Base Metals

LME zinc closed up 0.06% at $3,873/mt after touching $3,899.5/mt, extending gains for a fifth straight session. LME zinc stocks fell 1,950 mt to 162,675 mt while Chinese inventories dropped 7,900 mt to 183,300 mt. Persistent ex-China inventory drawdowns and backwardation structure lifted the price center amid steady spot demand. Read →

Swedish miner Boliden reported Q3 adjusted operating profit of SEK 4.90 billion, up 77% YoY, as higher copper and zinc prices offset disruptions and costs. Mines delivered strong output while smelters benefited from metal and acid prices despite lower treatment charges; CEO noted growing consensus on a new copper price floor. Read →

The Yangshan copper import premium surged to $205/mt on Oct 28, its highest in over a decade per Fastmarkets data. Tight Chinese physical supply from smelter maintenance and low SHFE stocks, plus US tariff-driven stockpiling elsewhere, drove the spike even as global refined surpluses are forecast. Read →

Three-month LME copper fell 0.31% to $14,432.50/mt but stayed near the prior session's two-week high of $14,517. Yangshan import premiums surged to $205/mt, the highest in more than a decade, while domestic Chinese premiums climbed to 1,085 yuan/mt as SHFE stocks plunged over 26% last week amid smelter maintenance. The tightness underpins prices despite potential US rate-hike headwinds. Read →

Rio Tinto inaugurated the Sal de Vida plant and Fenix 1B expansion in Catamarca, adding 25,000 tpa LCE capacity via DLE technology after $1.4 billion investment. The projects, which started production ahead of schedule in Q2, form part of the company's push toward 200,000 tpa Argentine output by 2028. President Milei attended the ceremony on Miners' Day. Read →

LME three-month aluminium rose 0.58% to $3,105/mt amid low warehouse stocks and 3,500-tonne Asian withdrawals, pushing the cash-to-three-month spread into $27.64/mt backwardation. Most LME aluminium remains Russian-origin material that traders avoid. SHFE aluminium edged 0.11% lower to ¥23,715/mt. Read →

LME zinc closed up 0.41% at $3,838.5/mt after LME stocks fell 1,300 mt to 165,650 mt. Domestic Chinese zinc inventory also declined 3,700 mt to 191,200 mt. The metal formed a bullish candlestick with moving-average support as bulls added positions overnight. Read →

Chinese smelters exported 111,000 tons of refined zinc in August-September, helping LME stocks recover from an August low of 92,550 tons to 165,650 tons. Treatment charges have turned deeply negative, pressuring smelters outside China while Chinese output rises. LME cash premiums have widened again to $118 per ton, signaling renewed near-term tightness. Read →

Chinese investors have announced or planned at least 15 million tons per year of new primary aluminium smelting capacity abroad, with 2.85 million tons already ramping up. This expansion, focused on Southeast Asia, the Middle East and Africa, is expected to shift the global market from a 1.1 million-ton deficit this year to an 830,000-ton surplus in 2027. Domestic capacity remains capped at 45 million tons under 2017 policy. Read →

LME three-month copper gained up to 1.1% to $14,487.50 per ton, its highest since October 16, supported by recovering AI stocks and strong Chinese demand. The Yangshan import premium hit a nearly 13-year high of $188 per ton while SHFE copper stocks fell more than 25% to 54,356 tons amid smelter maintenance. The cash LME contract traded at a $199.50 premium to three-month metal, the widest since late August. Read →

Overnight, LME zinc rose 2.12% while nickel fell another 2.04%. SHFE base metals mostly gained with zinc up 0.99% and nickel down 1.18%. Tight LME and SHFE zinc stocks plus high power prices drove the move; nickel weakness extended on oversupply. Read →

Typhoon weather delayed imported copper vessel arrivals into China. Shanghai and Jiangsu social inventories fell further to 48,100 mt and 19,500 mt. Spot premiums rose to 900 yuan/mt average as limited supply met steady downstream offtake. Read →

LME three-month zinc rose to $3,821.50/mt, highest since Oct 12, on falling inventories and higher power prices. SHFE zinc stocks dropped 5% to 137,139 mt, lowest since March; LME on-warrant stocks stood at 133,700 mt with cash-3M backwardation near $81/mt. Read →

United Steelworkers Local 7619 began strike action at Teck’s Highland Valley Copper mine in British Columbia. The operation, Canada’s largest open-pit copper mine, runs at reduced capacity; impact on output depends on strike length. Read →

Copper fell as much as 0.6% in London on Monday, extending last week’s decline. Weakness in AI-related tech stocks reduced risk appetite ahead of the Federal Reserve policy meeting. The metal, key for data centers and power infrastructure, faces near-term pressure from macro sentiment. Read →

China’s MMG proposed a legally enforceable guarantee to maintain existing ferronickel supply levels to EU stainless steel producers. The move targets European Commission concerns over potential supply diversion in the $500 million purchase of Anglo American’s Brazilian nickel assets. If blocked, the mines could close, affecting regional nickel availability. Read →

Overnight, LME zinc rose 2.06% while copper gained 1.56%, aluminum 1.03%, tin 1.35% and lead 0.42%; nickel fell 1.58%. SHFE copper added 0.99% and aluminum 1.62%. Geopolitical factors lifted oil and supported select metals amid broader market moves. Read →

LME copper closed up 1.42% in the prior overnight session to $14,298/mt. The International Copper Study Group reported a 132,000 mt refined copper surplus in August, shifting from July’s deficit. Chinese inventories fell while US manufacturing strength and geopolitical factors supported prices. Read →

LME three-month copper fell 1.8% to $14,089/t, its lowest since mid-September, after 29,050 tonnes flowed into warehouses, mainly New Orleans, lifting total stocks to 272,950 tonnes, the highest since July 24. The build eased near-term supply concerns despite persistent regional bottlenecks outside the US and ongoing backwardation. Other LME metals also declined, with zinc down 1.7% and tin down 2.2%. Read →

LME zinc fell 2.24% and tin 2.44%; copper, aluminum and nickel each dropped more than 1% overnight. SHFE zinc, tin and nickel also declined over 1%, with only SHFE lead rising 0.25%. Precious metals led losses, with COMEX silver plunging 5.34% to its lowest since November 2025. Read →

LME copper dropped 0.8% to $14,310/t after inventories rose 11,475 tonnes, up 8% in a week with available stocks surging 40%. The build followed heavy US-bound shipments ahead of potential tariffs, leaving COMEX holding 70% of visible global stocks. Nickel rose 2.4% on prospects of Indonesian production cuts by Chinese operators. Read →

Benchmark three-month LME copper fell 0.44% to $14,293.5/mt overnight after 13,525 tons flowed into warehouses for a third straight day, lifting stocks 8% in a week. SHFE copper slipped 0.67% to 109,000 yuan/mt. Regional tightness persists with Codelco offering Europe a record $350/mt premium for 2027 and Yangshan premium hitting $148/mt, its highest since October 2022. Read →

Executives from Tsingshan, GEM, Lygend and Huayou plan to meet as early as Tuesday to finalize coordinated cuts at HPAL plants in Indonesia. Weak prices and high costs pressure profitability; talks follow an August meeting that yielded no deal. Nickel led LME gains with a 2.4-4% surge on the unconfirmed prospects. Read →

Codelco offered European buyers a record $350/mt premium for 2027 deliveries, up from $325 this year, amid LME Week negotiations. Aurubis raised its 2027 premium 10% to a record $347/mt earlier. The moves signal expected European shortages as US warehouses hold 70% of visible global stocks due to tariff uncertainty. Read →

LME zinc closed up 0.43% at $3,757/mt after a V-shaped session while SHFE zinc edged higher. China exported 70,400 mt of zinc ingots in September, above expectations, with more exports likely in October. LME stocks keep rising but downstream consumption is seen improving, supporting a weak recovery. Read →

Emirates Global Aluminium restarted 631 of 1,262 reduction cells at its Al Taweelah smelter in Abu Dhabi on October 21, reaching 50% completion of the restart after the March 28 attack shutdown. The company targets full production in Q1 2027. The smelter produced about 1.6 million tonnes of cast aluminum in 2025, so the ramp-up adds meaningful supply to global aluminum markets. Read →

Vedanta Zinc International inaugurated the $600 million Gamsberg Phase II expansion, doubling annual zinc-in-concentrate capacity to 500,000 tonnes. South African President Cyril Ramaphosa attended the October 18 event. The move advances Vedanta’s goal of 3 million tonnes annual zinc output across India and South Africa. Read →

LME zinc inventory increased 3,275 mt to 166,325 mt on October 19 while domestic Chinese zinc stocks fell 1,900 mt to 200,200 mt. LME three-month zinc closed up $12/mt at $3,741/mt after a V-shaped session. SHFE zinc 2612 ended up 35 yuan/mt at 25,635 yuan/mt. Read →

Three-month LME copper held flat at $14,339.50/mt Tuesday while SHFE November copper fell 0.53%. Goldman Sachs lifted its end-2026 forecast to $14,700/mt and 2027 average to $15,400/mt on weaker ex-US mine supply and projected 950kt deficit outside the US in 2026. Comex inventories hit 791,679 short tons on tariff-driven stockpiling, yet cautious Chinese buying at high prices and domestic premiums slipping to 710 yuan/t kept the market rangebound. Read →

Overnight LME aluminum rose 1.08%, LME tin 1.07%, LME nickel 1.54% and SHFE nickel 1.18% while LME copper fell 0.24% and SHFE copper 0.26%. Short covering and improved macro sentiment from steady October rate expectations drove gains in the non-copper complex. SHFE zinc edged up 0.24% on destocking and downstream pickup despite LME zinc inventories exceeding 160kt. Read →

LME zinc closed up $47/mt or 1.28% at $3,729/mt after short covering pushed prices to $3,740.50/mt. China's zinc social inventory destocked again and low prices lifted downstream consumption, supporting bullish funds. SHFE zinc 2612 rose 60 yuan/mt to 25,555 yuan/mt though LME warehouse inflows above 160kt cap further upside. Read →

China produced a record 11.84 Mt primary aluminum in July-September, up 2.2% YoY, with September at 3.91 Mt. Smelters sustained high rates via efficiency gains above the 45 Mt installed-capacity ceiling, supported by strong margins from higher prices and lower raw-material costs. Nine-month output reached 35.03 Mt, on track for 46.7 Mt annualized. Read →

Vedanta Zinc International inaugurated Phase II expansion at Gamsberg mine in Northern Cape, lifting annual capacity to 500,000 tonnes of zinc-in-concentrate. The $600 million project forms part of a broader $1.5 billion South Africa investment commitment and supports Vedanta's target of 3 million tonnes combined zinc output across India and South Africa. Expanded supply enters a market with tight concentrate terms and LME Week contract negotiations. Read →

LME zinc closed Friday at $3,682/mt, up $8.5/mt or 0.23%, after bulls stepped in following a dip to $3,665/mt. Weaker US dollar and reduced October rate-hike expectations provided support while SHFE zinc contract also edged higher. SMM notes zinc ingot social inventory declined in East and South China over the weekend as downstream offtake improved. Read →

Benchmark LME three-month copper rose 0.9% to $14,480/mt on Friday, leading base metals higher on a weaker dollar and stabilising equity markets after Thursday's tech sell-off. Copper and zinc head into LME Week in backwardation, signalling nearby supply tightness, with US tariff-driven metal inflows cited as the main driver of refined copper tightness. Aluminium, nickel and tin also posted gains in the session. Read →

US September PPI rose 6.3% YoY and retail sales 0.8% MoM, both above forecasts, lifting Fed rate-hike bets. LME copper fell 0.88% to $14,309/mt with increased short positions; SHFE copper dropped 0.71%. Easing Escondida strike risk added selling pressure on the metal. Read →

LME copper fell 1.25%, zinc 1.21% and nickel 1.68% overnight while aluminum held flat. SHFE nickel dropped 1.67% and zinc 0.8%; tin rose 1.22%. Dollar index eased 0.55% from its 18-month high after stronger US data. Read →

Three-month LME copper rose 0.3% to $14,383.50/mt early Friday but remains down about 1% for the week. SHFE copper slipped 0.1%. Analysts cite AI-stock selloff spillover and persistent inflation concerns weighing on the complex. Read →

LME copper fell toward a 10-day low after Escondida union deal removed strike risk and hotter US CPI revived rate-hike odds. COMEX copper dropped 1.2%; analysts noted double pressure from easing supply worries and macro tightening expectations. Read →

US September CPI rose 3.7% YoY, above the 3.6% forecast and prior 3.4%, pushing Fed rate-hike odds higher and the dollar to an 18-month high. LME three-month copper fell 1.2% to $14,315.50/t after touching a three-week peak; SHFE copper dropped 1.9% to ¥108,940/t. Aluminium extended losses for a third session, with LME aluminium at $2,961/t, its lowest in over nine months, while zinc, nickel and tin also declined. Read →

BHP and the supervisors’ union at Escondida, the world’s largest copper mine, reached a preliminary agreement with improved benefits and closing terms; 64% of union members ratified the 36-month contract. The deal removes immediate strike risk that had supported prices, though Centinela remains on strike and Codelco suspended part of El Teniente after a landslide. Read →

Shanghai social copper inventory reached 70,200 mt, up 3,700 mt week-on-week, and Jiangsu 22,000 mt, up 2,200 mt; SHFE warrants jumped over 10,000 mt ahead of delivery. Spot premiums averaged 85 yuan/mt against the 2610 contract, up 135 yuan/mt on the day, with limited low-priced supply supporting levels as the benchmark switches to the 2611 contract. Read →

SMM #1 tin averaged 373,350 yuan/mt, down 15,150 yuan/mt, as the SHFE tin contract fell 3.81% intraday to 371,200 yuan/mt on long liquidation. LME 3M tin slipped to $49,900/mt, breaking below $50,000, after US September CPI came in hotter than expected at 3.7% YoY, boosting rate-hike probabilities. Read →

Unions at BHP’s Escondida, the world’s largest copper mine, said wage talks collapsed and a strike by over 1,000 supervisors starts Wednesday morning. The move compounds Chile supply disruptions from Centinela and recent incidents at Codelco’s El Teniente. Markets are watching for last-minute resolution. Read →

Battery-grade lithium carbonate spot averaged 108,250 yuan/mt after dropping 3,400 yuan/mt, with futures LC2701 closing down 4.34% at 100,900 yuan/mt. Weak buyer sentiment and ample long-term supply expectations weighed on prices despite ongoing social inventory destocking. The ninth consecutive decline signals persistent oversupply pressure. Read →

LME tin fell 3.4% and SHFE tin plunged 3.52% overnight, with zinc and aluminum also declining while lead rose. Stronger dollar and cooling AI/tech sentiment pressured prices amid macro uncertainty. Lead bucked the trend on bullish positioning and inventory draws. Read →

LME zinc closed down 1.38% to $3,753/mt overnight after a 6,000 mt inventory increase to 132,850 mt, a new high since mid-2025. SHFE zinc fell 0.73%. The US dollar index rose 0.34% to 102.58 and crude oil gained over 1%, weighing on base metals broadly. Read →

LME zinc inventory rose 6,000 mt to 132,850 mt, its highest since mid-June 2025, prompting bulls to reduce positions. The metal closed down $48.5/mt or 1.28% at $3,753/mt with open interest falling 1,840 lots. SHFE zinc followed lower in night trading. Read →

LME copper closed up 0.49% at $14,621.5/mt on long positioning amid Strait of Hormuz tanker attack and hawkish Fed comments. SHFE copper rose 0.11%. Shanghai social inventories jumped 11,800 mt WoW from imported arrivals, easing tightness and pressuring spot premiums. Read →

The most-traded lithium carbonate contract fell another 3.97% at midday, extending a nine-day losing streak. Alumina futures dropped 2.3% and SHFE zinc 1.39%. Broader base metals were mixed to lower with LME zinc off 0.47%. Read →

LME tin surged 3.02%, copper rose 1.68%, zinc 2.32% and lead 1.37% in overnight trading on short covering. SHFE copper gained 0.84% and zinc 1.39% with similar momentum. The moves followed easing Middle East tensions and persistent mine supply concerns. Read →

SHFE aluminum rose 0.96% to 23,605 yuan/t and LME aluminum edged up 0.18% to $3,062.50/t as prices rebounded from recent lows. Overseas aluminum output fell 2.4% YoY in September due to lower Middle East smelter loads, though monthly production rebounded. High US yields and a strong dollar continue to weigh on the sector. Read →

LME zinc climbed 2.47% to $3,801.50/t on Friday as short positions were reduced and the lower Bollinger Band provided support. LME zinc stocks fell 575 t to 126,850 t. SHFE zinc rose 1.08% in tandem with the overseas move. Read →

LME three-month copper rose as much as 1.2% to $14,474.50/t Friday after China returned from its National Day holiday with low inventories signaling restocking needs. A strike at Antofagasta’s Centinela mine in Chile, one of the country’s largest, threatens output starting within two weeks and adds to supply risks. Copper is tracking for a roughly 1.5% weekly gain amid tariff uncertainty and seasonal demand. Read →

LME tin fell $2,832/mt or 5.22% to $51,447/mt overnight on Oct 8, while the most-traded SHFE tin SN2610 contract dropped 4.50% in the night session below the 390,000 yuan mark. LME tin inventories hit a near three-year low at 4,310 mt after four straight days of declines. Macro pressures including Fed rate-hike expectations, strong dollar and surging oil prices drove the selloff despite tight ore supply from Myanmar and Indonesia. Read →

LME zinc closed down $59/mt or 1.49% at $3,710/mt after opening at $3,772/mt, briefly hitting $3,828.50/mt then dropping sharply as bulls cut positions. SHFE zinc 2611 contract fell 1.44% to 25,685 yuan/mt. LME zinc stocks declined 325 mt to 127,425 mt while Chinese regional inventories rose post-holiday. Read →

Three-month LME copper climbed 1.16% to $14,475/t, recovering from prior losses, as a strike at Antofagasta’s Centinela mine threatens November output and China’s Yangshan import premium hit $125/t, its highest since November 2022. Stocks outside the US remain tight after metal flowed to Comex ahead of potential tariffs. Other LME metals also gained, with zinc up 1.25%. Read →

Benchmark three-month LME copper rose 0.96% to $14,614.5/t, touching a nearly two-week high of $14,646.5/t. The move followed the start of a strike at Antofagasta’s Centinela mine in Chile after wage talks collapsed and expectations of Chinese buyers resuming purchases after the National Day holiday amid tight stocks. LME copper backwardation widened to $89.06, signaling near-term tightness; SHFE copper gained 1.41%. Read →

Shanghai social copper inventory rose 5,500 mt to 54,700 mt and Jiangsu jumped 9,700 mt post-holiday from smelter arrivals. Spot premiums averaged 710 yuan/mt, down 265 yuan/mt, as high prices curbed downstream buying and demand stayed need-based. Guangdong stocks surged over 11,000 mt, widening regional spreads; premiums face further pressure as trading remains sluggish on the first full day back. Read →

SHFE copper rose 1.27% and the most-traded lithium carbonate contract gained 3.37% at midday, while SHFE aluminum fell 1.34%, zinc 0.81% and nickel 1.84%. LME copper edged up 0.18% and zinc fell 0.26%. Battery-grade lithium carbonate spot prices rose sharply in USD terms per SMM data, contrasting mixed base metals performance. Read →

Three-month LME copper fell 0.25% to $14,379/t overnight amid a firmer US dollar index at 102.05 and rising oil prices that stoked inflation and rate-hike concerns. Aluminum edged up 0.25% on Middle East supply risks while zinc, lead and tin eased slightly; SHFE remains closed until Thursday reopening. The moves highlight macro headwinds pressuring base metals despite underlying AI-driven demand for copper. Read →

LME aluminum gained on supply-risk concerns tied to Middle East tensions while copper traded narrowly around $14,400/t awaiting China’s post-holiday reopening. Wage talks at major Chilean mines remain unresolved with BHP seeking mediation; most other base metals edged lower amid light trading volumes. Read →

LME copper settled $5 lower at $14,415/t; aluminum rose $6 to $3,134/t, zinc gained $22 to $3,766/t while lead fell $2 and nickel dropped $32 to $15,682/t. The session reflects overnight macro pressure ahead of SHFE reopening on Thursday after the National Day holiday. Read →

LME three-month copper rose as much as 0.4% to around $14,438/t, extending gains from Monday's biggest advance in over two weeks. The move tracks a tech-led Wall Street rally and benefits from AI-driven demand expectations for data centers and power infrastructure. Chinese markets closed for Golden Week reduced volumes, with most other base metals little changed. Read →

China exported 40,668 tonnes of refined zinc in August, the second-highest monthly total in nearly 20 years, shifting toward net exporter status for the first time since 2022. Shipments flowed into LME warehouses in Hong Kong, Singapore and Kaohsiung, lifting LME stocks from an August low of 88,000t to 126,975t and capping the price rally. Western smelters face ongoing pressure from tight feed and high energy costs, with Nyrstar reviewing its Budel plant in the Netherlands. Read →

LME copper closed up $162 at $14,420/t, aluminum +$26 at $3,127/t, zinc +$33 at $3,744/t, lead +$24 at $1,876/t, nickel +$88 at $15,714/t and tin +$301 at $54,314/t. The broad gains followed Monday's equity-led risk-on move despite a stronger dollar and elevated yields. Read →

LME copper inventories fell 3,750 tons on Oct 5, with lead down 2,700 tons and nickel down 198 tons. Zinc stocks rose 3,225 tons while tin fell 45 tons and aluminum was unchanged. The shifts highlight ongoing physical market tightness in copper amid broader base metals moves. Read →

NALCO reduced its aluminum price to ₹351,200 per tonne from ₹362,700, a 3.2% cut. The move follows weaker LME aluminum prices and pressure from rising Chinese exports. It reflects softening conditions in the global aluminum market. Read →

Panama’s government commission will recommend to President Mulino a temporary restart of the Cobre Panama mine through a state partnership with First Quantum. The move aims to fund closure costs estimated in the billions while addressing economic impacts. The mine was shuttered after a 2023 court ruling on its contract. Read →