Metals sit where the industrial cycle meets the energy transition. Copper and aluminium price in grid, data-centre and electric-vehicle investment; iron ore prices Chinese construction; and critical minerals are increasingly shaped by export controls and state stockpiling. This desk follows exchange prices, physical premiums and the compliance standards buyers now require.
Physical price screening
| Commodity | Price / range | Basis | vs 1M | vs Jan 26 | vs Aug 25 |
|---|---|---|---|---|---|
| Copper LME 3M | ~$14,066$/MT | LME | Up | Up strongly | Up strongly |
| Copper cathode Grade A | LME + premium$/MT | EU / China / MENA | Up | Up strongly | Up |
| Aluminium LME | ~$3,242–3,373$/MT | LME / market | ~+2% | Up | +23.5% |
| Iron ore 62% Fe | $95.05$/DMT | CFR China futures | Down / stable | Down | −6.4% |
| Iron ore 65% Fe | ~$108–125$/DMT | CFR China | Stable | Mixed | Mixed |
| Nickel | $16,646$/MT | Global / LME-type | −1.1% | Mixed | +9.6% |
| Cobalt | $56,290$/MT | Benchmark | Flat | Up strongly | +68.9% |
| Chromite ore | ~$280–480$/MT | Türkiye / Africa / Asia | Stable | Mixed | Mixed |
| Manganese ore | ~$4.5–6.5$/dmtu | CIF China | Stable | Mixed | Mixed |
| Bauxite | ~$70–110$/MT | CIF China | Firm | Up | Up |
| Ferro-silicon 75% | ~€1,400–1,600EUR/MT | Europe indicative | Firm | Up | Around / above 2025 |
| Silico-manganese | ~€1,080–1,390EUR/MT | Europe | Stable | Mixed | Mixed |
| Ferro-vanadium 78% | ~$28–34$/kg V | Europe indicative | Stable–up | Up | Up |
| Ferro-titanium 70% | ~$4.3–5.0$/kg | Europe indicative | Stable | Soft | Mixed |
| Fluorspar | ~$485–500$/MT | China FOB / market | Stable | Mixed | Mixed |
Market structure
Chile, Peru, DR Congo and China lead copper mining; China produces most of the world's aluminium and steel and imports most seaborne iron ore, chiefly from Australia and Brazil. Indonesia dominates nickel; DR Congo supplies most cobalt; China controls most rare-earth and graphite processing. Europe, Japan, Korea, India and the United States are the main importers of refined metal and concentrates.
Price formation
The London Metal Exchange sets reference prices for copper, aluminium, nickel, zinc, lead and tin, with physical metal trading at regional premiums to LME. Iron ore is priced CFR China on index, adjusted for iron content and impurities. Gold and silver use LBMA prices. Ferroalloys, battery metals and minor metals are priced from assessments and negotiated contracts.
Trade mechanics
Refined metal moves in containers or breakbulk with assay, weight and, for LME brands, brand certificates. Ores and concentrates are sold on provisional invoices with final settlement after assay, and penalties for impurities. Buyers increasingly require OECD-aligned due diligence on origin, and many metals face export licensing at source.
Desk coverage
| Product | Grades and markets | Unit |
|---|---|---|
| Copper | Cathode Grade A, concentrate, scrap, wire rod | $/MT |
| Aluminium | Primary ingot (P1020, A7), billets, alumina, bauxite | $/MT |
| Iron ore and steel | Fines 58–65% Fe, pellets, billets, rebar, HMS scrap | $/DMT, $/MT |
| Nickel, zinc, lead, tin | Refined metal and concentrates | $/MT |
| Ferroalloys and ores | Ferrochrome, ferrosilicon, silicomanganese, chrome and manganese ore | $/MT, $/dmtu |
| Critical minerals | Lithium, cobalt, graphite, antimony, rare earths | $/MT, $/kg |
| Precious metals | Gold and silver: doré, bars, LBMA Good Delivery | $/oz |
TradeScout24 Insights · Market overview · Live data via TradingView; screening from the Weekly Market Monitor (14 August 2026) · Last reviewed 31 Oct 2026