Base Metals

Russian-origin aluminium accounted for 93% of LME on-warrant stocks in May, up sharply as total inventories fell 23% and Indian metal was withdrawn. The concentration heightens sanctions and liquidity risks for the benchmark contract used by global buyers. Read →

China shipped 632,000 tonnes of unwrought aluminium and products in May, up 5.68% year-on-year, as Middle East disruptions from the Iran conflict tightened global availability. Year-to-date exports reached 2.69 million tonnes, 10.4% higher, underscoring China's role filling the gap for downstream users. Read →

Australian federal and state governments approved A$105 million more for Nyrstar's Port Pirie lead and Hobart zinc smelters owned by Trafigura, bringing total support to A$240 million. The funds sustain operations losing A$15 million monthly while feasibility studies advance critical-minerals output. Read →

LME aluminium cash settlement climbed 0.29% to $3,498.50 per tonne while on-warrant stocks dropped 0.89% to 322,000 tonnes. Persistent inventory draw supports physical premiums amid ongoing supply concerns from the Middle East. Read →

As of midday close on Jun 11, SHFE copper fell 1.4%, zinc dropped 2.48%, nickel declined 1.49%, and tin fell 1.08%, while aluminum rose 0.33% and lead gained 0.68%. Lithium carbonate futures rose over 3%. The moves occurred against a backdrop of renewed US-Iran tensions and higher oil prices weighing on risk assets and industrial demand outlooks for energy-transition and base metals. Read →

Nickel prices continued lower on Jun 11 following US May CPI data showing a three-year high in year-over-year growth. Escalating Middle East conflict, including strikes and Strait of Hormuz concerns, lifted oil prices and reinforced expectations for higher-for-longer rates, pressuring nickel and broader base metals demand. The report ties the price action directly to these macro and geopolitical factors affecting stainless steel and battery supply chains. Read →

LME zinc gained 1.4% to $2,805.50/t in morning trade while copper rose modestly to $9,828/t; aluminum edged down 0.23%. China holiday conditions limited physical market activity and contributed to mixed price action across the complex. Read →

Benchmark three-month copper on the LME fell 0.36% to $13,566.5 per metric ton overnight. Other base metals also declined, with aluminum down 1.54%, zinc 0.58%, nickel 0.77% and tin 1.86%. Support lingers from expected US tariffs on copper imports, but energy price spikes from Middle East conflict and stronger US jobs data raising rate-hike odds weighed on demand outlook. Read →

Treatment charges on imported zinc concentrate hit a record low of minus $50 per ton. China produces roughly half the world's refined zinc but depends heavily on imported ore. Negative fees last seen in 2024 previously prompted output cuts to limit losses. Read →

Chilean lithium producer SQM shares rose more than 3% in Santiago after Scotiabank reaffirmed its Sector Outperform rating and $105 target. The bank highlighted strong demand growth through the decade, SQM's low all-in costs around $4,500/t at Salar de Atacama, and potential Mt. Holland expansion in Australia. Read →

Copper resumed its advance with other industrial metals after Iran and Israel agreed to halt strikes, easing risk-off sentiment. The move counters earlier pressure from US rate-hike expectations and supports demand outlook via strong Chinese exports. This lifts the broader base metals complex amid energy-transition themes. Read →

Industrial-grade lithium carbonate fell to 159,000 RMB/ton, down 9.14% month-to-date, as higher prices prompted producers to restart mining and inventories accumulated. Overseas regulatory measures and weaker end-user procurement drove the retreat from recent highs. The correction highlights volatility in energy-transition metals despite underlying demand growth. Read →

SMM 1# Copper Cathode averaged 13,545.64 USD/tonne, down 164.29; aluminum at 3,122.91 USD/tonne, down 28.94; zinc at 3,208.14 USD/tonne, down 15.35. Nickel rose to 18,230.01 USD/tonne while tin fell sharply. Data reflects LME/SHFE influences and China physical market conditions overnight. Read →

Copper futures held near $6.3 per pound after solid Chinese May exports hit a record $376.8 billion, fueled by AI and renewable demand. Easing Middle East tensions reduced inflation and rate-hike concerns that weigh on metals. Jefferies cites persistent supply deficits supporting longer-term strength. Read →

Benchmark three-month copper on the LME rose 0.38% to $13,570.5 a tonne but remained near one-week lows. Strong US May jobs data and Middle East tensions lifted oil prices and Fed rate-hike expectations, weighing on growth-sensitive metals. SHFE copper fell 1.5% as Asian stocks opened lower. Read →

PT Weda Bay Nickel, the world's largest nickel mine and Eramet JV, stopped ore production after Indonesia slashed its 2026 quota 71% to 12 million wet metric tons from 42 million in 2025. The move forms part of Jakarta's efforts to control supply and support prices. Nickel faces a tightening supply picture from the top producer. Read →

Tin prices balance support from overseas demand expectations against weak domestic spot uptake in China. The briefing notes global semiconductor chain developments influencing the market. LME tin showed mixed moves with prices around $52,935 per tonne recently. Read →

LME copper closed up 0.86% at $13,904/mt after opening lower; SHFE copper rose 1.11%. Bears reduced shorts while the pullback narrowed spot discounts and stimulated buying. Elevated prices and U.S. tariff uncertainty keep volatility high. Read →

COMEX copper traded around $6.46/lb after record highs, still up over 30% year-on-year. Traders monitor the U.S. copper tariff investigation and mine supply recovery pace. Volatility expected to persist with unresolved supply risks. Read →

SHFE copper, aluminum and lead fell within 0.5%; zinc dropped 0.88% and tin 4.29%. LME metals also declined across the board. Lithium carbonate rose over 1% while nickel led declines. Read →