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FT Mercati provides subscribers with a dedicated commodities news bulletin to stay up-to-date.
Here is a selection of the latest news:
12/5/2025
The international analysis company World Bank reports the estimated average price for lead in 2025, 2026 and 2027, updated according to its latest release in october:
2025 = $ 1,970 /tonn .
2026 = $ 1,975 /tonn
2027 = $ 2,000 /tonn
(Estimates are down from what was communicated in the previous release of april 2025)
12/5/2025
Shanghai zinc premiums were unchanged in the week to Tuesday December 2, with persistently unfavorable import arbitrage conditions continuing to limit incentives for most market participants to bring cargoes into China.
Premium levels have remained steady since June.
Several market participants indicated that they have no intention to import in the short term, preferring to stay on the sidelines and wait for an improvement in arbitrage conditions.
“The market has been quiet for a long time, and I don’t want to import under the current unfavorable arbitrage,” a Shanghai-based trader said.
Deliverable zinc stocks at Shanghai Future Exchange totaled 95,916 tonnes on Friday November 28, down by 4,431 tonnes, or 4,42% from 100,347 tonnes on November 21.
12/5/2025
The main Japan ports (MJP) spot premium saw an increase in the week to Wednesday December 3 and continues to be mainly driven by bullish sentiment.
The elevated premiums in the US Midwest and in Rotterdam continued to underpin the premiums in Asia, sources said.
Additionally, the London Metal Exchange aluminium cash/three-month spread was trading at $32.00 per tonne contango at the close on Tuesday, compared with $22.25 per tonne contango at the close on November 26.
“Premiums in Asia are still lagging and cheaper, and units are still being moved to Europe and the US,” a trader said.
Separately, market participants said domestic tenders were rising.
“Buying interest didn’t change so much – customers are just buying what is needed,” a second trader said
The demand fundamentals have yet to improve significantly and market participants have now shifted their focus toward the quarterly negotiations and are awaiting first-quarter MJP aluminium negotiations with optimism.
In South Korea, meanwhile, aluminium premiums increased despite a relative lack of activity.
“The market should be quiet till the end of the year,” a third trader source said.
Elsewhere, the aluminium premium in Taiwan moved upwards, following the trend elsewhere in Asia, supported by LME spread contangoes and elevated global premiums.
“We’re receiving more inquiries and available units are tight, with suitable units mostly shipped to Europe and the US – especially for prompt units,” a third trader said.
In the Chinese market, most market participants noted that the rising premium differentials and arbitrage opportunities between Asian, European, and US markets which underpinned the Shanghai premium.
The increase in the premium was directly driven by a trader reporting higher offers, but with limited acceptance by downstream consumers.
“I heard offers quoted at $120-130 /tonne, but the price level downstream buyers are willing to accept remains just above $100/tonne,” a southern China-based trader said.
The ongoing divergence between market participants on the buy side and the sell side resulted in limited liquidity.
Despite generally bullish sentiment in the Asian aluminium market, sources said the FOB Indonesia premium had remained unchanged because of limited spot liquidity and tight supplies.
12/5/2025
Major copper smelters Hindalco and Aurubis outlined strategies including digital efficiency, by-product valorization, recycling and complex concentrate processing to combat deeply negative treatment charges (TCs) at the Resourcing Tomorrow conference in London on Tuesday December 2.
The copper industry needs one new major mine online every year to meet demand, but project timelines of 17-25 years mean the industry faces a supply gap it cannot close, Juan Ignacio Díaz, president and chief executive officer of the International Copper Association, said at the event.
"I honestly don't know where we're going to get the copper from,” Díaz said.
TCs are expected to remain at their worst levels in the first and second quarters of 2026, with limited improvement expected until the second half of the year, according to Rohit Pathak, chief executive officer of copper business at Hindalco Industries.
Tore Prang, vice president of corporate communications and external affairs at Aurubis, said the company opened a new recycling facility in Richmond, Georgia, in 2025 with capacity to process 180,000 tonnes of input material annually, producing 70,000-80,000 tonnes of output.
"The US has always exported copper scrap and metal scrap to China. Recently, the US administration introduced quotas for copper scrap export to China… about 25% of the material should be processed in the country," Prang said.
The US government plans to restrict copper scrap exports starting in 2027, requiring at least 25% of high-quality copper scrap be retained for domestic use, Prang said. The US exported nearly 957,000 tonnes of copper scrap in 2024, with China historically receiving 40-50% of shipments.
The Aurubis facility is modular and can be expanded, Prang said.
Governments are increasingly recognizing copper's strategic importance, Díaz said. The US recently designated copper as a critical mineral, which brings financial benefits and faster permitting. India has also classified copper as a critical mineral.
The European Union has designated copper as a critical raw material, while China has embedded copper into its industrial policy without formal designation, he said. "Every country has a different approach. And the commonality of them is that copper is being recognized as essential.”
Global copper mine production stood at approximately 23 million tonnes in 2024, while refined copper production reached around 27.5 million tonnes, with secondary production from scrap recycling accounting for roughly 17-18% of the total. Díaz said production needs to roughly double to meet future demand.
12/5/2025
The international analysis company World Bank reports the estimated average price for tin in 2025, 2026 and 2027, updated according to its latest release in october:
2025 = $ 33,000 /tonn .
2026 = $ 34,000 /tonn
2027 = $ 34,500 /tonn
(The estimates are belowe what was communicated in the previous release in april 2025)
12/4/2025
Glencore said its zinc output is forecast to fall to between 700,000-740,000 tonnes next year from 950,000-975,000 tonnes in 2025.
Thereafter, zinc output will stay around 720,000 tonnes per year as some mines, including Antamina, gradually reduce production as they run out of commercially viable ore, Glencore said.
Canadian miner Teck Resources said in October that its zinc concentrates output will gradually start to decline from 2026 as its Red Dog mine in Alaska nears the end of its life.
