Global Metals Market Overview for April 6-11
📌 The metals market this week was driven mainly by new U.S. tariffs and Middle East tensions. Section 232 measures effective from April 6 raised import costs for steel, aluminum, and copper, supporting U.S. domestic premiums and refocusing attention on industrial metals.
🔎 Copper remained the key mover. LME prices rebounded strongly, climbing to $12,755/ton and briefly touching a three-week high near $12,845/ton. The rally was supported by expectations of firmer demand in China and the longer-term supply tightness linked to electrification, AI, renewables, and EVs.
⚙️ Still, copper was not a one-way bullish story. Exchange inventories stayed high, while China’s refined copper imports fell sharply from a year earlier. That suggests the market is still working through accumulated supply, so prices strengthened without turning into an overheated breakout.
🏭 Aluminum also stayed firm as supply risks in the Gulf region kept the market on edge. Transport disruptions and smelting concerns helped LME aluminum hold near $3,482/ton by the end of the week, showing stronger sensitivity to logistics and energy shocks than many other base metals.
⚖️ Iron ore and part of the steel chain were weaker. Prices slipped back toward $106-108/ton as global supply remained ample, Chinese port inventories stayed high, and steel demand was not strong enough to absorb incoming cargoes. This highlighted a clear split inside the metals complex.
✨ Gold and silver also rebounded, but they remained more sensitive to oil, inflation, and Fed expectations. Overall, this was a week led by copper and aluminum, while iron ore continued to lag behind.