Base metal prices posted a sharp rebound in Q3 and Q4 FY2026, led by aluminium and copper. 

Aluminium rose 22% YoY in Q4 FY2026 after an early Q1 decline. Supply- side constraints and weak dollar index remained the primary reason for the sharp rebound. 

Copper prices followed a similar trend with an increase of 38% YoY in Q4, amid fear of supply shortages. The mine production witnessed negative growth.

Source: ICRA Research; Refinitiv; 1LME: The London Metal Exchange data; *prices till March 16, 2026