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Metal & Scrap Market Updates

A short daily brief on global metal markets, the rupee and Indian scrap demand: what moved prices, why, and what it means for buyers and sellers of scrap.

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Sunday, 11 October 2026

Copper firm on China restocking and Chile strike; weak rupee keeps Indian scrap rates high

Copper ended the week about 2% higher, within roughly 1% of its September record, as Chinese buyers restocked after the National Day holiday and a strike hit a large Chilean mine. Other base metals had a choppy week after a sharp risk-off sell-off on Thursday. In India, the rupee sits near its record low against the dollar, which lifts the rupee price of every metal and keeps domestic scrap rates firm.

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What moves metal and scrap prices

Global benchmark (LME)

Indian non-ferrous scrap follows London Metal Exchange prices, usually within one to three trading days.

Rupee vs dollar

Metals are priced in dollars. A weaker rupee raises rupee scrap prices even if global prices are flat.

China demand

China uses about half the world’s copper and aluminium. Its factory and property activity moves global prices.

Mine and smelter supply

Strikes, accidents, power shortages and export bans tighten supply and push prices up.

Inventories

Falling warehouse stocks signal a tight market; rising stocks mean buyers are not absorbing supply.

Energy and freight

Smelting is energy-hungry and scrap moves by sea and road, so oil, power and freight costs matter.

Interest rates and the dollar

High rates and a strong dollar make metal more expensive to hold and tend to weigh on prices.

Trade policy

Tariffs, import duties and export curbs change where metal flows and can tighten supply elsewhere.

Local demand and season

Construction, auto and electrical demand, festivals and the monsoon shift buying month to month.

Grade and quantity

Purity, sorting, lot size and pickup location explain why the same scrap gets different prices.

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