Base Metals Prices

Base metal prices decreased 2.3% month on month in July, following June’s 1.9% fall.

Average base metal prices recorded their sharpest monthly decline in more than a year in July. While six of the 12 metals in our basket posted gains, these were outweighed by declines in the remainder, led by aluminium, nickel and lead. Nickel and lead came under pressure from softer manufacturing activity in China, while aluminium eased after a particularly strong June. By contrast, zinc prices rose on supply disruption concerns, and steel prices were supported by U.S. Section 232 tariffs and tighter EU safeguard measures. Meanwhile, copper—the largest component of our basket—was broadly unchanged, as weaker Chinese manufacturing activity and a firmer U.S. dollar offset support from strong AI-driven demand and expectations of U.S. tariffs on refined copper.