Base Metals

LME three-month copper rose 0.32% to $14,289/t overnight on supply concerns from Chile's 12.8% YoY output drop in August and Escondida supervisors rejecting a contract offer, paving the way for potential strike action after a fatal accident. SHFE stocks fell to 38,744 t, the lowest since January 2024. The rebound was insufficient to prevent a 2.28% weekly decline driven by a stronger dollar and bond market rout. Read →

LME official closing prices showed copper cash at $14,485-14,487/t and three-month at $14,453-14,455/t. Aluminum cash settled near $3,203-3,204/t, zinc at $3,953.50-3,954/t, nickel at $15,855-15,860/t, lead at $1,855-1,856/t. Prices reflect ongoing physical tightness outside the US amid holiday pauses in China. Read →

Supervisors at BHP's Escondida, the world's largest copper mine, voted 95% to reject the company's final collective bargaining offer and authorize strike action, triggering mandatory five-day government mediation. The vote follows a fatal maintenance accident and adds to broader Chilean output weakness, supporting physical market tightness ahead of Chinese smelter maintenance. Read →

Benchmark three-month copper on the LME rose 0.1% to $14,453 per tonne amid China’s official manufacturing PMI climbing to 50.1 in September from 49.8, its first expansion in months. SHFE copper stocks fell 17.8% week-on-week to 38,744 tonnes, the lowest since January 2024, as pre-holiday demand drained inventories before the National Day shutdown. The metal is on track for a third straight monthly gain of about 1.1%. Read →

The 1,020-member supervisors’ union at BHP’s Escondida, the world’s largest copper mine, voted 95% to reject the final contract offer and authorize strike action. Chilean law now requires at least five days of mandatory government mediation before any legal stoppage. The vote adds fresh supply risk after a fatal accident recently halted operations at the mine that produced 1.26 million tonnes in FY2026. Read →

Analysts at Wood Mackenzie and Zijin Tianfeng forecast China’s refined copper output will grow only 3-3.4% in 2026, the slowest pace since at least 2000, versus 10.4% in 2025. Smelters face tightening scrap supply from a tax crackdown plus falling sulphuric acid prices that erode margins, with seven plants scheduling 30-60 days of maintenance that will cut 80,000 tonnes. The slowdown is expected to support prices into Q4. Read →

LME copper contracts were little changed as attention turned to supply amid subdued trading volumes during China’s National Day holiday. Prices slipped earlier in the week after soft Chinese industrial earnings data, but physical tightness outside the US and ongoing mine risks remain in focus. Read →

China’s official manufacturing PMI rose to 50.1 in September from 49.8 in August, returning to expansion territory for the first time since June. A private survey showed a five-month high of 52.1. The rebound in factory activity, supported by AI-related demand, provides a positive signal for industrial metals consumption ahead of China’s National Day holiday. Read →

The two main unions at Antofagasta Minerals’ Centinela copper mine in Chile, representing 708 members, rejected the company’s contract offer and entered mandatory government mediation. Union leaders said a legal strike could begin as early as Oct. 13 if talks fail. Centinela produced 240,400 tonnes of copper in 2025, adding to broader supply concerns from operational issues and weather. Read →

Chinese lithium carbonate futures on the Guangzhou exchange fell 25% in September to below 120,000 yuan per tonne. Concerns over slowing EV battery and energy storage demand, plus a new consumption tax on lithium-ion batteries and halted new projects, weighed on prices. The drop reverses earlier optimism from mine supply constraints and export growth. Read →

Workers at Antofagasta Minerals' Centinela copper mine in Chile voted 98.73% to reject the company's final contract offer. The unions must now enter mandatory mediation before any strike can begin. Centinela produced 240,400 metric tons of copper in 2025, adding near-term supply risk to a market already tight on Chinese inventories. Read →

LME copper futures rose toward $14,500 per ton as workers at Antofagasta's Centinela site overwhelmingly rejected the wage offer. The move heightens strike prospects at a key Chilean operation. Prices remain near September's record high with the metal on track for a third straight monthly gain. Read →

SMM will halt updates on Chinese metal prices and news from Oct 1-7 for the National Day holiday. The pause covers spot quotes, inventories, and analysis across copper, aluminum, nickel, zinc, tin, lead, and lithium. Traders face a data blackout during the extended break. Read →

Shanghai spot copper premiums pulled back this week as imported cargoes replenished the market and pre-holiday buying slowed. Premiums over the SHFE 2610 contract averaged around 1,140 yuan per ton Monday. The center is expected to remain under pressure short-term despite support ahead of the holiday. Read →

All SHFE base metals fell midday with copper down 0.72%, aluminum 0.68%, zinc 0.97%, tin 1.25% and nickel 1.18%. LME copper fell 1.01%, tin 1.72% and zinc 0.86%. Lithium carbonate's most-traded contract dropped 4.15%. Read →

Unions at BHP's Escondida, the world's largest copper mine, rejected management's request to pause contract negotiations after a fatal maintenance accident on Wednesday. Operations are gradually resuming after regulatory checks; supervisors vote on the offer next week. Read →

LME copper fell as much as 1.6% after China reported industrial enterprise profits rose only 4.2% YoY in August, the weakest since November. Traders cite the upcoming National Day holiday and macro caution despite prior tightness signals. Read →

Benchmark three-month LME copper rose 0.08% to $14,632/t early Friday and is set for a weekly gain after SHFE copper inventories fell 15.9% to 47,147 tons. The LME cash-to-three-month spread widened to a $124.75/t backwardation, signaling acute near-term tightness in the key consumer market. The moves follow pre-holiday stockpiling and smelter maintenance cuts in China. Read →

BHP's Escondida, the world's largest copper mine, suspended operations Wednesday after a worker died during maintenance and is now resuming progressively following safety assessments. The incident adds to already tight physical supply signals in copper. Escondida is a joint venture with Rio Tinto and JECO Corp. Read →

Nyrstar announced a strategic review of its Budel zinc smelter in the Netherlands, citing high energy costs, low treatment charges, and lack of Dutch grid-cost relief in the 2027 budget. The review will conclude by year-end while operations continue normally. The move intensified zinc supply concerns and supported LME zinc prices. Read →

Battery-grade lithium carbonate futures on GFEX fell 4.79% to close at 124,400 yuan/t amid weak spot buying and lower weekly production from spodumene and lepidolite processors. Spot prices drifted lower with downstream purchase intentions below 130,000 yuan/t. The decline reflects ample near-term supply in the battery metal. Read →

LME three-month copper settled at $14,783/t on Sep 22, up 0.8% and $92 below the Sep 10 record. Shanghai cathode inventories fell to 43,900 t, the lowest since 2023, as fabricators restock ahead of holidays and refineries plan maintenance. LME cash copper flipped to a $62/t premium to three-month, signaling physical tightness. Read →

Benchmark three-month LME copper fell 0.6% to $14,655/t on Sep 23 after testing $14,833/t. A stronger dollar and profit-taking capped gains following the prior rally. Comex inventories hold 69% of global exchange copper, while LME cash traded at a $76/t premium. Read →

SMM #1 refined nickel averaged 126,725 yuan/t this week, up 1,625 yuan/t WoW. El Nino drought and expected NPI disruptions at IMIP supported prices. LME nickel 3M rose about 1.6% WoW amid China-US talks on critical minerals. Read →

Benchmark three-month LME copper fell 0.66% to $14,651/t by early Wednesday as the stronger US dollar made dollar-denominated metals more expensive for non-US buyers. SHFE copper slipped 0.23% to 110,960 yuan/t. The Yangshan import premium eased to $117/t but stayed well above early-month levels, reflecting sustained though moderating Chinese physical demand ahead of holidays. Read →

Comex December copper hit a fresh session high near $6.87/lb while LME three-month copper rose 0.7% to $14,766/t. SHFE-monitored stocks have dropped 70% since early June; Shanghai social inventories hit a three-year low. LME cancelled warrants rose another 6,700 t to 122,150 t, leaving just 133,725 t available in the system. Read →

Benchmark three-month copper on the LME rose 1.4% to $14,725 per tonne, touching $14,762.50, its highest since September 10. Available LME copper stocks fell to 133,725 tonnes after 9,600 tonnes of cancellations in Asia, shifting the cash contract to a $47 per tonne premium over the three-month contract. Yangshan copper premium eased to $119 per tonne while traders position ahead of China holidays and a potential Trump-Xi meeting. Read →

Capstone Copper agreed to sell its Cozamin copper-silver-zinc-lead underground mine in Zacatecas, Mexico, to Luca Mining for up to $385 million including $275 million cash upfront, $15 million in shares, $35 million deferred and up to $60 million in copper-price-linked contingent payments. The deal is expected to close in Q4 2026 subject to approvals and allows Capstone to redeploy capital into growth projects in Chile and the US. Cozamin is forecast to average 20,000 tonnes of copper and 1.3 million ounces of silver annually through 2030. Read →

SMM midday comment noted broad gains in base metals and new-energy materials as the dollar weakened. SHFE copper and coking coal each rose more than 1% while lithium carbonate and polysilicon advanced over 2%. The move aligns with firmer physical signals including pre-holiday buying in China. Read →

LME copper closed Friday up 0.62% at $14,563/mt amid higher open interest. Multiple Chinese smelters enter maintenance October-November amid tight concentrates and blister, limiting refined supply growth. Shanghai social inventories fell sharply pre-holiday with spot premiums firming as downstream buying sentiment improved modestly. Read →

Three-month LME copper rose 0.3% to $14,539/mt Friday and headed for a weekly gain above 2%. Yangshan premiums hit $121/mt, the highest since October 2022, reflecting stronger Chinese physical demand. SHFE stocks rose modestly after prior draws while LME tightness eased slightly into contango. Read →

LME three-month copper held near $14,460/t on Friday, on track for a 1.6% weekly gain. Rebounding Chinese physical demand, shown by the Yangshan import premium reaching $121/t, offset Fed hawkish signals on rates. SHFE copper also rose, with low inventories supporting the move. Read →

LME copper slipped 0.2% to $14,467.50/t but headed for a 1.6% weekly advance. Stronger Chinese physical buying lifted the Yangshan premium to $121/t, its highest since October 2022, while SHFE stocks sat at 54,780 t, the lowest since January 2024. The move countered uncertainty over potential US refined copper tariffs. Read →

LME copper rose 1.2% to $14,408/t as Chinese buyers returned after a selloff. The Yangshan premium climbed to $118/t on Wednesday, its highest since October 2022, and domestic premiums over SHFE hit 645 yuan/t. SHFE-monitored stocks fell to 54,780 t amid shipments to the US on tariff expectations. Read →

A fatal fall killed a subcontractor on September 16 at Korea Zinc's Onsan smelter in South Korea during roof work on the roaster-acid system. No production cuts or shutdown notices have been issued yet as investigations continue. The 640 ktpa zinc facility's output impact remains uncertain pending inspection scope. Read →

LME three-month copper rose 0.7-1.1% to around $14,188-$14,231 per tonne on signs of active Chinese buying. The Yangshan premium jumped 7% to $118 per tonne, its highest in nearly four years, as buyers restock after a price dip. BNP Paribas noted the move eases prior tightness while LME spreads shifted into contango. Read →

LME copper climbed about 1.1% to near $14,237 per tonne amid firmer Chinese import appetite. The Yangshan premium rose to $118 per tonne, the strongest level in almost four years, signaling restocking by Chinese buyers. COMEX-LME premium narrowed and inflows to US warehouses slowed amid ongoing US tariff uncertainty. Read →

Aluminium Bahrain (Alba) CEO said the smelter operates at 80% of pre-Iran war capacity, or 1.3 million tonnes per year from lines 4-6. Exports route via Jeddah and Sohar after Strait of Hormuz issues; alumina arrives by 300-350 daily truckloads. Full 1.6 million tonne capacity return depends on raw materials and regional stability. Read →

Lithium Argentina closed a $180 million strategic investment from Ganfeng Lithium via a six-year 4% unsecured convertible note convertible at $12.50 per share. Proceeds plus cash will repay $259 million in notes due January 2027, strengthening the balance sheet for Caucharí-Olaroz Stage 2 and PPG project integration. Ganfeng stake rises to 16.1% on full conversion. Read →

Nornickel is in talks with China's North Copper Co. to process its copper concentrate at facilities in Houma, Shanxi, potentially closing its polluting Norilsk smelter. The upgrade could take up to two years and targets Nornickel's higher-nickel concentrates. The move shifts final-stage processing to China, cutting costs amid sanctions and customer proximity. Read →

Lithium Argentina closed a $180 million strategic investment from Ganfeng via a six-year 4% convertible note, using proceeds plus cash to repay $259 million notes due January 2027. Ganfeng's stake rises to 16.1% on full conversion. Funds strengthen the balance sheet for Stage 2 at Cauchari-Olaroz and the PPG project in Argentina. Read →

Three-month LME copper hit a low near $13,926/t before recovering modestly, its weakest since August 20, as warehouse stocks climbed nearly 20% since mid-August to 242,900 t. Rising oil prices above $107/bbl reinforced growth concerns for manufacturing demand. Yangshan premiums for imported copper rose to $110/t, the highest since early August, signaling firmer Chinese physical interest. Read →

Atlantic Copper inaugurated its CirCular facility in Huelva, Spain, with 550 million euro investment and 60,000 t/y capacity to extract copper, gold, silver, palladium, platinum, tin and nickel from end-of-life electronics. The plant processes mobiles, tablets, cameras and batteries as primary feedstock. It positions Spain among few nations with large-scale industrial e-waste metal recovery and supports EU circular economy targets. Read →

LME three-month copper steadied after hitting a four-week low, with new deliveries into exchange warehouses signaling relief from the prior supply squeeze. Prices pulled back sharply from last week’s record high driven by US tariff anticipation that diverted metal to COMEX. The move highlights how tariff-driven inventory shifts, rather than broad demand changes, are dominating near-term price action. Read →

Benchmark three-month LME copper fell 1.2% to around $14,065/t, its lowest since Aug 20, after 9,600 tonnes of inflows lifted inventories and a stronger dollar weighed on industrial metals. COMEX stocks dipped for the first time in 58 days. The cash-to-three-month spread widened, indicating easing near-term tightness amid ongoing US tariff uncertainty. Read →

Three-month LME copper slipped 0.20% to $14,212/t and SHFE copper dropped 0.39% as traders focused on the delayed Section 232 tariff ruling now eyed for Sep 28. White House indecision has clouded inventory arbitrage flows, leaving brokers cautious and bearish near term. COMEX stocks had built steadily on tariff expectations before the recent pause. Read →

SHFE copper inventories fell 13.05% week-over-week to 54,780 tonnes, a new multi-year low, while global stocks diverge with COMEX building on US tariff flows and LME seeing selective inflows. The mismatch underscores how policy expectations are redirecting physical metal across regions faster than underlying mine or smelter supply shifts. Read →

LME copper futures fell as much as 0.6% after hotter-than-expected US inflation data prompted traders to raise bets on Federal Reserve rate hikes. Most other major base metal contracts also traded lower amid a stronger dollar and broader risk-asset pressure. The move follows copper’s first weekly decline since June. Read →

Glencore and Mercuria are separately in talks with Venezuela’s government over potential deals for the state-owned Venalum smelter, Latin America’s largest with 430,000 tpa capacity. Discussions include operating the facility and securing access to its output. Interest comes amid global aluminium supply disruptions from Middle East conflict. Read →

SMM data shows SHFE copper inventories at 54,780 t after a 13.05% weekly drop, aluminium down 4.67%, while zinc rose modestly. Coordinated destocking in China reinforces physical market tightness outside the US, supporting near-term pricing for copper and aluminium despite macro headwinds. Read →

SMM spot prices on Sep 14 showed copper cathode at $16,193.77/t (-51.85), aluminium ingot at $3,580.94/t (-21.28), zinc at $3,914.05/t (-41.85), nickel at $18,752.32/t (-209.81), tin at $59,870.62/t (-1,147.03), and battery-grade lithium carbonate at $20,618.63/t (-520.58). SHFE inventories reflected mixed but generally tight conditions across the complex. Read →

The White House has not decided on refined copper import tariffs after weighing higher manufacturing costs against domestic mining incentives. Copper prices hit records on tariff expectations that drove massive US inflows and global inventory drains. The stall removes a key premium, with LME three-month copper falling over 3% and COMEX-LME spread turning negative. Read →

The premium for shipping copper to the US fell sharply after the Reuters tariff stall report. LME three-month copper dropped 3% to $14,329.50 per ton while COMEX prices fell 4.7%, narrowing the spread to near zero or negative. COMEX stocks reached a record 696,259 metric tons after months of tariff-driven inflows. Read →

Three-month copper on the LME fell 3.1% to $14,312 per ton after hitting a record $14,875 earlier Thursday following the Reuters report. COMEX October futures slid 4.2% as the tariff premium eroded. The metal had gained 16% this year on inventory shifts ahead of potential duties. Read →

Three-month LME copper futures climbed 1.5% to $14,728 per tonne after touching $14,779 intraday, up nearly 18% year-to-date. Global copper mine production fell 1.1% in the first half of 2026 amid operational challenges at major mines. Comex copper for September delivery rose 2.2% to a record $6.739 per pound as tariff concerns distort trade flows. Read →

LME three-month copper slipped 0.4% to $14,645.50 per tonne after hitting $14,779 on Tuesday. China’s August unwrought copper imports dropped to 382,000 tonnes, the weakest August in six years and 6.7% below last year’s total through August. Global mine production fell 1.1% in H1 2026, with analysts now forecasting flat-to-lower output for the full year, the first annual decline since 2017. Read →

Chinese smelters are exceeding Beijing’s 45-million-tonne annual capacity cap, with output running above the limit for months due to strong margins and low alumina costs. Producers are investing in new smelters in Indonesia and elsewhere, including projects by Tsingshan partners and others in Kazakhstan and Angola. This expands China’s global share toward 63% as Western capacity lags. Read →

Three-month LME copper rose 1.1% to $14,674/t, surpassing Monday's record, with SHFE copper also hitting highs near 110,890 yuan. Physical metal is flowing heavily to the US on tariff expectations, pushing LME stocks down nearly 40% since late May and SHFE inventories to their lowest since January 2024 at 63,000 t. Zinc, aluminum, nickel and tin posted smaller gains amid the broader tightness. Read →

LME three-month copper touched an all-time peak of $14,635/t, up for a fourth session and 17% YTD, as refined copper shifts to the US ahead of possible tariffs and LME stocks drain. China peak-season demand is expected to support prices while mine output risks its first annual decline since 2017; other metals were mixed with nickel and zinc higher. Read →

LME copper fell 0.55% to $14,628/t after Tuesday's all-time high of $14,779/t as COMEX stocks climbed further to 797,275 short tons. Analysts see potential for a test of $15,000/t soon if tariffs proceed, though the move is increasingly policy-driven and vulnerable to delays; other LME metals edged lower. Read →

The LME all-in base metals index hit a record Tuesday on copper strength, aluminum gains and zinc above $4,000/t for the first time since 2022 before retreating on Middle East risks. Supply tightness drove the advance, but geopolitical threats to global growth now weigh on sentiment. Read →

Core Lithium produced its first spodumene concentrate from the restarted Finniss plant in Australia's Northern Territory. The milestone came six months after the final investment decision, with plant throughput boosted 20% to 1.2 Mtpa via upgrades. First shipments of new concentrate are targeted for Q4 2026. Read →

LME cash copper settled near $14,371 a ton with zinc cash at $4,086 a ton amid backwardation signals. Aluminum cash was around $3,292 a ton while nickel and lead showed mixed moves. Stocks data reflected ongoing tightness in several contracts. Read →

Three-month LME copper fell 0.27% to $14,377/t after strong US August payrolls of 162k boosted September Fed rate-hike odds. SHFE copper inventories plunged 13% last week to a January 2024 low of 63,000 tonnes while LME stocks slipped another 475 tonnes. US imports hit a July record on tariff expectations, draining metal from Asia and Europe and keeping the market tight outside the US. Read →

LME copper held near highs supported by thin ex-US availability and a soft dollar, extending a 10-week rally streak. Zinc and aluminum showed backwardation on low stocks while nickel and tin posted modest moves. Record US copper inflows continued amid ongoing tariff uncertainty. Read →

Benchmark LME copper rose 0.3% to $14,373/t, on track for a 10th straight weekly gain as ex-US inventories thinned and the dollar weakened. SHFE copper stocks fell 13% to 63,000 tonnes, the lowest since January 2024, while LME stocks dipped 475 tonnes with further withdrawals ordered. Read →