Global metals market overview for May 25–30, 2026 – Industrial metals rebounded as a weaker USD and supply risks kept sentiment supported
📌 The global metals market ended the shortened Memorial Day week on a firmer note, led by industrial metals. A softer USD, weaker U.S. economic data, and stronger expectations for possible Fed easing helped flows return to the LME complex late in the week.
🔎 Copper stayed in focus as supply concerns remained supportive. Lower Codelco output, sulfuric acid shortages in Chile, and long-term demand from AI, data centers, power grids, and clean energy continued to reinforce the bullish narrative.
💡 Aluminum also held strong as LME inventories stayed near multi-year lows. Progress in U.S.-Iran talks may reduce the geopolitical premium, but physical supply still looks tight due to low stocks, energy costs, and constrained material flows.
⚙️ Nickel and tin reflected the supply-squeeze theme. Indonesia’s tighter nickel quotas, higher sulfur costs, and possible tin export controls helped both metals stay firm, even as visible inventory data did not fully show the pressure in physical markets.
🥈 In precious metals, silver stood out more than gold thanks to industrial demand from solar, electronics, and green vehicles. Gold remained more defensive, with no major breakout catalyst during the week.
🏗️ Iron ore and steel were quieter. China’s steel demand remained soft, but steady imports of higher-grade iron ore helped prices stay relatively stable around $105–109 per tonne.
⚠️ For next week, metals will likely remain sensitive to the USD, U.S. data, China inventories, and U.S.-Iran developments. If the USD stays weak and supply remains tight, base metals may keep a sideways-to-higher bias, though correction risk could rise if geopolitical premiums fade quickly.