Wedoany.com Report on Feb 2nd, During the week ending January 31, 2026, base metal prices on the London Metal Exchange (LME) showed a divergent trend, reflecting differences in supply-demand dynamics and inventory changes in the metals market. Aluminum prices fell by 2.05% month-on-month to $3,110 per ton, despite a 2.28% decline in LME inventories to 495,725 tons. Nickel prices recorded the largest drop, decreasing by 5.85% month-on-month to $17,540 per ton, with inventories edging up 0.90% to 286,284 tons. Copper prices stood out, rising by 3.48% month-on-month to $13,370 per ton, supported by optimistic demand sentiment. Zinc prices increased by 3.79% month-on-month to $3,343 per ton, benefiting from a 1.35% inventory reduction to 110,000 tons. Lead prices fell by 1.76% month-on-month to $1,957 per ton, with inventories declining significantly by 4.39% to 205,725 tons.
In the Indian scrap market, as of January 31, imported aluminum scrap prices showed a mixed trend. The price for Middle East-origin Tense (8-9%) was $2,000 per ton, up $10 per ton month-on-month, while the price for extrusion 6063 dipped slightly by $10 per ton to $2,900 per ton. Driven by gains in LME and MCX aluminum futures, domestic aluminum prices in India rose month-on-month. Delhi aluminum ingot prices increased by 3% to 326,000 rupees per ton, while Mumbai prices surged by 10% to 351,000 rupees per ton. According to International Aluminium Institute data, global alumina production in 2025 grew 5.1% year-on-year to 144.98 million tons, and primary aluminum production increased 1.1% to 73.78 million tons.
Prices for imported copper scrap in India rose strongly month-on-month, tracking the rebound in LME benchmark copper futures. The assessed price for Middle East-origin Birch Cliff scrap was $12,795 per ton, a substantial increase of 9.8% month-on-month. The price for European-origin Brass Honey rose 9.4% month-on-month to $7,730 per ton, while Middle East-origin material increased 7% to $8,295 per ton. Zinc scrap and dross prices also strengthened month-on-month. Middle East-origin zinc die-cast scrap was priced at $2,660 per ton, up $20 per ton month-on-month. The assessed price for zinc dross in North India was 259,200 rupees per ton, an increase of 4,500 rupees per ton month-on-month. Domestic primary lead ingot prices were quoted at 200,000 rupees per ton, up 3.2% month-on-month.
Regarding industry developments, Hindalco Industries announced an investment of 210 billion rupees to expand aluminum smelting capacity in Odisha, adding 360,000 tons per year of smelting capacity and 170,000 tons per year of flat-rolled product and battery-grade aluminum foil capacity. Emirates Global Aluminium signed an agreement with Century Aluminium to build a 750,000 tons per year primary aluminum smelter in Oklahoma, USA. Glencore's copper production in 2025 fell 11% year-on-year to 851,600 tons, but second-half production increased nearly 50% compared to the first half. India's electronic waste generation is projected to more than double by 2030, rising from 6.19 million tons in 2024 to nearly 14 million tons. Gravita India commenced a lithium-ion battery recycling facility in Gujarat with a capacity of 6,000 tons per year.
