Weekly round-up: LME metals prices remain mixed; Indian spot markets stay supported

• Divergent LME stock trends highlighted selective supply constraints
  
  
• Indian scrap demand stayed firm amid constrained spot availability
  
  

LME base metals showed a mixed trend on a w-o-w basis as of 24 April 2026, with gains in nickel, copper, and zinc supported by cautious market optimism, while aluminium and lead witnessed further corrections. Nickel led the upside, rising 1.29% to $18,800/t, followed by zinc, which gained 0.77% to $3,474/t. Copper also moved higher by 0.64% to $13,295/t. In contrast, aluminium declined 0.88% to $3,600/t, while lead fell 0.76% to $1,954/t.

On the inventory front, LME warehouse stocks tightened across all major metals, indicating steady offtake and selective supply pressure. Aluminium stocks registered the sharpest drop, down 3.23% to 376,275 t, followed by zinc, which decreased 2.86% to 102,825 t. Copper inventories declined 1.91% to 392,575 t, while lead stocks slipped 1.54% to 270,025 t. Nickel stocks were marginally lower by 0.23% at 277,548 t, reflecting balanced near-term availability.

Aluminium

India's imported aluminium scrap market displayed a steady-to-firm trend w-o-w as of 24 April 2026, supported by stronger global benchmarks and persistent bullish sentiment in the overseas market, in line with elevated LME aluminium prices.

As per the latest assessment, UK-origin Zorba 95-5 scrap, CFR Nhava Sheva, increased to $2,940/t from $2,870/t, marking a gain of $70/t w-o-w. Meanwhile, US-origin tense scrap (attachments 6-7%), CFR Nhava Sheva, remained stable at $2,745/t w-o-w, showing no change from the previous week, reflecting balanced buying interest from secondary consumers.

On the domestic front, sentiment remained stable. P1020 aluminium ingot, ex-Delhi NCR, was assessed at INR 377,500/t, unchanged from the previous assessment and higher by INR 2,500/t w-o-w from INR 375,000/t. The steady domestic trend reflects balanced spot availability, even as firm import parity and stronger overseas cues continued to support market levels.

Overall, imported aluminium scrap markets remained resilient with selective gains, while the domestic ingot segment stayed stable at elevated levels, supported by firm global aluminium prices and tightening exchange inventories.

Copper

India's copper scrap market displayed a rangebound-to-soft trend w-o-w as of 24 April 2026, amid cautious buying activity and muted sentiment despite largely stable LME copper prices. Demand from the key consuming hub of Jamnagar remained need-based, while reduced operating rates and gas supply disruptions at brass processing units limited fresh procurement interest.

The market remained supported by tight domestic scrap flows and selective availability, although upside momentum was capped by subdued downstream consumption and thin spot liquidity. Buyers largely preferred immediate requirement-based purchases, while resistance at higher levels restricted aggressive restocking activity.

As per BigMint's assessment, brass honey scrap, exw-Jamnagar, was assessed at INR 760,000/t, down by INR 10,000/t w-o-w from INR 770,000/t, reflecting weak spot activity and cautious procurement patterns during the period.

Overall, muted domestic demand and operational constraints in Jamnagar remained the key market drivers, while stable global copper cues offered limited support, keeping sentiment cautious with prices moving in a narrow range.

Zinc

India's zinc ingot (Zn 99.995%) prices inched up w-o-w as of 24 April 2026, supported by stable spot demand and firmer global cues. SHG zinc ingot (ex-Delhi) increased by INR 7,500/t to INR 358,000/t from INR 350,500/t a week earlier, reflecting steady procurement from galvanizing units.

The uptick tracked firm LME zinc trends, with prices rising 0.77% w-o-w to $3,474/t, indicating continued support from global markets. On the domestic front, Hindustan Zinc Limited (HZL), in its latest revision on 23 April, increased zinc ingot prices by INR 3,100/t to INR 361,700/t (ex-Chanderiya), aligning with prevailing market strength.

In the secondary segment, prices also moved higher. Zinc dross (ex-Delhi) increased by ~INR 11,000/t to INR 290,000/t, while western India levels were reported at around INR 284,000-285,000/t ex-works. Meanwhile, zinc oxide (99% Zn) prices rose by INR 5,400/t to INR 275,000/t (ex-Delhi), supported by steady downstream demand.

Overall, firmer global cues and stable domestic demand supported the upward bias in primary prices, while cautious buying activity in the secondary segment continued to limit sharper gains despite the positive trend.

Lead

India's domestic lead market remained largely stable with a marginal downward bias w-o-w as of 24 April 2026. Lead primary ingot (ex-Delhi) was assessed at INR 201,800/t, down INR 1,200/t w-o-w from INR 203,000/t, while lead remelted ingot (ex-Delhi) declined to INR 194,200/t, easing INR 800/t w-o-w from INR 195,000/t, reflecting slightly subdued spot demand.

The softening in prices came despite recent revisions from Hindustan Zinc Limited (HZL), which increased lead ingot prices by INR 2,200/t to INR 217,300/t (ex-works) in its latest revision on 23 April, aligning with relatively firm global cues. LME lead was also trading lower on a w-o-w basis at around $1,954/t, down 0.76%, though prices continued to offer some underlying support to the domestic market.

Overall sentiment remained stable to slightly weak, with minor corrections seen in domestic prices despite producer price hikes, as balanced demand-supply conditions and cautious buying activity limited upward momentum.

Other updates

Global nickel market likely to face supply deficit in 2026

The global nickel market is expected to shift into a 32,000 t deficit in 2026, compared with an estimated 283,000 t surplus in 2025, according to the International Nickel Study Group (INSG). This would mark the first supply deficit since 2021.

The tighter outlook is mainly driven by regulatory changes in Indonesia, including lower mining quotas and revised domestic pricing norms, which may restrict ore availability and raise production costs.

Global nickel demand is projected at 3.747 million t in 2026, slightly above expected production of 3.715 million t, indicating a tighter supply-demand balance. Overall, the deficit outlook could provide medium-term support to nickel prices.