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Weekly round-up: LME base metals trade mixed w-o-w; domestic markets stay supported

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Aluminium
By
BigMint Bureau
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23 May 2026, 16:02 IST
Weekly round-up: LME base metals trade mixed w-o-w; domestic markets stay supported

  • Global copper stocks hit 23-year high

  • Indian zinc ingot prices surge sharply higher

LME base metals traded on a mixed trend w-o-w, with aluminium recording the strongest gain of 3.52% to $3,706/t, followed by lead rising 0.80% to $2,006/t and zinc inching up 0.07% to $3,545/t. In contrast, nickel prices declined 0.16% to $18,550/t, while copper slipped 0.40% to $13,545/t.

On the inventory side, lead stocks witnessed the sharpest increase, rising 8.10% to 286,475 t, followed by nickel inventories, which climbed 1.19% to 279,072 t. Zinc stocks also edged higher by 0.25% to 111,025 t. Meanwhile, aluminium inventories declined 1.32% to 339,475 t, while copper stocks fell 0.97% to 391,900 t, indicating relatively tighter availability for both metals.

Aluminium

India's imported aluminium scrap prices traded mixed w-o-w as of 19 May 2026 despite elevated London Metal Exchange (LME) aluminium prices and continued volatility in the global scrap market.

According to BigMint's latest assessment for CFR Nhava Sheva deliveries, UK-origin zorba 95-5 scrap declined by $10/t w-o-w to $2,980/t amid softer buying interest. Meanwhile, US-origin tense 6-7% scrap increased by $30/t to $2,785/t, supported by firm imported scrap demand.

Domestic aluminium prices in India increased w-o-w as of 21 May'26, supported by firm trends on the Multi Commodity Exchange (MCX) and improved producer pricing sentiment despite mixed movements on the London Metal Exchange (LME).

As per market assessments, P1020 ingot prices in Delhi NCR increased by INR 2,500/t, or 0.6%, w-o-w to INR 393,000/t on 21 May from INR 390,500/t on 14 May.

Copper

Copper scrap prices in India declined marginally w-o-w on 20 May'26, tracking the correction in London Metal Exchange (LME) copper prices, which fell by $610/t to around $13,411/t from $14,021/t on 13 May. The softer global copper trend weighed on imported and domestic scrap offers across Indian markets, while market activity remained largely requirement-driven amid cautious buying sentiment.

Copper cathode prices in western India softened w-o-w on 21 May 2026 as the sharp rally in global copper prices slowed, leading to lower domestic offers. As per BigMint's assessment, Ex-Mumbai copper cathode prices fell to around INR 1,345,000/t today from nearly INR 1,390,000/t last week.

According to BigMint's assessment brass honey scrap prices in India remained stable w-o-w at around INR 816,000/t, as steady imported scrap availability and balanced buying activity kept the market rangebound.

Zinc

India's zinc ingot (99.995%) prices increased sharply w-o-w by INR 11,900/t to INR 373,800/t ex-Delhi on 19 May 2026, supported by stronger global prices and aggressive producer-led hikes, although downstream demand continued to remain largely cautious.

The domestic market continued to track Hindustan Zinc Limited (HZL), which increased its ingot prices by INR 9,200/t on 18 May to INR 382,600/t, in alignment with elevated LME zinc prices and continued firm global prices. HZL also raised its lead ingot prices by INR 400/t to INR 228,100/t during the same revision.

India's zinc dross and zinc oxide prices increased further w-o-w as of 20 May 2026, supported by firm global cues and sustained strength in London Metal Exchange (LME) zinc prices. Benchmark three-month LME zinc prices averaged around $3,530/t during the week, compared with around $3,437/t a week earlier, lending continued support to domestic secondary zinc markets.

Lead

Domestic lead prices witnessed a notable increase on a w-o-w basis. Lead primary ingot exw-Delhi rose by INR 3,900/t, or 1.88%, to INR 211,500/t on 23 May from INR 207,600/t on 16 May.

Similarly, lead re-melted ingot exw-Delhi increased by INR 1,500/t, or 0.75%, to INR 202,000/t from INR 200,500/t over the same period.

HZL also raised its lead ingot prices by INR 400/t to INR 228,100/t during the same revision.

Other Updates

Copper surplus widens; exchange stocks hit 23-year high

Global copper surplus expanded sharply in Q1CY26 as refined production outpaced demand growth, while exchange inventories surged to a 23-year high of 1.15 mnt. Refined copper output rose 4.5%, led by China, DRC, and a 25% jump in India, whereas demand remained subdued due to weak Chinese imports. The market recorded a surplus of 396,000 t, nearly three times higher y-o-y, reinforcing oversupply concerns despite stable mine production.

23 May 2026, 16:02 IST

 

 

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