Non Ferrous News Today

Copper prices remained above $14,000/tonne as rising LME inventories eased the immediate squeeze, while backwardation continued to signal tight nearby supply. Aluminium weakened around $3,200/tonne, despite stable LME stocks and falling Japanese inventories. Longer term, aluminium demand is expected to shift toward EVs, electronics, renewable energy and data-centre applications.

As of 14 August 2026, the global zinc market is exhibiting range-bound price action. LME zinc settled marginally higher at $3,737.45/mt, while MCX zinc in India traded near ₹395.55/kg. Tight exchange inventories at 92,550 MT provide strong underlying support, though elevated price levels continue to make downstream buyers cautious.

Indian copper prices rose 0.84% to ₹1,376.95 per kg amid tight non-US inventories and supply worries. Meanwhile, proposed US Section 232 tariffs are reshaping COMEX–LME spreads. With physical arbitrage opportunities opening up, domestic prices in India for wire rods and cathodes remain firm across major industrial hubs.

Aluminium prices remained firm as geopolitical uncertainty around the Strait of Hormuz and declining exchange inventories supported market sentiment. LME aluminium cash prices rose 0.97% to $3,260/tonne, while SHFE September aluminium settled at RMB 23,925/tonne. However, weak seasonal demand and rising global supply may limit further gains.

Copper prices maintain strong upward momentum, driven by easing U.S.-Iran geopolitical tensions, declining exchange inventories, and robust Chinese industrial demand. Domestic futures hold above key technical levels at ₹1,336.6/kg, while physical spot prices in industrial hubs like Delhi NCR and Bhiwandi reflect firm buying interest.

Aluminium prices face a consolidation phase as MCX futures ease to ₹341.9/kg following temporary U.S.-Iran de-escalation. Despite tight physical supply, falling LME inventories, and a 2.70% surge in raw alumina costs, seasonal downstream weakness in China and U.S. Fed interest rate uncertainty continue to cap upward momentum.

Zinc prices today remained firm across global and domestic markets, supported by tight refined metal availability outside China and stable demand from the galvanizing sector. LME and MCX prices edged higher as traders monitored inventory levels, smelter production, and broader macroeconomic developments, keeping the near-term market outlook positive.

India's base metals market traded mixed as aluminium and copper gained on tightening inventories and supply concerns, while zinc declined amid inflation fears linked to Middle East tensions. Demand remains cautious despite strong long-term fundamentals. Government policy on aluminium scrap imports and global macroeconomic developments will remain key market drivers.

Aluminium and copper prices rebounded as a weaker US dollar, easing interest rate concerns, and tightening inventories improved market sentiment. While recent corrections have weighed on prices, supply deficits, resilient industrial demand, and continued Chinese restocking are expected to support both aluminium and copper prices in India during the second half of 2026.

India's aluminium market has entered a corrective phase after June witnessed the sharpest monthly decline in LME aluminium prices since 2008. Improved Middle East supply, rising Chinese exports, and weaker global sentiment weighed on prices. While near-term pressure persists, healthy demand from infrastructure, EVs, and renewable energy continues to support the long-term outlook.