Base Metals

Copper prices on the LME hit a six-month high as supply worries continue to fuel gains. The DRC ban on copper concentrate exports and ongoing issues at major mines tighten availability. Zinc hit a four-year high at $3,795 amid low supplies while aluminum rose 0.5% to $3,258. Read →

Ivanhoe Mines’ Kamoa-Kakula smelter in the DRC produced record volumes of high-strength sulphuric acid as a by-product. Sales to local mining operations offset cost pressures in the Copperbelt region. The acid output provides additional margin for the operation amid ramp-up challenges. Read →

Zinc futures on India’s MCX rose 0.49% to Rs 396.80 per kg on higher participant bets. The move aligns with LME zinc trading near four-year highs around $3,763 per tonne amid global supply tightness. Strong demand supports the industrial metal. Read →

LME three-month copper rose 1.16% to $14,031/t, aluminum 1.30% to $3,263.50/t and nickel 1.35% to $17,290/t on August 4. Renewed US-Iran peace hopes eased supply disruption fears from the Strait of Hormuz. The relief rally lifted the broader base metals complex after recent geopolitical pressure. Read →

US light-vehicle sales fell to a 16.3 million annualized rate in July from 16.6 million in June. The slowdown follows renewed Middle East tensions and higher fuel prices. Weaker auto demand weighs on aluminum and other base metals used in vehicle production. Read →

LME copper stocks fell 6,525 tonnes to 231,825 tonnes, lead 3,325 tonnes to 431,550 tonnes and aluminum 1,500 tonnes to 259,400 tonnes. Zinc, nickel and tin also declined. The broad drawdown tightens visible supply and supports near-term prices across the complex. Read →

More than 200,000 metric tons of copper arrived at US ports in July, the largest monthly volume since at least 2014 per IHS Markit data. LME three-month copper rose 0.9% to near $14,000/t with backwardation widening to $99.50/t as LME inventories fell to a five-month low. The inflows tighten ex-US physical availability while traders position for a pending US tariff ruling on refined copper. Read →

The International Nickel Study Group revised its 2026 forecast to a 32,000-ton supply deficit from a prior 261,000-ton surplus expectation. Primary nickel output is projected at 3.715 million tons while consumption rises to 3.747 million tons, driven by stainless steel demand. Indonesian supply-chain interruptions have already cut processor output by at least 10%. Read →

LME zinc climbed to its highest level since 2022, exceeding $3,700/t amid plummeting inventories and supply struggling to match demand. Kipushi mine in the DRC posted a record 25,677 tonnes of zinc in concentrate in May. The price surge reflects tightening physical market conditions across base metals. Read →

Aircraft engine OEMs ramped widebody and narrowbody deliveries in H1 2026, boosting nickel superalloy and premium titanium needs. New melting and forging capacity expansions will sustain higher nickel demand through 2030. Read →

USTR carved out aluminum scrap from new Section 301 tariffs effective Aug 1 to avoid disrupting US smelter feedstock supply. The exemption prevents higher costs and production cuts for downstream aluminum users. Read →

Kaiser Aluminum reported 6% higher Q2 shipments, driven by aerospace, packaging and engineering restocking plus onshoring. The firm raised its full-year outlook and expects the trend to continue into 2027. Read →

Copper futures climbed to $6.59/lb on tight concentrate and scrap supply in China, pushing treatment charges higher. Long-term support comes from clean energy and AI data center demand despite softer July manufacturing data. Read →

The US Trade Representative exempted aluminum scrap from new Section 301 forced-labor tariffs effective Saturday, removing a temporary 10% duty after industry input highlighted supply-chain disruption risks. Scrap serves as key feedstock for US aluminum production, and the carve-out prevents output cuts at smelters and downstream fabricators. The move supports domestic recycling capacity amid ongoing onshoring trends. Read →

Antamina processed 67% copper-only ore in Q2 2026 versus 23% a year earlier, lifting 100%-basis copper production to 108,500 tonnes while zinc output dropped 62% to 54,000 tonnes, Teck Resources reported. The shift followed the mine plan and higher copper grades; a temporary pipeline outage further cut zinc concentrate sales. Teck kept full-year copper guidance unchanged amid tight concentrate markets and record-low treatment charges. Read →

Copper-tracking ETF CPER rose 2.58% to $39.34. Southern Copper shares jumped 5.43% to $185 and Freeport-McMoRan gained 5.75% amid expectations of fresh Chinese infrastructure spending. The moves reflect heightened demand hopes for the top refined copper consumer. Read →

Heavy snow, rain and winds in Chile halted operations at Lundin Mining's Caserones mine since July 18, with restart expected in 2-3 weeks. Antofagasta halted Los Pelambres and other producers faced evacuations. The disruptions add to existing supply tightness from tariffs, scrap limits and low LME/SHFE inventories, supporting prices near $13,750 per tonne. Read →

East China aluminum ingot prices averaged 23,643 RMB/ton as of July 30, up 6.17% from July 1. Rigid Chinese capacity caps near 45 million tonnes, low inventories and downstream restocking in EVs, solar and grids drove the rebound despite seasonal weakness. Read →

US refined copper imports jumped 13% YoY in the first five months of 2026, with CME warehouses now holding 58% of global visible stocks as the tariff threat sustains a premium. ShFE stocks plunged to a 2.5-year low of 69,610 tons, pushing the Yangshan premium to a four-year high of $115/ton. LME stocks fell to 262,000 tons with open inventory near six-month lows, creating a backwardation and risking a lasting regional market fracture. Read →

Lithium carbonate spot traded flat at 146,000 CNY/T on July 30. Prices have fallen 8.75% over the past month but remain more than double year-ago levels. Recent permit clearances for major mines like CATL's Jianxiawo signal potential supply increases offsetting demand growth from energy storage. Read →

LME aluminium rose 1.03% and nickel 0.98% on July 29 while copper declined 0.76%, the largest drop in the complex. Traders cited easing supply tightness signals in China and profit-taking in aluminium after recent gains. Read →

China's net imports of refined copper fell 13% year-on-year to 1.374 million metric tons in the first half of 2026 per World Bureau of Metal Statistics data. Imports dropped 10% while exports rose 5% to 324,000 tons, marking the weakest first-half reading since 2017. High prices and competition with US tariff-driven demand reduced China's import appetite, with Shanghai Futures Exchange stocks at a 2.5-year low of 69,610 tons and the Yangshan premium spiking. Read →

Battery-grade lithium carbonate averaged 21,457.33 USD/tonne on July 28, down 125.83 or 0.58%. Industrial-grade lithium carbonate fell 126.49 or 0.60%. The moves reflect ongoing weakness in battery materials pricing amid shifting supply flows from Australia to China and Indonesia. Read →

LME copper spot price closed at 13,643.50 USD/tonne on July 28, down from 13,770.61 the prior session. The level aligns with broader base metals pricing data showing modest daily moves across copper, aluminum and zinc contracts. Tight physical availability in China continues to influence global benchmarks. Read →

LME zinc cash settled at 3,631.50 USD/tonne, up from 3,576. Nickel cash closed at 16,860.00, down from 17,080. Aluminum cash stood at 3,159.50. The mixed session follows recent LME inventory draws and China trade flow shifts reported earlier in the week. Read →

LME total aluminium stocks fell to 271,275 tonnes on July 24, the lowest since January 1998 and less than one day's global consumption. On-warrant stocks stood at 245,350 tonnes. Gulf smelters accounting for 9% of capacity faced Iranian attacks and Strait of Hormuz disruptions, forcing consumers to draw down inventories; most remaining metal is Russian-origin. Read →

As of midday close, SHFE base metals broadly declined with copper down 0.12%. Lithium carbonate and SHFE silver dropped over 2%. LME and SHFE tin plus stainless steel posted gains. Domestic prices reflected mixed overnight moves in LME and SHFE sessions. Read →

SMM 1# Copper Cathode averaged 15,553.87 USD/tonne, up 70.53. A00 Aluminum Ingot at 3,417.95 USD/tonne, up 3.37. Zinc Ingot 3,651.46 USD/tonne, up 19.79. Tin Ingot 61,766.14 USD/tonne, up 1,186.84. Battery-grade lithium carbonate 21,583.16 USD/tonne, up 168.46. Read →

China's copper demand is expected to grow by 452,500 mt in 2026, driven by stronger wire rod orders, electric vehicle demand and grid expansion. This rising smelter intake is keeping treatment and refining charges under pressure through the third quarter. The trend underscores tightening physical market conditions for copper concentrates. Read →

Spot premiums for registered copper arriving at China's ports from late July to August have breached triple digits, setting new yearly highs. Supply deficit narratives are lifting CIF China copper premiums since late June. The move signals tightening availability and stronger buying interest in the physical market. Read →

Mutapa Energy Resources secured $300 million from Chinese entities including Huayou and others to develop the Sandawana lithium deposit. The deal advances mine and processing capacity at a site already producing ore, boosting Zimbabwe's role as a top lithium supplier to China. It supports Beijing's battery industry amid efforts to add domestic value through processing. Read →

Mutapa Energy Resources clinched $300 million from Chinese companies for Sandawana facilities. Zimbabwe produced about 10% of global mined lithium last year and plans a January 2027 concentrate export ban. The funding advances ore treatment to 3 million tons annually and higher-value sulfate output. Read →

Lithium carbonate futures on the Guangzhou exchange dropped to a five-month low near 144,000 yuan per tonne on restarted Australian and Chinese mines. CATL's Jianxiawo and other operations returning capacity signal potential oversupply in 2027 despite strong EV and storage demand. Prices remain up over 20% year-to-date but have retreated sharply from May highs. Read →

Panama is weighing a state-owned mining company to partner with First Quantum on reopening the shuttered Cobre Panama copper mine. Proposals include First Quantum holding 60-65% with the state owning the concession or a lease model. Near-record copper prices and economic needs are driving talks after the 2023 shutdown. Read →

Comex copper jumped 3.3% to $6.55/lb while LME three-month copper rose 1.7% to $13,851/t. Shanghai Futures Exchange deliverable copper stocks fell 82% since early May and the domestic spot premium hit 435 yuan/t. LME cancelled warrants reached 56% of inventory as traders ship metal to the US ahead of potential tariffs. Read →

Chilean Foreign Affairs Minister Francisco Pérez Mackenna said the country targets $100 billion in copper projects over the next decade. The push aims to capture data-center demand and reduce reliance on China as its main buyer. The announcement came at Bloomberg’s Sustainable Business Summit in Singapore. Read →

Copper pulled back from its highest level since early June as traders awaited White House action on import tariffs. The prospect of tariffs has already pulled large volumes of metal into the US this year, tightening the global market. US Department of Commerce recommendations on levies remain delayed. Read →

Grupo Mexico reported Q2 net profit of $2.20 billion, up nearly 79% year-over-year, driven by higher copper prices averaging $6.16 per pound. Revenues rose 35% to $5.71 billion while copper output fell 3.7% to 257,537 tonnes. The miner maintained its full-year 2026 production guidance of 1.034 million tonnes. Read →

LME copper futures rose more than 1.5% to $13,854.50 per metric tonne. China’s Yangshan import premium hit its highest level in over a year amid scrap shortages and smelter maintenance, boosting demand for imported refined copper. LME stocks fell as Beijing inventories stayed near seasonal lows; US tariff expectations added support. Read →

China's copper tax crackdown has collapsed scrap supply and driven import premiums to $100 per tonne, the highest since May 2025. Traders pay more for imported cathode to meet demand as domestic availability tightens. This signals a physical market squeeze supporting LME copper prices near $13,600/ton. Read →

LME on-warrant copper stocks fell 35% in one week to 131,000 tonnes while Shanghai inventories dropped another 20%. Yangshan premiums returned to the May 2025 peak. The divergence between tightening physical markets and macro uncertainty supports copper prices. Read →

Lithium carbonate prices fell 4.95% to CNY 144,000 per tonne on July 21, reaching the lowest level in nearly four months. The drop reflects higher global supply outlook despite resilient EV demand in China. Prices remain over 108% higher year-over-year. Read →

LME copper, nickel and tin traded higher while aluminum, zinc and lead moved lower in early July 20 trading. Copper posted the largest gain near +0.5%. The mixed session reflects ongoing physical tightness in copper against broader base metals sentiment. Read →

The premium for imported copper over domestic supplies in China widened to $100 per ton on Friday per Shanghai Metals Market data, the highest in over a year and first three-digit level since May 2025. A tax shake-up has created scrap shortages and lifted import demand in the world's top copper market. This signals tighter physical availability and supports LME and Shanghai prices amid energy-transition demand. Read →

China will impose a 2% consumption tax on lithium-ion batteries starting September 1, rising to 4% in 2027, and a similar tax on solar cells from April 2027. Exemptions apply to sodium-ion, solid-state batteries and some advanced solar tech through 2028. The policy shift targets oversupply in clean-energy supply chains central to lithium and battery metals demand. Read →

Brent crude rose 2.4% to $90.18 per barrel on escalating US-Iran conflict and Strait of Hormuz disruptions, with knock-on effects for energy costs and inflation. Broader markets reacted while commodity prices including base metals faced volatility from supply risks and macro uncertainty. Copper and other LME metals traded amid these pressures without specific new moves reported. Read →

LME nickel prices advanced for a second straight week, with cash at around $16,675 per ton recently. This follows earlier quota cuts in Indonesia that supported prices toward two-year highs in May before some reversal. Rising nickel supports stainless steel and battery sectors in the energy transition. Read →

Sinopec completed a pilot using its rapid adsorption-desorption process on produced water from the Yuanba gas field, yielding industrial-grade lithium carbonate. The method cuts costs over 35% versus conventional routes and shortens processing. It adds a potential domestic supply stream for China, which imports most of its lithium amid surging EV and storage demand. Read →

Copper slipped in after-hours trade after a Category 5 atmospheric river threatened Chile's central copper belt with up to 150 mm of rain and power outages. Escalating US-Iran hostilities triggered broader metals selling, though copper held steadier than gold or silver due to the supply risk. LME three-month copper closed at $13,585/t with cash metal up nearly 8% year-to-date. Read →

First Quantum Minerals is running a process to sell a minority stake in its large undeveloped Taca Taca copper-gold-molybdenum project in Argentina's Salta province. Interest reportedly includes Rio Tinto and Japanese traders Mitsubishi and Mitsui seeking long-term supply. The asset could produce over 320,000 tonnes of copper annually at peak, or about 1.5% of global mine output. Read →

The Dak Nong smelter in Vietnam's Dak Nong province produced its first primary aluminium. It is the country's inaugural primary smelter. The development adds new Southeast Asian capacity as global aluminium markets monitor supply additions and energy-transition demand. Read →

BHP produced 491.9 kt copper in Q4 ended June 30, down 5% YoY, with Escondida output lower on falling grades and Pampa Norte down 21%. Full-year FY26 output reached 1.95 Mt, down 3%, and the miner guided FY27 copper to 1.65-1.80 Mt due to further Escondida grade decline, tightening near-term supply expectations for the key energy-transition metal. Read →

BHP reported FY copper production of 1.95 million metric tons, down 3% from the prior year, missing its 1.9-2.0 Mt guidance range. The miner flagged further output declines ahead from lower grades at its giant Escondida mine in Chile, underscoring persistent supply constraints despite strong realized prices. Read →

Rio Tinto posted 3% YoY growth in H1 copper-equivalent production to support unchanged 2026 copper guidance of 800-870 kt, driven by 31% growth at Oyu Tolgoi. Lithium output jumped 53% YoY to 27.3 kt LCE on new project ramp-ups, with lowered copper unit cost guidance signaling operational gains in battery and industrial metals. Read →

Rio Tinto reported 3% YoY growth in first-half copper equivalent production. Oyu Tolgoi copper output rose over 30% in H1. The miner lowered full-year copper C1 cost guidance to US 30-50 cents per pound from 65-75 cents. Read →

Multiple 2026 sulfur supply shocks from the Middle East, China and Russia have raised nickel HPAL costs. The structural changes are expected to persist even if sulfur prices ease. Copper SX-EW operations also face feedstock pressure from the shortages. Read →

LME three-month prices moved higher early on July 14 with tin up 2.25%. Nickel led gains while aluminium and zinc posted modest declines. Lead stocks jumped more than 80,000 tonnes. Read →

LME zinc warehouse stocks declined to 114,275 tons on July 13 from 119,200 tons on July 1, marking eight consecutive trading-session draws. The cash contract settled above the three-month price at around $3,571/t, creating backwardation. This points to tightening visible supply in the zinc market. Read →

LME nickel settlement prices reached US$16,405 per ton on July 13, sustaining a half-month high. The move occurs amid ongoing expectations of higher Indonesian supply and elevated exchange inventories. Nickel traded around $16,530/t near multi-month lows as ample refined supply limits recovery. Read →

A fire broke out in the sulphuric acid unit at Young Poong's Seokpo zinc smelter in North Gyeongsang province on July 9 and was extinguished within an hour with no casualties or leaks reported. The 400,000 t/yr capacity smelter supplies most of its sulphuric acid domestically. LME zinc prices rose as much as 3.4% to $3,638/t on supply concerns for the byproduct used in copper, nickel and fertilizers. Read →

LME three-month aluminium dropped 1.8% to $3,143.50/t after Emirates Global Aluminium restarted alumina production at its Al Taweelah refinery in Abu Dhabi following a 3.5-month outage from March attacks. Output is expected to reach 50% capacity within days and full levels by year-end. The metal still heads for a 1.8% weekly gain despite Gulf supply recovery signals. Read →

PT Kalimantan Aluminium Industry, owned by PT Alamtri Resources Indonesia, made its first primary aluminium exports in June, shipping 31,494 t to the US and 3,569 t to South Korea. The US seeks alternatives amid Gulf disruptions that lifted premiums to records. The smelter targets up to 350,000 t of ingot sales this year. Read →

Fire erupted at Young Poong's 728,000 t/yr Seokpo zinc smelter around 12:36 local time on July 9, triggering a level-one emergency response over hazardous gas risks. The blaze started in the facility and prompted evacuations; cause undetermined. Disruption risks affect domestic sulphuric acid supply, with 200,000 t/yr typically exported. Read →