive restocking, keeping trading activity largely confined to immediate requirements.

According to BigMint's assessment, brass honey scrap prices in India increased w-o-w to INR 825,000/t, supported by firm copper market trends. However, steady imported scrap availability and balanced buying activity continued to keep the market largely rangebound.

Overall, stronger global copper trends supported domestic scrap prices during the week, although market participation remained largely requirement-driven.

Zinc

India's zinc ingot (99.995%) prices increased moderately w-o-w by around INR 4,200/t to INR 378,000/t ex-Delhi, supported by firmer global zinc prices and sustained producer pricing discipline, although downstream demand remained largely need-based.

The domestic market continued to track Hindustan Zinc Limited (HZL), which reduced its zinc ingot prices by INR 1,400/t to INR 379,5000/t in its latest revision.

India's zinc dross and zinc oxide prices increased further w-o-w as of 27 May, supported by firm global cues and continued strength in LME zinc prices. Benchmark three-month LME zinc prices averaged around $3,545/t during the week, up from around $3,530/t a week earlier, continuing to lend support to domestic secondary zinc markets.

Lead

India's domestic lead market remained firm w-o-w. Lead primary ingot (ex-Delhi) was assessed at INR 215,000/t, up by INR 3,500/t from INR 211,500/t a week earlier, reflecting improved market sentiment and support from higher producer prices despite largely need-based buying activity.

The domestic market continued to track Hindustan Zinc Limited (HZL), which increased its lead ingot prices by INR 300/t to INR 229,000/t (ex-works) in its latest revision, indicating continued producer support amid firm global lead market trends.

On the global front, LME lead prices increased by 1.35% w-o-w to $2,025/t, while exchange inventories rose by 9.61% to 314,000 t. Despite the increase in stocks, stronger LME prices continued to provide support to domestic lead market sentiment.

Overall, domestic lead prices remained supported by firmer producer pricing and gains in LME lead, although buying activity continued to be driven largely by immediate requirements, limiting aggressive market participation.