en.Wedoany.com Reported - On May 29, 2026, nickel prices on the London Metal Exchange (LME) broke through the $19,000/ton mark, hitting a two-week high, closing at $19,101/ton, up $158/ton day-on-day, with an intraday high of $19,130/ton, the strongest level since May 14. This rally was supported by a weaker US dollar, improved sentiment in the base metals market, and ongoing concerns over disruptions in raw material mining supply.
Most LME base metal prices were lower on the day. Copper saw the largest decline, falling 0.48% day-on-day to $13,636/ton; zinc fell 0.31% to $3,540/ton; nickel and lead edged down 0.20% and 0.10%, respectively, to $19,062/ton and $2,016/ton. Aluminum was the only gainer, rising 0.19% to $3,667/ton. In terms of inventories, copper stocks saw the largest decline, down 0.57% day-on-day to 385,100 tons; aluminum inventories fell 0.37% to 338,000 tons; zinc inventories decreased 0.07% to 108,325 tons; nickel and lead inventories remained unchanged at 278,064 tons and 314,000 tons, respectively.
The Indian non-ferrous scrap metal market remained firm day-on-day. Aluminum tense scrap (bulk) ex-warehouse Chennai rose 500 Indian rupees/ton (0.2%) day-on-day to 311,500 Indian rupees/ton, from 311,000 Indian rupees/ton previously; aluminum taint tabor scrap (bulk) ex-warehouse Delhi remained unchanged at 260,000 Indian rupees/ton. Copper armature scrap (Cu 99%) ex-warehouse Delhi rose 1,000 Indian rupees/ton (0.1%) day-on-day to 1,240,000 Indian rupees/ton, from 1,239,000 Indian rupees/ton previously.
The global aluminum market remained firm, with escalating tensions in the Middle East and concerns over supply chain disruptions boosting sentiment. The price spread between LME and Shanghai Futures Exchange (SHFE) aluminum widened, reflecting stronger overseas demand and tighter supply conditions. Proposed bauxite export restrictions in Guinea and stricter mining controls in China have raised concerns over raw material availability, supporting alumina prices and strengthening the aluminum market outlook. LME nickel inventories remained unchanged at 278,064 tons, with nickel prices up approximately 14.7% year-to-date.
On June 1, 2026, Israel ordered troops deeper into southern Lebanon, clashing with Iran-backed Hezbollah, sparking concerns over disruptions to Middle East energy supplies, with global oil prices rising over 2%. Brent crude futures rose approximately 2.3% to $93.19/barrel, while US West Texas Intermediate (WTI) crude rose 2.7% in early trading to $89.73/barrel. Market sentiment was supported by concerns that regional tensions could affect trade flows and energy transportation through the Strait of Hormuz, with supply-side risks dominating sentiment and supporting crude oil prices at elevated levels.
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