LME Base Metals Decline as India's Copper Scrap Market Stays Firm

LME base metals declined during the week ended October 2, with aluminium leading losses at 5.1% to $3,101 per tonne.

Aluminium prices in India also weakened due to subdued demand and lower replacement costs, while copper scrap market remained relatively firm despite a decline in international prices.

Tight availability and improving domestic procurement ahead of the festive season supported the Indian copper market, with armature scrap prices increasing by 0.4% to INR 1,350,000 per tonne.

Zinc dross and oxide prices may remain broadly stable to firmer in the coming week, while lead prices are likely to track movements in primary benchmarks.