en.Wedoany.com Reported - On May 22, copper prices on the London Metal Exchange rose, primarily driven by a decrease in exchange metal inventories. Although Chinese market demand has entered a seasonal decline and the prospects for a US-Iran reconciliation remain uncertain, the inventory data provided support for prices. LME three-month copper rose 0.6% in official trading, closing at $13,599 per tonne.
LME copper inventories fell to a 10-week low after 53,325 tonnes of metal were canceled warrants, with more than half of the canceled warrants concentrated in the United States. Meanwhile, COMEX copper prices are trading at a premium to LME copper prices, and the market is focused on whether the US government will impose import tariffs on copper by the end of June. Ben Davis, head of metals industry research at RBC Capital Markets, said: "Copper market activity has been boosted by tonnage flowing into the US, a phenomenon not seen before." He added that if the threat of copper import tariffs disappears, a large-scale return of US inventories to global supply channels would pose a market risk.
Yangshan copper premium remained at $73 per tonne, still at its highest level since mid-April. However, the market expects copper demand to weaken soon as China enters the "summer lull." Shanghai copper inventories rose last week for the first time since mid-March, increasing by 1.6%. An analyst at Chinese brokerage Galaxy Futures noted: "Downstream consumption is weakening, and the flow of goods is slowing down."
In the aluminum market, LME aluminum prices rose 0.1% to $3,641.5 per tonne. The premium for spot aluminum over the three-month contract remained high at $67, reflecting tight market supply. In early trading on May 25, Shanghai copper prices also rose, as a decline in the US dollar against major currencies and market expectations of a peace agreement between the US and Iran eased concerns about accelerating inflation and a global economic slowdown. ANZ analyst Soni Kumari noted: "Some positive news is coming from the conflict region, which is supporting market sentiment for industrial metals. Non-ferrous metal prices are under pressure from short-term demand decline factors due to slowing economic growth, while also being in a 'state of tension' due to price support from the Middle East conflict."
Market expectations that a US-Iran "deal" could reopen the Strait of Hormuz pushed oil prices below $100 per barrel, although the White House denied expectations of a "quick breakthrough" in negotiations. According to a metal price snapshot from major exchanges published by Metaltorg.ru at 11:51 Moscow time on May 25, 2026: No trading data available for LME; Shanghai Futures Exchange June 2026 contract prices show aluminum at $3,592 per tonne, copper at $15,534.5 per tonne, lead at $2,458.5 per tonne, nickel at $21,197.5 per tonne, tin at $62,092.5 per tonne, and zinc at $3,652 per tonne (including VAT); August 2026 contract prices show aluminum at $3,609.5 per tonne, copper at $15,559.5 per tonne, lead at $2,472.5 per tonne, nickel at $21,341.5 per tonne, tin at $62,326.5 per tonne, and zinc at $3,671.5 per tonne (including VAT); New York Mercantile Exchange May 2026 copper contract price is $14,065.5 per tonne, and the August 2026 copper contract price is $14,264 per tonne.
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