Base Metals

Magnitude 7 Metals is restarting one 75,000-ton potline at the New Madrid smelter in Missouri by year-end. Hydro plans to restart 75,000 tons at the Slovalco JV smelter in Slovakia. The moves follow a Middle East supply shock that has cut Gulf output by an annualized 2 million tons and driven LME aluminum stocks below 400,000 tons. Read →

LME tin jumped 2.05% while copper gained 0.96%, aluminum 1.04%, nickel 1.1%, lead 0.8% and zinc 0.81%. SHFE aluminum rose 1.45% and copper 0.76%. The broad gains reflect ongoing tightness across the base metals complex. Read →

U.S. airstrikes on Iran and Iranian retaliation are supporting base metals prices. The conflict continues to pressure aluminum supply from the Gulf region. Read →

On July 9, three-month zinc rose 3.05% and tin 2.98% at the LME close. Aluminum cash/three-month spread moved into backwardation amid tight physical market conditions. Read →

India’s Material Recycling Association of India (MRAI) called for abolition of the 2.5% basic customs duty on aluminium scrap. The levy raises costs for recyclers that import 80-85% of needs amid 1.8-2mn t annual imports and growing secondary output to 2.2mn t. Removal would aid SMEs, downstream manufacturers and India’s recycling ambitions as other base-metal scraps are already duty-free. Read →

LME aluminium cash bid climbed to $3,140.50/t on July 8 from $3,118/t, up 0.71%. Renewed Middle East tensions lifted prices amid supply-disruption fears for the region’s 9% share of global smelting capacity. The move contrasts broader base-metals softness and highlights aluminium’s sensitivity to geopolitical logistics risks. Read →

SHFE cast aluminium alloy warrants declined 510 mt to 22,727 mt on July 8. The drop signals tightening physical availability in Shanghai despite volatile price action. Lower warrants can support nearby premiums and spot buying interest in China’s aluminium market. Read →

The most-traded SHFE aluminium contract settled at RMB 23,075/t, up 0.68%. Prices extended a volatile rebound as position reductions and short-covering supported the session. The gain occurs alongside broader base-metals caution and follows earlier weakness in the complex. Read →

ShFE opened its nickel contract to international participants in April, tripling volumes in H1 2026 versus 2025 amid China's Indonesia-linked supply chain. LME nickel volumes rose 22% but ShFE inventories keep building, pointing to two separate physical pricing hubs. The move reflects broader fracturing of global metals benchmarks into regional centers, with copper already showing LME-CME divergence. Read →

The Defense Logistics Agency seeks offers for nearly 36 million pounds of lithium carbonate over five years, worth up to $300 million, per a July 2 tender. The purchase builds US strategic stockpiles to cut critical-mineral supply risks. It underscores government focus on securing battery materials amid energy-transition and defense priorities. Read →

Ioneer signed non-binding MoUs with Korea Overseas Infrastructure & Urban Development Corp and Hyundai Engineering to advance its Rhyolite Ridge lithium-boron project in Nevada. KIND is evaluating equity investment while Hyundai assesses procurement roles; deals were inked at US DOE offices. The steps move the project closer to a final investment decision and on-site processing. Read →

LME three-month copper settled at $13,365.50, aluminum at $3,137.50, zinc at $3,572, and tin at $53,350 on July 7. Prices reflect steady positioning ahead of potential China demand signals and US policy moves. Nickel and lead also traded near multi-week levels with limited overnight volatility. Read →

CATL obtained the safety production permit on June 29 for its Jianxiawo mine in Yichun, Jiangxi, valid until February 2028. The mine, suspended since August 2025 after its prior license expired, has capacity for 46,000 metric tons of lithium carbonate annually, or about 3% of 2025 global output. Restart adds supply to the lithium market after nearly a year of idling that previously lifted prices and stocks. Read →

DRC Mines Ministry official Grace Mabaya said no significant production disruptions from sulfuric acid or other chemical shortages linked to Middle East tensions. Q1 copper exports hit a record 823,887 metric tons and cobalt hydroxide exports rose 24% to 51,940 tons. Miners rely on long-term contracts, inventories, and regional sourcing to buffer risks, though costs and delivery times could rise if issues persist. Read →

The LME approved the Adani Copper brand from Kutch Copper Ltd. (500,000 tpa capacity) for delivery against copper contracts, with warrants issuable from July 10. The $1.2 billion Gujarat plant, India's largest single-location smelter, will cut reliance on imported refined copper (238,080 tons in 2025). Warehouses must immediately include the brand in off-warrant stock reports. Read →

The US Forest Service plans to issue the Record of Decision Tuesday for South32’s Hermosa project in Arizona’s Patagonia Mountains under fast-track permitting. The $2 billion critical-minerals project targets one of the world’s largest undeveloped zinc deposits plus manganese for batteries and steel. Full production targeted by 2029; approval advances US efforts to boost domestic supply of zinc and manganese. Read →

Three-month copper on the LME edged higher for a third day, extending a 0.3% gain that snapped a two-week losing streak. Aluminum extended a rebound from a four-month low. Traders pared bets on tighter US monetary policy after Fed Chair Kevin Warsh said price risks were coming down, easing pressure on industrial demand. Read →

Andy Home details how the Iran conflict and subsequent peace talks caused sharp swings in LME prices for aluminum, copper, zinc, nickel and tin through the first half of 2026. Aluminum hit a four-year high on Gulf smelter disruptions before unwinding, while copper trades in a narrow range amid tariff uncertainty and zinc outperformed on a surprise deficit. The analysis underscores persistent low inventories and divergent metal-specific fundamentals despite macro volatility. Read →

SMM reports most SHFE base metals advanced at midday with copper up 0.76%, aluminum up 1.45% and tin up 0.66%. LME tin climbed 2.05%, nickel 1.1%, aluminum 1.04% and copper 0.96% as of 11:46 ET. Lithium carbonate futures rose 1.87% alongside precious metals gains, supported by domestic equipment upgrade funding and cooling US jobs data easing rate-hike bets. Read →

LME copper warehouse stocks declined by 3,450 tons to 318,900 tons, tightening visible supply further. The move aligns with broader base metals support from industrial demand and energy-transition themes amid ongoing inventory drawdowns. Read →

LME base metals traded mostly lower in morning session July 1. Copper, zinc and tin posted the largest declines while nickel alone gained. The moves reflect typical quiet trading with China on holiday. Read →

Zinc led LME base metals lower with a 1.48% drop to close July 1. Nickel and tin posted modest gains in an otherwise mixed session. The zinc move stood out on the day. Read →

Lithium carbonate in China fell to CNY 151,750 per tonne, a three-month low. Speculation centers on possible restart of CATL’s Jianxiawo mine in Jiangxi after a government land assessment notice. Analysts note the market has priced in the risk despite no confirmed restart timeline. Read →

Overnight LME tin rose 2.58% and SHFE tin 2.25%, with LME zinc up 1.85% and most other base metals gaining under 1%. Only LME lead, nickel and SHFE lead declined modestly. The moves reflect shifting sentiment ahead of China PMI data and US policy signals. Read →

Lithium, cobalt and nickel prices have recovered from 2024-2025 lows but face resistance from uneven EV sales growth. Lithium carbonate prices may test buyer absorption after nearly tripling since mid-2025, limiting further upside for energy-transition metals. Read →

Aluminum has dropped more than 15% in June as an interim US-Iran peace deal raises hopes of resumed shipments through the Strait of Hormuz. The region supplies nearly a tenth of global output; the unwind erased gains from three prior months of supply disruptions. The move highlights how quickly geopolitical easing can reverse war-driven rallies in light metals. Read →

Fastmarkets updated its holiday pricing calendar for the aluminium P1020A FOB Indonesia premium assessment. The change takes effect after a June consultation period ends. The premium assessment is part of Fastmarkets' base metals package used by traders for spot pricing benchmarks. Read →

Benchmark copper declined amid a hawkish Federal Reserve stance and rising US dollar pressuring industrial metals sentiment. The move weighed on the broader base metals complex with limited offsetting fundamentals reported in the last 24 hours. Read →

Anglo American and state-owned Codelco finalized the joint mine plan for adjacent Los Bronces and Andina operations in Chile. The deal unlocks 2.7 million tonnes of additional copper over 21 years at minimal capex, subject to environmental permits expected around 2030. Read →

Emirates Global Aluminium inaugurated its Al Taweelah plant with 185,000 tonnes per year capacity for post-consumer scrap. The facility boosts EGA's low-carbon aluminium output and positions the UAE as a larger domestic recycler of aluminium waste. Read →

As of midday June 26, SHFE copper edged down, aluminum fell 0.38%, zinc 1%, tin 1.7%, nickel 1.81%; LME copper dropped 1.55%, aluminum 0.97%, zinc 1.38%, tin 1.99%, nickel 1.36%. Lithium carbonate futures tumbled 5.26%. The broad selloff in energy-transition and base metals reflects weaker risk appetite amid macro pressures. Read →

Emirates Global Aluminium inaugurated its Al-Taweelah recycling plant in Abu Dhabi with 185,000 t/yr capacity for low-carbon recycled aluminum from scrap. Delayed by a March missile strike, the facility supports EGA's push into secondary aluminum and circular economy goals. It boosts supply of lower-carbon metal amid energy-transition demand. Read →

Overnight, a weaker US dollar index supported base metals, with LME copper and aluminum rising more than 2%. LME tin, stainless steel and SHFE gold also gained over 1%. The move followed earlier dollar-driven weakness and reflects improved sentiment for dollar-denominated industrial metals. Read →

Shanghai’s most active tin futures contract fell more than 3%. The drop occurred amid broad weakness across base metals. It reflects weaker industrial demand expectations and cautious sentiment in commodities trading. Read →

LME copper rebounded 0.6% to $13,112.95 per ton. Recovery followed Wednesday’s 2.1% decline to a seven-week low. A weaker US dollar and AI-related stock gains provided support. Read →

LME metal inventories declined across base metals. The drawdown signals tightening physical availability. It supports prices despite near-term demand caution. Read →

Copper rose 0.4% to $13,135 per ton on the LME. Aluminum added 0.2% and nickel 0.6%. Long-term electrification and AI demand continue to underpin the complex. Read →

Vedanta Resources plans to sell an 11.9% stake in US unit CopperTech Metals Inc. via a New York IPO to raise about $372 million (potentially up to $429 million with underwriter option) for developing its Konkola Copper Mines complex in Zambia's Copperbelt. The filing targets a $3.6 billion valuation for the copper and cobalt producer. This adds near-term supply visibility for the red metal, pressuring prices as LME copper holds recent losses. Read →

Chinese lithium carbonate futures fell about 9% over two days to around 157,000 yuan per tonne after a preliminary government land assessment for CATL's Jianxiawo mine in Jiangxi fueled expectations of a second-half 2026 restart. The mine, representing 3% of global supply, was shut last year over permitting; its potential return eases battery-metal supply concerns and hits prices hard. Read →

LME copper was slightly higher after Tuesday's 2% drop, with the complex pressured by a stronger US dollar and the Federal Reserve's hawkish tone damping demand expectations. Industrial metals broadly held recent declines amid equity-market weakness and macro headwinds. Read →

The London Metal Exchange and Shanghai Futures Exchange agreed to launch an LME-listed futures contract in October settled against SHFE hot-rolled coil prices. The move expands global access to Chinese steel benchmarks and strengthens ties between the two exchanges in base and industrial metals pricing. Read →

SHFE most-traded nickel contract fell 0.72% in morning trade to 133,690 yuan/mt. Spot refined nickel prices rose modestly but futures faced systemic pressure from stronger dollar and rate-hike expectations. Short-term outlook sees nickel fluctuating in 133,000-140,000 yuan/mt range. Read →

As of midday June 22, LME nickel led overseas gains up 1.23% with LME copper up 0.53%; SHFE copper fell 0.34%, tin 1.31%, nickel 0.84%, zinc and lead 0.7%, while aluminum rose 0.4%. Lithium carbonate contract dropped 6.08%. The divergence highlights overseas support versus domestic weakness tied to flat LPR rates and holiday return trading. Read →

Core Lithium agreed to acquire 100% of the 63km² Bynoe lithium project in Northern Territory from Charger Metals for A$3.75 million cash plus a capped 1% royalty. The site adjoins Core's restarted Finniss operation and its concentration plant. The deal expands Core's lithium resource base in a key Australian producing region. Read →

SMM assessed 1# copper cathode at 13,626.03 USD/tonne, down $52.73 on the day. Aluminum ingot stood at 3,110.39 USD/tonne and zinc at 3,196.39 USD/tonne. These Shanghai spot levels reflect ongoing pressure on Chinese industrial metals pricing amid broader market moves. Read →

LME released latest featured non-ferrous 3-month prices and inventory data for copper, aluminum, zinc, nickel and lead. Market participants monitor these benchmarks for physical tightness signals in energy-transition metals. Read →

LME copper cash settlement closed at $13,612 per tonne on June 18, down from $13,736 the prior session, with three-month futures at $13,685. Stocks stood at 355,725 tonnes. The move reflects modest inventory drawdown amid broader macro caution on industrial demand. Read →

Copper futures fell to $6.30 per pound on June 19, down 1.10% from the prior day. Rio Tinto resumed exports from its Oyu Tolgoi mine in Mongolia after a brief protest-related halt. The US Federal Reserve left rates unchanged while signaling possible hikes later, pressuring demand-sensitive metals. Read →

Nickel traded at $17,732 per tonne on June 19, down 0.30%. The decline follows a 0.73% drop the prior session amid softer broader base metals sentiment. LME nickel stocks remained elevated near 276,000 tonnes. Read →

China lithium prices fell to 167,250 CNY per tonne on June 18, down 1.33%. The move comes as supply tightness eases slightly while demand growth moderates. Prices remain sharply higher year-over-year despite the daily decline. Read →

Rio Tinto resumed copper concentrate exports from its giant Oyu Tolgoi mine in Mongolia after a short protest blocked a key road to the China border. The brief disruption eased supply concerns for the major copper project central to global energy-transition demand. Read →

The LME notified markets that Russian-origin copper and cobalt can only be warranted in EU-listed warehouses with proof of import before July 25, 2026, to comply with new EU sanctions. No significant market impact is expected as none has been warranted in EU warehouses for over a year. Read →

Antofagasta has proposed pricing copper concentrate sales to Chinese smelters using spot-market indexes rather than fixed contracts for H2 2026 and H1 2027 shipments. The move signals strain on the traditional benchmark system amid shifting market dynamics. Read →

Brazilian Nickel is seeking an anchor equity investor for its planned $1.4 billion nickel-cobalt mine in Brazil's Piauí state, using advisers for global and local funding. The project targets energy-transition metals supply with construction eyed for late 2026. Read →

Poland is promoting a 'Copper Valley' strategy to boost output as Canadian firm Lumina Metals listed on the Warsaw exchange, with shares surging up to 46%. New mines near existing KGHM operations could more than double the country's copper production capacity. Read →

LME aluminum settled at $3,379.50 per metric ton, down 4.4%, its lowest since March 27. Weaker Chinese consumer spending and investment data pressured metals broadly. Lingering uncertainty over the speed of Strait of Hormuz reopening after the US-Iran deal also weighed on sentiment. Read →

Alcoa and the United Steelworkers ratified a new contract covering 965 workers at Warrick, Indiana, and Massena, New York, smelters. The deal runs through May 2030 with an 18.7% wage increase over four years plus bonuses. It averts a potential strike ahead of the prior contract's June 15 expiration. Read →

Vale Base Metals said concentrate captures 90-94% of copper value chain gains, making downstream cathode production uneconomic. High current prices and low TC/RCs already maximize returns for miners. The comments come amid Brazil's critical minerals bill that ties tax benefits to local processing. Read →

Copper rose as much as 1.4% after the US and Iran reached an interim peace agreement to end hostilities, reopen the Strait of Hormuz, and start nuclear talks. The move eases growth fears and supports metals demand at a time when analysts remain relatively bullish on copper. Read →

Norsk Hydro declared a second force majeure on aluminum sales from its 50%-owned Qatalum joint venture after the partner terminated the marketing agreement. The first force majeure from March gas disruptions remains in effect, limiting Hydro's ability to fulfill deliveries even if Middle East conditions improve. Read →

The Trump administration's push for price supports on lithium, nickel, cobalt and other minerals to counter China faces resistance from G7 allies and a split US industry. Negotiations for a Western trading bloc are stalled over governance, cost and preference for tariffs or incentives instead of AI-driven price floors. Read →