Copper books its worst week since March on tech sell-off; rupee posts its best week of 2026 as oil slumps
Markets were closed for the weekend, so this brief covers the week to Friday 6 November. Base metals fell as a sell-off in technology shares after the US midterm elections hit demand hopes: LME copper lost about 3% on the week, and zinc and tin about 5% each, while nickel rose on Indonesian supply worries. In India, copper, brass and zinc scrap rates eased about 4-6% over the week. A slump of more than 12% in Brent crude helped the rupee gain about 1.2%, its biggest weekly rise this year.
Copper has its worst week since March
LME copper fell for four straight sessions and lost about 3% on the week, touching its lowest level since late July on Friday before finding support. The fall came from a rout in technology and AI-linked shares after Democrats won control of the US Congress, and from lower expectations of US import tariffs on refined copper. Supply in China stays very tight: copper stocks in Shanghai Futures Exchange warehouses fell more than 24% in the week to 33,848 tonnes, the lowest in almost three years, and China's import premium rose to a record. LME copper stocks rose to about 3,16,675 tonnes.
For your business: Bright and mixed copper scrap rates in India eased about 5% over the week. Sellers may face softer bids early this week, but very low Chinese stocks could limit further falls.
Aluminium ends the week almost flat
LME aluminium was close to unchanged over the week, though it fell more than 1% on Friday along with other metals. It is still below its levels of late September. LME aluminium stocks are steady at about 2,27,600 tonnes.
For your business: Aluminium ingot-grade scrap in India eased about 1% on the week and utensil scrap was little changed. Expect steady, range-bound trade.
Zinc and tin drop about 5%; nickel climbs on Indonesia worries
Zinc fell about 5% on the week, including a drop of about 3% on Friday, giving back its late-October rally. Tin also lost about 5% and is now well below its September levels as the chip-share sell-off hurt solder demand hopes. Nickel bucked the trend, rising more than 5% on the week on concerns about supply shortages in Indonesia. Lead slipped about 2%.
For your business: Zinc scrap in India fell about 6% and brass scrap about 4-5% over the week, while lead scrap eased about 3%. Stainless steel 304 scrap firmed about 4%, helped by higher nickel.
Rupee posts its biggest weekly gain of 2026
The rupee rose about 1.2% over the week and closed at ₹93.91 per dollar on Friday, its strongest level since April. Lower oil prices cut dollar demand from oil importers, foreign investors bought nearly 3 billion dollars of Indian shares during the week, and the dollar index slipped to a one-month low after the US elections. The RBI was seen buying dollars near 93.88 to slow the rupee's rise.
For your business: A stronger rupee makes imported scrap and metal cheaper in rupee terms, which adds to the downward pressure on local non-ferrous rates. Importers get some relief on landed costs.
Ferrous scrap steady in Delhi; demand stays sluggish
HMS 1 & 2, CR/HR coil scrap and cast iron scrap rates were unchanged in the latest sessions in Delhi and Mandi Gobindgarh. Wider Indian ferrous scrap markets were soft on sluggish steel demand after the festive season, though ship-breaking scrap at Alang firmed on tight supply.
For your business: Melting scrap sellers can expect stable but slow buying. A pick-up in construction activity would be the first sign of firmer rates.
Brent slumps more than 12% but Hormuz risks remain
Brent crude fell more than 12% over the week, its steepest weekly drop in years, and ended Friday near $98 a barrel. Hopes for US-Iran talks after the midterm results, and Gulf crude exports recovering close to pre-war levels, drove the fall. Attacks on vessels near the Strait of Hormuz continue, and shipping costs remain high.
For your business: Cheaper oil should ease fuel and smelting costs over time, but high freight rates still add to the cost of moving imported scrap.
What to watch next
- China's October trade and inflation data for copper and aluminium demand
- Shanghai copper stocks and China's import premium
- US-Iran talks and shipping in the Strait of Hormuz
- Rupee and RBI action after the strong weekly gain
- Tech share moves and their effect on copper and tin
Prices now
LME prices are shown with a 2-day delay. Live LME and India rates are free for registered members.
This update is general market information, not investment or trading advice. Prices are indicative.
