Base Metals

Benchmark three-month LME copper edged up 0.06% to $14,342/t overnight, on track for a 0.03% weekly gain marking its tenth straight advance. SHFE copper rose 0.58% to 109,170 yuan/t. The dollar's overnight slump on fading September rate-hike odds supported dollar-priced metals, while LME copper backwardation narrowed to $57.93/t from $171.40/t a week earlier. Read →

LME three-month aluminium rose 0.4% to $3,298/t, touching a three-week high of $3,306.50/t amid persistent supply tightness and LME stocks at 245,975t, the lowest since 1990. SHFE aluminium gained 1.08% to 24,320 yuan/t. Analysts cite physical drawdowns and firmer seasonal China demand as support, with the market expected to stay in deficit. Read →

LME aluminium added 0.3% to $3,293.5/t, hitting a three-week peak on tight availability and improved risk sentiment. SHFE aluminium climbed after earlier gains to 24,510 yuan/t, its highest since June 4. LME stocks remain near multi-decade lows despite potential Middle East supply recovery, keeping the market structurally tight. Read →

All six main LME base metals rose, led by zinc, after President Trump said a new wave of US attacks on Iran would likely be short-lived. The comment eased fears of prolonged regional escalation that had sent crude higher and pressured risk assets the prior day. The move reversed some of Wednesday's losses tied to Middle East tensions and a stronger dollar. Read →

Three-month LME copper fell 0.3% to $14,226/t in official trading after hitting a seven-month high of $14,441.50 on Tuesday. Zinc dropped 1.2% to $3,875/t from a four-year peak of $3,990 the prior day amid tight inventories outside China. Renewed US-Iran strikes lifted oil and the dollar while raising bets on higher US rates, weighing on the complex. Read →

Tuesday LME official closes showed copper cash at $14,395/t, zinc cash at $4,113/t, nickel cash at $16,325/t, aluminum cash at $3,260.50/t, lead cash at $1,873/t. The figures reflect the session before the latest Iran-related volatility and provide the benchmark reference for Wednesday's moves. Read →

SMM listed spot averages including copper cathode at 16,234 USD/t up 91, aluminum ingot at 3,615 USD/t up 41, zinc ingot at 3,977 USD/t up 54, and nickel cathode at 19,256 USD/t up 368. Lithium carbonate prices eased slightly. The data capture domestic Chinese pricing amid ongoing LME volatility and low SHFE copper stocks. Read →

Benchmark three-month copper on the LME fell 0.99% to $14,133.50 per metric ton by 0300 GMT, while the SHFE contract dropped 1.65% to 107,710 yuan. Zinc cancelled warrants hit 30,875 tons, the highest in over a year, but LME zinc still fell 1.43%. Renewed Middle East hostilities lifted oil and the dollar, reviving inflation concerns and rate-hike odds that pressure demand for dollar-priced metals. Read →

LME three-month zinc hit $3,990, its highest since May 2022, before easing to $3,933; copper touched $14,441.50, a seven-month high, then fell. Tight LME zinc stocks at 68,250 tons and Chinese inventory drawdowns supported prices earlier, but a firmer dollar from bond selloffs and Middle East fighting reversed gains. Other LME metals including aluminium, nickel and tin also eased. Read →

LME three-month copper fell 0.86% to $14,152 per ton and SHFE copper dropped 1.35%. LME zinc declined 0.82%. A stronger dollar after Middle East oil spikes and hawkish Fed comments outweighed supply tightness signals such as rising zinc cancelled warrants. US factory slowdown data added to demand concerns across the complex. Read →

Producers offered Japanese buyers $310-$325 per ton premiums for Q4 shipments, down 18-22% from Q3 levels of $395. Weak spot prices, improving Asian balances from Indonesian supply, and softening European premiums drove the lower bids. Global primary aluminium output fell 1.7% year-on-year in July amid Gulf disruptions. Read →

LME zinc rose as much as 2.5% to $3,980.50 per ton, its highest level in more than four years. Supply disruptions at mines in China and curtailed Iranian ore shipments from Middle East conflict tightened the market, while LME stocks stayed below 100,000 tons. Smelter treatment charges fell to minus $117.50 per ton, signaling acute concentrate tightness that lifted prices for the fifth straight month. Read →

Executives from Tsingshan, GEM, Lygend and Huayou Cobalt discussed coordinated cuts at HPAL plants amid weak prices and high costs. One proposal floated a 30% reduction in mixed hydroxide precipitate output, though no agreement was reached. Indonesia supplies over 60% of global nickel, so any cuts would tighten battery-material supply. Read →

LME three-month copper rebounded 1.20% to $12,873 per ton for a 3.24% weekly gain, while nickel rose 1.87% to $17,475 per ton. Support came from mine disruptions, tight refined availability outside the US and profit-taking after earlier rallies; SHFE copper ended the week up 1.60%. Read →

SHFE zinc rose 1.66% to 26,710 yuan per ton, capping a 5.57% August gain. LME stocks down over 20% in two months and negative treatment charges near minus $110 per ton drove the move, with China poised to export more refined metal to ease global tightness. Read →

Shanghai Futures Exchange copper contract edged up 0.4% to 108,820 yuan/t while LME three-month copper rose 0.22% to $14,314.50/t on warrant cancellations that cut available stocks. Rate-hike concerns capped gains as other base metals showed mixed moves with zinc boosted by falling LME stocks. Read →

Sinomine Resource Group secured a further 300,000 metric tons lithium concentrate export quota from Zimbabwe after an initial 200,000-ton allocation. The quota supports feedstock needs for its Chinese smelters as Zimbabwe enforces quotas ahead of a January 2027 raw-concentrate export ban. Read →

Slovalco began gradual restart of its Žiar nad Hronom smelter with plans to reach 75,000 mt annual capacity by February 2027 after a three-year idling due to high power costs. The €100 million restart, backed by power deals and ETS support, returns Slovakia to primary aluminum production. Read →

KGHM approved its Strategy 2055+ committing over PLN 32 billion ($8.55 billion) in capex through 2030 with targets of 730,000 t annual copper output and 1,290 t silver. Nearly 80% of spending targets Polish core assets including a new mine to secure ore supply for domestic smelters. Read →

LME three-month zinc fell 0.4-1% to around $3,855-3,876/t after hitting a four-year high of $3,949.5/t Wednesday. Stocks climbed to a three-week high of 97,875t with 1,100t inflows to Singapore and Hong Kong warehouses. The cash premium widened to $232/t, its highest since December, signaling ongoing near-term tightness despite the build. Read →

Overnight LME copper settled at $14,232.5/t, down 0.64%, while the most-traded SHFE contract fell 0.49% to 108,220 yuan/t. Spot premiums in Shanghai held firm at an average 310 yuan/t against the front month after rising 60 yuan/t, supported by tight SX-EW supply and month-end restocking. LME cash premium rebuilt to around $189/t amid persistent physical tightness. Read →

Comex September copper fell 0.5% to $6.5645/lb, retreating over 3% from Wednesday's record high of $6.7775/lb ahead of Fed Chair Kevin Warsh's Jackson Hole speech. LME three-month copper closed near $14,336/t with stocks at 237,475t and cash premium at $189/t. China's July industrial profits rose just 11.2% YoY, the slowest pace this year, shifting focus to ground-level demand. Read →

LME zinc futures rose as much as 1% extending a seven-day rally and holding near the highest levels in more than four years. Spot metal commands a widening premium over futures, mirroring copper tightness, as LME inventories stay low while Chinese stocks build. The backwardation signals near-term physical scarcity for the galvanizing metal. Read →

Three-month LME copper hit $14,343/t, close to the $14,527.50 all-time high, after 65,400 tonnes of warrants cancelled for withdrawal. COMEX stocks rose for a 46th straight day to a record 675,185 tonnes as traders arbitrage ahead of possible 15-30% US refined copper tariffs from 2027. The flow turns a projected 639,000-tonne 2026 global surplus into a de-facto balanced or tighter market outside the US. Read →

LME three-month zinc touched $3,949.50/t, the highest since June 2022, before easing on stronger US inflation data. Cash premium over three-month widened to $132/t, the highest since December, as LME stocks fall while Shanghai Futures Exchange stocks more than double this year. Chinese refined zinc exports are arriving at LME warehouses, easing but not ending the London squeeze. Read →

Comex September copper touched $6.7775/lb ($14,940/t), a new all-time high, before retreating 1.6%. LME cash-three month spread narrowed to $127/t from a five-year peak above $400/t earlier in the week after inflows, though nearer-dated tightness persists with September-October at a $100/t premium. Shanghai deliverable stocks fell for a sixth straight day while COMEX inventories keep building on tariff positioning. Read →

US tariff prospects on refined copper pulled 885,000 tonnes of imports in H1 2026, draining LME stocks by 65,400 tonnes recently and turning a projected 639,000-tonne global surplus into a de facto deficit. Three-month LME copper hit $14,343/t intraday, within 1.3% of the January record. The arbitrage flow to COMEX inventories, now at a 46-day record high, tightens physical availability outside the US. Read →

LME three-month zinc reached a fresh four-year high of $3,858/t on Tuesday with cash-to-three-month backwardation widening to $131/t on low stocks of 95,050 t. China turned net exporter again in July, shipping 9,200 t of refined zinc with some cargoes heading to LME warehouses in Hong Kong. The inflows provide relief to shorts without collapsing the rally driven by non-Chinese tightness. Read →

COMEX September copper hit a record $6.7270/lb ($14,830/t) on Tuesday, up 1.8%, as the US siphon effect intensified ahead of potential 15-30% tariffs from 2027. LME three-month copper closed at $14,251/t after touching $14,343/t. CRU now views the 2026 market as balanced at best rather than in surplus. Read →

Benchmark LME three-month copper rose 0.2% to $14,240 per tonne as cancelled warrants hit 240,250 tonnes (50% of stocks), mostly in US and Asian warehouses, signaling metal heading to Comex or US buyers amid tariff expectations. A weaker US dollar supported dollar-priced metals. Zinc hit $3,850 per tonne, highest since June 2022, on LME stock drawdowns and non-China shortages; other metals saw minor moves. Read →

Three-month LME copper fell 0.4% to $14,159 per tonne as LME stocks rose to 238,575 tonnes and SHFE stocks jumped 28.4% to 89,548 tonnes, narrowing cash-to-three-month backwardation and easing prior squeeze concerns. Weaker dollar capped losses ahead of Jackson Hole. SHFE copper contract edged higher while other LME metals were mixed. Read →

LME official prices showed copper cash at $14,290-$14,291 per tonne and three-month at $14,233-$14,235; aluminum cash $3,227; zinc cash $3,979; nickel cash $16,845-$16,860. Figures reflect recent session settlements amid ongoing inventory and tariff-driven flows. Read →

Copper futures dropped to around $6.55 per pound on Monday as LME stocks hit 238,575 tons and SHFE stocks jumped 28.4% to 89,548 tons. The inflows narrowed the cash-to-three-month premium, signaling better near-term availability. Zijin Mining flagged potential 57,000-ton output loss at Kamoa-Kakula from flooding, underscoring ongoing mine supply risks. Read →

SMM assessed 1# copper cathode at $16,022.35 per tonne, up $22; A00 aluminum at $3,532, up $19; 0# zinc at $3,833, up $27; and battery-grade lithium carbonate at $23,819 per tonne, up $1,232. Nickel cathode rose to $19,508 per tonne while tin fell. SHFE copper stocks climbed 19,817 tonnes to 89,548. Read →

Central Sulawesi (Morowali) and other key nickel areas face generally manageable weather through August 30. The outlook supports steady production at major laterite operations that dominate global nickel supply for batteries and stainless steel. Read →

Copper futures eased 0.11% on Aug 20 to settle at US$6.48/lb. Traders weighed mixed Chilean June mine output, including Codelco declines, against softer global factory signals. Miner shares including Southern Copper and Freeport-McMoRan rose, pointing to longer-term supply tightness from the world's top producer. Read →

Alcoa signed a binding conditional 10-year gas sales agreement with Equus Energy for 50 TJ/day supply to its Pinjarra and Wagerup alumina refineries in Western Australia. The deal follows pre-FEED progress on the Equus Gas Project and positions Alcoa as the foundation domestic customer. Supply is targeted for the early to mid-2030s pending approvals and FID. Read →

Peru's Sunafil launched an investigation into MMG's Las Bambas copper mine after a Tuesday maintenance accident killed two workers and injured three, prompting a temporary suspension. The mine, which produces about 2% of global copper supply, plans a gradual restart on August 21. Las Bambas has a history of community protests and operational halts in Peru, the world's third-largest copper producer. Read →

LME copper cash-to-three-month backwardation peaked at $545/ton Monday with cash hitting a record $14,912/ton before easing to $176/ton after 38,150 tons of deliveries, including from China and U.S. sites. Large long positions and low live stocks of 103kt triggered the squeeze around the August prompt date. U.S. tariff expectations continue pulling metal westward, sustaining arbitrage and risk of further volatility. Read →

LME on-warrant copper inventories rose more than 35kt Wednesday, the largest increase since 2024, following a 20kt+ jump Tuesday with Trafigura contributing significantly. The inflows eased a historic squeeze that had cut stocks 75% from April highs, though underlying physical tightness persists amid U.S. premium and China demand dynamics. Read →

SQM reported Q2 adjusted EBITDA of $1.32 billion, beating estimates on record lithium volumes and higher prices, lifting shares 2% in New York. The company raised its 2026 global lithium demand forecast to over 2.1 million metric tons from 1.9 million and outlined $3 billion capex for 2026-2028 focused on Chile projects. It sees stable Q3 prices amid stronger battery storage demand. Read →

Readily available LME copper inventories rose more than 20,000 tons on Tuesday, the largest daily increase since April, with Trafigura responsible for a significant share. Copper three-month prices held losses near $13,976/t in Shanghai trade after recent record highs driven by arbitrage ahead of potential US tariffs. The inflows relieve a historic supply squeeze while Chile output faces ongoing disruptions. Read →

Fastmarkets launched a monthly FCA Europe low-carbon copper cathode premium assessment on August 18 with a 1.5 tCO2e per tonne Scope 1-3 limit on Grade A cathode. The move responds to rising demand from automotive and wire/cable buyers seeking emissions data. It layers the low-carbon premium atop the standard LME cash price for greater transparency in sustainable copper trading. Read →

Traders delivered substantial copper volumes to LME warehouses, driving the biggest one-day stock increase since April and easing a prolonged physical squeeze. Trafigura accounted for a major portion of inflows amid wide spreads and tariff-related positioning. The development caps recent price gains while broader base metals face macro headwinds from higher yields and oil. Read →

LME one-day copper contracts traded at a $75-per-ton premium to the next day, the widest since January when prices hit records. The flare-up reflects depleted LME stocks down nearly 50% since May as metal flows to US warehouses ahead of potential tariffs and tight Chinese smelter feedstock. This signals persistent near-term scarcity supporting prices despite softer China factory data. Read →

LME cash copper reached a record $14,830 per ton overnight while three-month copper rose 1.1% to $14,310. LME stocks have fallen 50% since May with flows to the US on tariff expectations; SHFE stocks are down over 80% since March. Zinc firmed 0.2%, aluminum rose 0.5%, tin added 0.5% and nickel gained 0.3%. Read →

SHFE copper dropped 1.19%, aluminum 0.35%, zinc 0.97% and tin 1.57% at midday close while nickel edged up 0.19%. LME copper fell 0.34% and zinc 0.59% with nickel up 0.42%. Domestic lithium carbonate futures declined 0.69% amid broader base metals pullback. Read →

BHP reported better-than-expected full-year earnings boosted by record copper prices that made the metal its largest earnings driver ahead of iron ore. The company declared its highest annual dividend in four years. Copper's structural demand from energy transition and data centers underpins the miner's shift in portfolio weighting. Read →

Copper futures rose above $6.7 per pound on Monday amid signs of tightening global supply. China’s refined copper output is expected to decline for a second consecutive month in August due to shortages of concentrate and tighter recycled copper rules. Codelco in Chile expects production to fall this year from mine setbacks, while US tariff concerns divert metal to US warehouses. Read →

Lithium carbonate prices climbed 0.99% to 153,000 CNY per tonne on August 17. The gain extends a monthly rise of nearly 1% and marks an 85% increase from a year earlier. Strong demand from energy storage applications supports the rebound in this key battery metal. Read →

Lead prices advanced 0.56% to 1,906.28 USD per tonne on August 17. The metal posted a modest monthly gain of over 1% amid broader base metals activity. Other LME metals including aluminum, zinc and nickel also traded with small daily moves. Read →

Australian federal and NSW governments pledged A$2.5bn ($1.77bn) plus Rio Tinto's A$1.1bn investment for a 10-year renewable PPA securing the 590kt/yr Tomago smelter until 2038. The deal supports jobs and decarbonisation while aluminium prices face Middle East supply risks and Indonesian expansion. It underscores government intervention to sustain domestic aluminium capacity amid energy and geopolitical pressures. Read →

LME registered aluminium stocks fell by half since January to 250kt, the lowest since 1990, after 2Mt/yr of Gulf primary output collapsed from the Iran conflict. Nearly all remaining warranted metal is pre-sanctions Russian brand held by one dominant player, tightening physical liquidity despite relaxed spreads. The drawdown highlights persistent supply-chain dislocation even as some Middle East capacity restarts. Read →

Combined LME and SHFE copper inventories fell to 274kt, their lowest share of global stocks, as COMEX holdings rose to a record 666kt on pre-tariff stockpiling. The 12-week decline tightens availability outside the US amid mine supply constraints and strong energy-transition demand. This divergence underscores regional inventory shifts pressuring physical premiums elsewhere. Read →

Federal and New South Wales governments will split A$2.5 billion over 10 years to secure operations at Australia's largest aluminium smelter, Tomago, owned by Rio Tinto and partners. Rio Tinto will invest at least A$1.1 billion alongside the funding for energy efficiency and a 10-year renewable power purchase agreement extending to 2038. The deal supports 1,000 jobs and decarbonisation of over 10% of NSW's electricity grid. Read →

Chilean miner Antofagasta reported 27% higher first-half EBITDA of $2.84 billion as elevated copper prices offset lower output and declared a doubled interim dividend. It lowered its full-year 2026 copper production target to 625,000-655,000 tonnes from 650,000-700,000 tonnes after a July shutdown at Los Pelambres mine due to extreme rains. The company cited ongoing supply constraints in a tight market. Read →

DRC banned copper and cobalt concentrate exports last week, pushing LME three-month copper to a six-month high of $14,369.50 per ton and cash price to a record $14,453.60 per ton. The move tightens an already stressed concentrate market with negative smelter fees but has no material impact on global balances as Congo exports mostly refined metal and prior bans included waivers. LME stocks have dropped sharply to 214,550 tons with tightening cash-to-three-month spreads at $171 per ton, the widest since October. Read →

LME aluminum futures rose 1.7% to $3,373 per ton while copper gained 0.4% to $14,215 per ton after hitting an all-time high on Monday. COMEX copper advanced 0.63% to $6.65 per pound. Moves reflect ongoing physical market tightness amid energy transition demand. Read →

LME copper futures closed virtually unchanged at $14,156.50 per tonne. Aluminum rose 1.4% to $3,364 per tonne. Prices reflect mixed macro signals with supply constraints supporting the complex. Read →

LME three-month nickel fell to $16,760/t in Asian trade, down $369/t from the prior close, on expectations that Indonesia will raise nickel ore mining quotas for a major operation. The potential quota increase, possibly more than tripling for one miner, signals greater 2026 supply and weighed on sentiment. Indonesia's overall 2026 RKAB quota stands at 260-270 million wet metric tonnes with possible upward revisions. Read →

LME three-month nickel fell to $16,760/t in Asian trading, down $369/t from the prior close. The drop followed reports that a major Indonesian miner's 2026 RKAB nickel ore quota could more than triple, raising prospects of larger overall supply increases beyond the expected modest revision. Indonesia accounts for the bulk of global nickel output, so any quota expansion directly pressures prices amid an already ample market. Read →

Toyota-Panasonic JV PPES, Nippon Light Metal, Fuji Springs and Panasonic Operational Excellence launched a scheme recycling aluminum scrap from EV battery cell sealing boards back into new parts. The closed-loop process aims to cut virgin ingot use by 200 tonnes per year, improving supply security and lowering costs in resource-scarce Japan. It targets rising demand for aluminum in EVs and batteries while reducing mining and refining impacts. Read →

Copper traded in a tight range near $14,000/t after six weeks of gains driven by tightening global supplies. A large flow of metal into US warehouses ahead of potential import tariffs has tightened availability elsewhere and lifted LME prices. Easing concerns over US interest-rate hikes also provided support after the metal hit its highest intraday level since late January. Read →