Non-Ferrous Metals Monthly Price Assessment – July 2026

Non-Ferrous Metals Pricing Intelligence - Executive Summary

Non-ferrous metal pricing intelligence covers base metals, battery & energy metals, minor & specialty metals, and precious metals. Non-ferrous metals recorded mixed and volatile movement during July 2026 as physical supply conditions, mine restarts, trade-policy expectations, and geopolitical developments affected the different segments. Base metals initially received support from supply concerns, but the direction became more selective as the month progressed. Copper strengthened during the third week as Chinese refined copper imports increased and exchange inventories declined, while aluminum lost part of its earlier supply-risk premium as production restoration progressed in the UAE.

Battery and energy metals also followed a mixed pattern. Lithium carbonate recovered during the opening days of July as electric-vehicle and energy-storage demand supported purchasing. However, prices corrected during the second week as a major Chinese lithium mine moved closer to restarting and expectations of additional supply reduced buying urgency. Cobalt remained supported by tighter export controls in the Democratic Republic of Congo, although inventories held by refiners and downstream consumers limited the full impact of upstream supply restrictions.

Minor and specialty metals continued to reflect concentrated supply chains, trade controls, and differences in industrial demand. Rare earth carbonate remained comparatively supported by supply constraints from China. Precious metals moved through repeated rallies and corrections as investors assessed the effect of Middle East tensions on crude oil, inflation, the U.S. dollar, bond yields, and interest-rate expectations.

Key Price Developments & Insights

• Base metal prices remained mixed during July 2026. Copper strengthened during the third week as Chinese imports increased and exchange inventories declined, while other base metals showed more selective movement.

• Aluminum recovered during the opening part of July but lost part of its supply-risk premium after alumina production restarted at the Al Taweelah refinery and additional Asian supply improved availability.

• Lithium carbonate rose during the first few days before correcting as expectations of mine restarts and higher feedstock supply reduced downstream purchasing urgency.

• Cobalt remained supported by DRC export quotas and administrative difficulties affecting shipments, although downstream inventories limited the price impact across refined products.

• Precious metals remained volatile as oil prices, the U.S. dollar, Treasury yields, geopolitical tensions, and expectations for U.S. interest rates changed during the month.

Top Performing Non-Ferrous Metal Commodity

• Top Mover: Rare Earth Carbonate

• Average MoM Growth (top 3 geographies): 16.4%

• Volatility Level: High

Base Metals – Pricing Trends

Base metals recorded mixed movement during July 2026. Aluminum recovered during the opening week as buyers remained concerned about reduced Gulf smelter production and tight physical availability. However, market pressure eased after Emirates Global Aluminium restarted alumina production at its Al Taweelah refinery on 10 July. Higher production and exports from China and Indonesia also helped offset part of the disruption in the Gulf. Physical premiums remained elevated because primary aluminum output had not completely recovered.

Copper became comparatively stronger during the third week. China’s refined copper imports increased as domestic smelter maintenance reduced local production, while inventories monitored by exchanges in Shanghai and London declined. Continued movement of copper toward the U.S. also reduced the amount of material available in other regions. Zinc and tin remained supported by supply constraints, while nickel stayed sensitive to Indonesian production policy and stainless-steel demand. Lead remained comparatively weaker because of high available inventories.

Battery & Energy Metals – Pricing Trends

Battery and energy metals showed selective movement during July 2026. Lithium carbonate recovered during the first week after declining toward the end of June. The improvement was supported by immediate purchasing requirements and resilient demand from electric vehicles and stationary energy storage systems. Lithium carbonate received relatively better support than lithium hydroxide because lithium-iron-phosphate batteries continued gaining importance in both electric vehicles and energy storage.

The recovery weakened during the second week as China’s CATL secured a safety permit for the restart of its Jianxiawo lithium mine. Expectations of additional lithium supply, available inventories, and cautious downstream procurement reduced the urgency to purchase material. Cobalt remained supported by DRC export controls and quota management. However, downstream inventories and the growing use of lower-cobalt battery chemistries prevented upstream supply restrictions from producing equal price increases across the entire cobalt value chain.

Pricing Intelligence Platform

• Category & commodity wise real-time price trends and movements
• Latest and impact-making market drivers
• Geographic coverage across key countries
• Impact and Forecasting based on Geopolitical Scenarios.

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Minor & Specialty Metals – Pricing Trends

Minor and specialty metals displayed selective movement during July 2026. Materials linked to critical-mineral security, defense, electronics, and clean-energy applications remained more sensitive to government policy and supply-chain restrictions. Antimony, chromium, manganese, molybdenum, and rare-earth-related materials continued to reflect concentrated mining and processing capacity.

Tin remained comparatively supported by expectations of a structural supply shortage and demand from electronics and soldering applications. Zinc also received support from weaker-than-expected smelter performance outside China. In contrast, metals more intricately linked to routine industrial and steelmaking demand faced balanced conditions. Buyers continued focusing on supply diversification, inventory protection, traceability, and exposure to trade restrictions.

Precious Metals – Pricing Trends

Precious metals remained volatile during July 2026. Gold found support at times in the month from bargain buying, a softer U.S. dollar, and renewed geopolitical uncertainty. Gold reached a two-week high on 22 July as technical buying and currency movement supported investor demand. Silver, platinum, and palladium also strengthened during the session.

The rally reversed sharply on 23 July after higher crude oil prices increased inflation concerns and expectations that interest rates could remain elevated. Higher Treasury yields and a stronger U.S. dollar reduced the attractiveness of non-yielding precious metals. Gold stabilized when oil prices eased but weakened again toward the end of the month as the dollar strengthened ahead of the U.S. Federal Reserve’s policy decision. Silver and platinum group metals followed the broader movement while remaining influenced by industrial and automotive demand.

Non-Ferrous Metals Price Direction, By Geography And Metal Group, August 2026

Non-Ferrous Metals - Key Market Drivers

• Stronger Chinese copper imports and declining inventories - Copper prices received support during July as refined copper availability tightened in China and other major markets. China’s refined copper imports reached a nine-month high as maintenance at domestic smelters reduced local production. At the same time, Shanghai copper inventories declined sharply from their March peak, while London inventories also fell and a large share of the remaining stock was already scheduled for delivery. Continued movement of copper toward the U.S. further reduced freely available material in Europe and Asia. These conditions supported copper during the third week even though wider industrial demand remained uneven. Higher prices encourage fabricators to purchase cautiously and consider greater use of scrap. Market participants continued monitoring Chinese imports, smelter maintenance, exchange inventories, U.S. trade policy, and mine supply for further direction.

• Aluminum supply restoration in the Gulf - Aluminum markets remained influenced by the gradual restoration of production in the UAE during July. The market opened with support from reduced Gulf output and concerns over regional availability. However, Emirates Global Aluminium restarted alumina production at its Al Taweelah refinery on 10 July and expected production to reach half of capacity within days. This reduced concern over an extended shortage of alumina feedstock. Chinese smelters continued operating at high utilization rates, while semi-finished exports from China and additional primary aluminum supply from Indonesia helped replace part of the disrupted Gulf production. As a result, the futures-market supply premium weakened. However, physical premiums remained elevated because the complete recovery of primary aluminum production was expected to take longer.

• Lithium mine restarts and improving supply expectations - Lithium carbonate initially recovered during July as electric-vehicle production, battery manufacturing, and stationary energy-storage demand supported immediate purchasing. However, the market corrected as expectations of higher supply became more important. CATL secured the required safety permit to restart its Jianxiawo mine, which had been suspended for nearly a year. The possibility of renewed production from this operation, along with other mine restarts, reduced concerns over lithium feedstock availability. Downstream consumers also remained cautious about building large inventories at higher prices and continued purchasing mainly for immediate requirements. Energy-storage demand provided underlying support, particularly for lithium carbonate used in lithium-iron-phosphate batteries. However, supply expectations and available inventories prevented the early-month recovery from becoming a sustained increase.

• DRC cobalt export controls - Cobalt remained supported by tighter export management in the Democratic Republic of Congo during July. The country withdrew unused first-half export quotas and reassigned them to a state-controlled strategic quota, increasing government control over international supply. An administrative problem affecting the customs declaration platform also created difficulties for producers attempting to register shipments within the required period. This increased the risk that some exporters could lose part of their allocated volumes and tightened expectations for near-term cobalt availability. However, the effect remained stronger in upstream cobalt material than in all refined products because downstream consumers continued holding inventories. Battery manufacturers also continued reducing cobalt usage in some battery chemistries. The market remained focused on quota decisions, customs clearance, available inventories, and battery-sector demand.

• Oil prices, interest rates, and the U.S. dollar - Precious-metal movement during July was strongly influenced by crude oil prices, inflation expectations, Treasury yields, and the U.S. dollar. Higher oil prices increased concern that inflation could remain elevated and that the U.S. Federal Reserve could maintain higher interest rates. Rising yields increased the opportunity cost of holding gold and silver, while a stronger dollar made precious metals more expensive for buyers using other currencies. Gold and the wider precious metals group strengthened when the dollar weakened, and investors returned near lower price levels. However, the group corrected sharply when oil moved above USD 100 per barrel and interest-rate expectations increased. This showed that geopolitical risk did not provide continuous support because higher energy prices also created negative implications for inflation and monetary policy.

Non-Ferrous Metals - Commodity Coverage

Base Metals

The base metals category covers aluminum, copper, lead, nickel, tin, and zinc. During July 2026, copper received support from stronger Chinese imports and declining inventories. Aluminum initially recovered but lost part of its supply-risk premium as production restoration progressed in the UAE and alternative Asian supply increased. Other base metals remained influenced by industrial demand, inventories, and regional production conditions.

Base Metals Pricing - Key influences

• Stronger Chinese refined copper imports

• Declining copper inventories

• Gulf aluminum production restoration

• Uneven industrial and manufacturing demand

Battery & Energy Metals

This category covers cobalt, lithium carbonate, and lithium metal battery grade. During July 2026, lithium carbonate rose during the opening days before correcting as mine restart expectations improved supply availability. Cobalt remained supported by DRC export quotas and administrative difficulties affecting shipments.

Battery & Energy Metals Pricing - Key influences

• Lithium mine restart expectations

• Electric-vehicle and energy-storage demand

• DRC Cobalt export controls

• Cautious downstream inventory management

Minor & Specialty Metals

This category covers 99.65% antimony, chromium coarse particle, manganese electro, manganese ore, molybdenum, and rare-earth carbonate. During July 2026, minor and specialty metals remained selective. Materials linked to critical-mineral security and concentrated supply chains remained better supported than metals dependent mainly on routine industrial demand.

Key influences

• Concentrated mining and processing capacity

• Critical-mineral supply security

• Trade restrictions and export controls

• Uneven industrial and steelmaking demand

Precious Metals

This category covers gold, palladium, platinum, rhodium, and silver. During July 2026, precious metals remained volatile as crude oil, geopolitical tensions, the U.S. dollar, bond yields, and interest-rate expectations changed. Gold continued acting as a defensive asset, while silver and platinum group metals remained more exposed to industrial and automotive demand.

Key influences

• U.S. dollar movement

• Crude oil and inflation expectations

• Treasury yields and interest-rate expectations

• Investment, automotive, and industrial demand

Regional Commentary

China - China remained central to non-ferrous metals during July 2026. Refined copper imports increased as smelter maintenance reduced domestic production, while declining inventories supported the physical market. Lithium carbonate prices initially recovered but corrected after expectations of renewed mine production increased. High aluminum production and semi-finished exports also helped offset reduced Gulf supply.

India - India’s non-ferrous market remained supported by infrastructure, power transmission, renewable energy, transport, and manufacturing demand. Copper and aluminum consumption continued benefiting from electrical and construction requirements. However, elevated international prices and import costs encouraged buyers to maintain cautious inventory levels.

Europe - European non-ferrous demand remained mixed during July. Physical aluminum premiums stayed elevated because Gulf production had not fully recovered, although earlier stock building and additional Asian supply reduced immediate shortage concerns. Copper demand remained supported by power-grid and electrification requirements, while broader industrial demand remained uneven.

U.S. - The U.S. continued attracting copper inventories as traders monitored possible import-policy changes. This reduced the quantity of copper available in other regions and affected regional premiums. Infrastructure, grid investment, data centers, defense, and manufacturing supported non-ferrous demand, while the dollar and interest-rate expectations strongly influenced precious metals.

Saudi Arabia - Saudi Arabia’s non-ferrous demand remained linked to infrastructure, industrial diversification, construction, and manufacturing projects. Buyers remained attentive to Gulf smelter availability, shipping conditions, and replacement costs. Regional geopolitical developments also affected oil prices and precious-metal sentiment.

UAE - The UAE remained central to aluminum-market developments during July. The restart of alumina production at Al Taweelah reduced immediate concerns over feedstock availability, although the complete recovery of primary aluminum production was expected to take longer. Construction, industrial activity, logistics, and re-export demand continued supporting the wider market.

Qatar - Qatar’s non-ferrous market remained linked to construction, industrial operations, and wider Gulf supply conditions. Aluminum purchasing remained sensitive to regional production availability, while copper demand continued reflecting infrastructure and power-sector requirements. Import costs and delivery periods remained important considerations.

Egypt - Egypt’s non-ferrous market continued depending on imported raw materials and finished metal products. Copper and aluminum demand remained connected to construction, power, and industrial requirements. Currency sensitivity and import costs encouraged cautious procurement and shorter inventory cycles.

Morocco - Morocco’s non-ferrous market remained supported by renewable energy, automotive manufacturing, electrical equipment, and infrastructure projects. Copper and aluminum demand benefited from industrial and energy-transition investment. However, buyers remained sensitive to international prices, European demand, and import costs.

Analyst Commentary

Non-ferrous metals recorded mixed and volatile movement during July 2026. Copper strengthened during the third week as Chinese refined imports increased and exchange inventories declined. Aluminum recovered during the opening part of the month but lost part of its supply-risk premium as restoration progressed in the UAE and alternative supply increased from China and Indonesia. Lithium carbonate initially recovered before correcting as mine restart expectations improved the supply outlook. Cobalt remained supported by DRC export controls, although downstream inventories limited the full price impact. Precious metals moved through repeated rallies and corrections as oil prices, the U.S. dollar, bond yields, and interest-rate expectations changed. Market participants are expected to continue monitoring copper inventories, Gulf aluminum restoration, lithium mine restarts, DRC cobalt policy, crude oil prices, and U.S. monetary policy in the near term.

Senior Metals Analyst

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