Key Takeaways:
- LME copper rose $17 to $13,598 per tonne, extending its 2026 rally
- Nickel led gains with a $349 advance to $17,152 per tonne
- Cobalt was the sole laggard, unchanged at $56,290 per tonne
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LME copper hits $13,598 as six base metals post gains
LME copper rose $17 to $13,598 per tonne, while five of six other base metals posted gains in the July 16 session.
LME warehouse inventories for copper and aluminum have declined over the past month, tightening physical supply, according to exchange data. LME copper stocks stood at multi-year lows, supporting the metal's upward trajectory, while aluminum inventories have drawn down by more than 10% since June.
Nickel posted the largest dollar gain, rising $349 to $17,152 per tonne, extending its strongest monthly run since early 2025. The metal has gained more than 15% over the past four weeks. Aluminum added $35 to $3,185, up from a prior-week close of $3,065.50. Zinc climbed $48 to $3,594, lead advanced $20 to $1,872, and tin gained $376 to $53,156. Cobalt was the sole laggard, unchanged at $56,290.
Copper at $13,598 per tonne is among the highest levels on record for the red metal, with industrial demand and supply constraints supporting prices. The next catalyst for base metals will be Chinese industrial production data, due later this month, which will provide the latest read on demand from the world's largest metals consumer.
Industrial metals have rallied broadly in 2026, with zinc and aluminum each gaining close to 20% year-to-date, according to LME data. Copper has shown the strongest performance among the six LME-traded base metals, driven by supply tightness and steady demand from the energy transition sector, including electric vehicle manufacturing and grid infrastructure.
Tin at $53,156 per tonne reflects ongoing supply constraints from major producing regions in Southeast Asia, while nickel's advance to $17,152 is supported by demand from the stainless steel and battery supply chains. Among the complex, copper's relative strength compared to aluminum and zinc signals that supply-side factors, rather than uniform demand growth, are driving the divergence across metals.
The broad rally across LME base metals comes as investors weigh the impact of potential supply disruptions against the outlook for global industrial demand. Copper's advance to near-record levels has drawn particular attention, with the metal trading well above its 200-day moving average.
This article is for informational purposes only and does not constitute investment advice.
