en.Wedoany.com Reported - On May 18, London Metal Exchange (LME) copper futures prices fell to a one-week low, as market concerns over the demand outlook intensified. LME copper futures dropped 0.6% to $13,470 per tonne, having touched an intraday low of $13,394.5 per tonne. Weaker-than-expected Chinese economic data further led to a reduction in net long positions in copper.
Meanwhile, Brent crude oil prices rose more than 1%, breaking above $110 per barrel, supported by a slowdown in the US-Iran negotiation process.
The aluminum market remains a key focus for investors. Marex analysts expect the aluminum market to face a supply deficit of 1.5 million tonnes. Concerns over aluminum supply have led to an increase in the premium of spot contracts over forward futures.
In early trading on Tuesday (May 19), London copper prices continued to decline. ING Economics stated in an analytical report: "Prices are correcting after last week's strong rally to new highs, but macroeconomic factors are slowing the upward momentum. Disappointing Chinese data, including slowing growth in investment activity, retail sales, and industrial production, has heightened market concerns about demand, particularly in the manufacturing sector." The US dollar strengthened slightly after retreating on Monday, adding extra pressure on metal prices.
US President Trump stated on May 18 that he had postponed a planned attack on Iran after receiving a peace overture from Tehran, rekindling hopes for a deal between the two nations.
Citi analysts, meanwhile, indicated that aluminum prices are poised for their biggest rally in 50 years. The conflict with Iran has triggered a global trade shock, removing 3 million tonnes of supply from the aluminum supply chain, implying a structural shortage. Spare production capacity is virtually non-existent, and investment in the aluminum industry is at its lowest level in 55 years. Citi analysts expect that, under a scenario of limited demand disruption, the price of the "wing metal" aluminum will rise to $4,000 per tonne within the next three months.
London Metal Exchange (LME) spot prices: Aluminum — $3,637 per tonne, Copper — $13,476 per tonne, Lead — $1,982.5 per tonne, Nickel — $18,815 per tonne, Tin — $52,406 per tonne, Zinc — $3,516.5 per tonne.
London Metal Exchange (LME) three-month futures: Aluminum — $3,579 per tonne, Copper — $13,532 per tonne, Lead — $1,976 per tonne, Nickel — $19,005 per tonne, Tin — $52,645 per tonne, Zinc — $3,532 per tonne.
Shanghai Futures Exchange (ShFE) June 2026 contracts: Aluminum — $3,592.5 per tonne, Copper — $15,340.5 per tonne, Lead — $2,418.5 per tonne, Nickel — $21,276.5 per tonne, Tin — $60,110.5 per tonne, Zinc — $3,617.5 per tonne (VAT inclusive).
Shanghai Futures Exchange (ShFE) August 2026 contracts: Aluminum — $3,607 per tonne, Copper — $15,344.5 per tonne, Lead — $2,431.5 per tonne, Nickel — $21,424.5 per tonne, Tin — $60,314.5 per tonne, Zinc — $3,634.5 per tonne (VAT inclusive).
New York Mercantile Exchange (NYMEX) May 2026 contract: Copper — $13,779 per tonne; New York Mercantile Exchange (NYMEX) August 2026 contract: Copper — $13,977.5 per tonne.
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