Non Ferrous News Today

India’s aluminium market faces mixed signals, with domestic prices reported at ₹335.35/kg, up 0.57%, while LME cash prices softened marginally and three-month futures edged higher. Falling Chinese inventories, reduced overseas production and tight scrap availability offer support, but a strong US dollar, cautious downstream demand and geopolitical trade risks may limit further gains.

India copper prices remain elevated, with Copper Cathode 99.99% at ₹1,410/kg in Bhiwandi, Birla Copper Wire Rod at ₹1,480/kg in Bhiwadi and non-LME CCR Wire Rod at ₹1,400/kg in Delhi NCR. Global copper has recently traded near record levels as constrained mine/refined supply and falling inventories offset weak China demand and a stronger dollar. Near-term Indian prices are likely to remain firm but volatile, with global tariffs, inventories and domestic procurement the key triggers.

India’s aluminium market remains firm but volatile as Gulf supply disruptions and historically low exchange inventories support global prices, while smelter restarts and rising Chinese output limit upside. Domestic aluminium prices are also being influenced by a weaker rupee, with MCX aluminium at ₹349.40/kg on 29 September.

Indian zinc prices remain elevated, with Nexizo quoting HZL Zinc Ingots (SHG) at ₹427/kg in Faridabad, while MCX zinc settled at ₹434.30/kg, up marginally by 0.05%. High prices are beginning to restrain downstream buying, particularly in China, but falling mine/smelter output and tight inventories outside China continue to provide underlying support.

India's copper scrap imports remained broadly stable in H1 2026 despite disruptions from traditional suppliers, with stronger US shipments offsetting weaker European availability. However, tighter global premium-scrap supply and stronger Chinese buying are increasing procurement competition, keeping Indian buyers focused on diversified sourcing and higher-recovery grades.

Indian non-ferrous markets are likely to remain firm as stronger Chinese copper buying, elevated global aluminium prices and supply-side risks support international benchmarks. Copper demand signals have improved sharply, while aluminium is consolidating near elevated levels; in India, higher import replacement costs and currency exposure should keep procurement costs sensitive to global movements.

Zinc prices remain firmly bullish, with September MCX Zinc closing at ₹418.30/kg on 4 September, up 0.83% on the day and significantly above the ₹390–400/kg levels seen in late August. (Upstox) Globally, declining mine output, critically low LME inventories and negative treatment charges are tightening refined zinc availability, keeping the near-term Indian market supported.

Copper prices eased marginally after touching a six-month high as concerns over higher-for-longer US interest rates offset tightening exchange inventories and supply risks. Indian copper futures remain in an uptrend, supported by lower global inventories and Chilean production disruptions, while economic uncertainty and profit-taking could increase near-term price volatility.

Aluminium prices remained firm as LME values recovered alongside a modest inventory drawdown, while continued Chinese destocking provided downside support. However, cautious downstream demand, rising overseas production and unresolved Strait of Hormuz risks are limiting upside. Indian aluminium prices remain elevated, with market direction likely to stay range-bound in the near term.

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.