- Aluminium and nickel edge lower by 0.19% and 0.06%
- Aluminium, copper inventories drop, nickel unchanged
Base metals on the London Metal Exchange (LME) traded mostly lower on 8 July 2026, with copper declined 1.50% d-o-d to $13,166/t, followed by zinc, which fell 1.48% to $3,519/t. Aluminium and nickel also edged lower by 0.19% and 0.06% to $3,132/t and $16,338/t, respectively, while lead was the only gainer, rising 0.37% to $1,892/t. The broad-based decline reflected a firmer US dollar and cautious market sentiment, although continued inventory drawdowns helped limit further downside.
On the inventory side, zinc inventories recorded the largest fall, dropping 1.75% d-o-d to 116,350 t, followed by aluminium, which declined 1.06% to 292,425 t. Copper inventories fell 0.75% to 312,575 t, while lead stocks eased 0.07% to 292,075 t. Nickel inventories remained unchanged at 274,620 t.
Domestic market overview
India’s non-ferrous scrap market remained subdued on 8 July. Aluminium tense scrap (loose), ex-Delhi, remained unchanged at INR 270,000/t, while ex-Chennai prices declined by INR 1,000/t, or 0.39% d-o-d, to INR 255,000/t.
Meanwhile, copper armature scrap (Cu 99%), ex-Delhi, fell by INR 4,000/t, or 0.34% d-o-d, to INR 1,186,000/t, tracking weakness in LME copper prices and cautious downstream buying.
Oil surges on renewed US-Iran conflict and Hormuz risks
Global crude oil prices rallied sharply on 9 July 2026, with WTI crude rising 5.36% d-o-d to $74.28/bbl and Brent crude climbing 3.02% to $78.85/bbl. Natural gas increased 1.64% to $3.28/MMBtu.
Oil prices surged after US President declared the US-Iran ceasefire “over” and warned of fresh military strikes following Iranian attacks on US bases in Bahrain and Kuwait. The renewed conflict revived fears of disruptions to shipping through the Strait of Hormuz. Brent futures briefly traded above $79/bbl, while WTI approached $75/bbl, marking their largest single-day gains since April.
Additional support came after Russia imposed a ban on diesel exports following repeated Ukrainian drone attacks on oil refineries, sending US ultra-low sulfur diesel futures up more than 14% intraday and pushing US refining margins (321 crack spread) to a record high. Despite the sharp rebound, analysts noted that crude prices remain well below the ~$120/bbl peaks recorded during the height of the conflict.
Other updates
Canada’s aluminium exports surge to 4-year high
Canada’s aluminium exports increased 50.7% y-o-y in May 2026, driving the country’s merchandise trade surplus to C$4.24 billion, the highest level in four years. The growth was supported by strong shipments of unwrought aluminium and aluminium alloys, with exports to the Netherlands, Italy and Greece reaching their highest value in four years.
Canada’s trade surplus with the US also widened to C$11.6 billion, while total exports rose 0.9% m-o-m to a record high. The strong performance highlights robust global demand for Canadian aluminium despite ongoing geopolitical and trade uncertainties.
Kamoa-Kakula posts strong Q2 copper production
The Kamoa-Kakula copper complex in the Democratic Republic of Congo produced 64,328 t of copper in Q2 2026, taking H1 2026 production to 124,759 t. Operator Ivanhoe Mines said output was supported by improving operational performance and continued ramp-up across the mining complex.
The company remains on track to achieve its 2026 production guidance of 520,000-580,000 t of copper, while expansion projects, including the Phase 3 concentrator, are expected to further increase production capacity. Kamoa-Kakula remains one of the world’s highest-grade and fastest-growing copper mining operations, supporting long-term global copper supply growth.
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