Base metal price volatility

At the end of June 2026, worldwide aluminium prices slipped more than 15 % while the spot price for Chinese alumina moved higher, signalling the start of a volatile period for non‑ferrous metals. By late July, the London Metal Exchange reported that most base‑metal contracts were trading up. Aluminium recovered modestly, rising 0.89 % to $3,176.5 per tonne, and other metals such as copper, nickel, lead, tin, and zinc also posted gains. Analysts linked the renewed price strength to surging demand for AI‑related computing infrastructure in China, which has driven steep price increases in the first half of the year for copper (+31 %), aluminium (+19 %), and specialty metals such as tin (+40 %) and tantalum (+158 %). At the same time, renewed Middle‑East tensions and anticipation of a U.S. Federal Reserve rate decision kept market sentiment volatile, underscoring the interplay of geopolitical risk and technology‑driven demand in shaping metal price movements.