Copper’s phantom tariff
London Metal Exchange copper stocks remain near their highest levels since 2013, but available metal is tightening as cancellations rise.
Copper’s phantom tariff
London Metal Exchange copper stocks remain near their highest levels since 2013, but available metal is tightening as cancellations rise.
KCM Starts 60-Day Maintenance Shutdown at Nchanga Smelter
Konkola Copper Mines has taken its Nchanga smelter offline for planned maintenance, with the shutdown forming part of a wider cycle of outages across Zambia’s copper-processing sector.
Alba Signs MoU To Acquire Aluminium Dunkerque For $2.2bn
Aluminium Bahrain [Alba] has agreed to acquire Aluminium Dunkerque, the largest primary aluminium smelter in the EU, in a deal valued at $2.2 billion, subject to regulatory approval.
The LME Weekly Review: 25-29 May 2026
Weekly review of LME base metals markets covering aluminium, copper, zinc, lead, nickel, and tin, analysing price action, spreads, warehouse stocks, cancelled warrants, and the macro and physical drivers behind trading activity during the week ending 29 May 2026.
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News & Market Analysis
The LME Weekly Review: 18-22 May 2026
Weekly review of LME base metals markets covering aluminium, copper, zinc, lead, nickel, and tin, analysing price action, spreads, warehouse stocks, cancelled warrants, and the macro and physical drivers behind trading activity during the week ending 22 May 2026.
The LME Weekly Review: 11-15 May 2026
Weekly review of LME base metals markets covering aluminium, copper, zinc, lead, nickel, and tin, analysing price action, spreads, warehouse stocks, cancelled warrants, and the macro and physical drivers behind trading activity during the week ending 15 May 2026.
Nickel's Sulphur Problem is Bigger than Indonesia
Nickel markets are focused on Indonesia’s quota cuts – but tightening sulphur supply is the real story. Disruptions in Iran, the Gulf and China, combined with declining hydrocarbon output, are constraining availability and reshaping the market balance.
Aluminium’s war premium is earned. Dr Copper’s is borrowed.
Aluminium and copper are reacting differently to the same conflict. Aluminium faces real supply shocks – force majeure, halted smelters, surging premiums and constrained output – creating a price floor Copper’s rise reflects risk pricing amid ample supply, leaving it vulnerable to rapid reversal.
Insights
The Role of Premiums and Discounts in the Pricing of Industrial Metals Contracts
Understanding premiums, discounts and the associated "basis risk" in metals markets.
LME Brands and Brand Listing Explained
A high-level overview of the importance of LME brands and the listing process.
How are LME Reference Prices Used in Physical Metals Contracts?
Why pricing material based on a reputable reference price offers increased transparency, efficiency and optionality.
Price Discovery Models Demystified
A detailed overview of price formation via bilateral negotiations, price reporting agencies, physical trading platforms and futures exchanges.