Daily round-up: LME base metals mixed as copper steadies and zinc supply risks deepen

• Cuban zinc shipment disruptions intensify global concentrate tightness
  
  
• Copper remains resilient despite volatile geopolitical and macro sentiment
  
  

Base metals prices on the London Metal Exchange (LME) traded mixed on 8 June 2026 amid cautious market sentiment. Nickel recorded the steepest decline, falling 1.29% d-o-d to $18,341/t, followed by lead, which slipped 0.75% to $1,990/t. In contrast, copper rose 0.71% to $13,616/t, while aluminium and zinc edged higher by 0.33% and 0.20% to $3,604/t and $3,537/t, respectively.

On the inventory side, zinc stocks registered the sharpest decline of 0.85% d-o-d to 110,950 t, followed by lead inventories, which fell 0.70% to 310,350 t. Aluminium and copper inventories also edged lower by 0.60% and 0.20% to 333,200 t and 379,225 t, respectively, while nickel stocks remained unchanged at 274,236 t, indicating continued tightness across LME warehouses.

Domestic market overview

India's non-ferrous scrap prices remained largely stable d-o-d. Aluminium tense scrap (loose), ex-Delhi, remained unchanged at INR 304,000/t, while ex-Chennai prices also held steady at INR 307,000/t, indicating balanced regional market conditions.

Meanwhile, copper armature scrap (Cu 99%), ex-Delhi, declined sharply by INR 29,000/t or 2.3% d-o-d to INR 1,245,000/t from INR 1,274,000/t, reflecting weaker copper market sentiment and cautious spot buying activity.

Other updates

Copper holds gains amid easing Iran tensions, China demand focus

Copper prices held firm on 9 June as easing geopolitical tensions between Iran and Israel supported broader market sentiment, while investors shifted focus toward upcoming Chinese economic data for further demand signals. Benchmark three-month copper on the LME traded near $13,600/t after recent volatility linked to Middle East tensions and macroeconomic uncertainty.

Market sentiment remained cautiously supported by expectations of stable industrial demand and continued tight global copper fundamentals. However, traders continued to monitor developments surrounding US-Iran negotiations, energy prices, and Chinese economic indicators, which are expected to influence near-term base metals sentiment

Canadian aluminium output remains resilient despite higher US tariffs

Canadian aluminium production has remained resilient despite the US raising aluminium import tariffs from 25% to 50% in June 2025, with Quebec smelters continuing to operate at around 95% capacity and reporting no layoffs.

Higher tariffs reportedly caused losses of nearly $600 million for Quebec producers, although market conditions later stabilised amid elevated regional premiums and tighter global aluminium supply. Canadian exports have increasingly shifted towards Europe amid stronger netbacks and ongoing Middle East-related supply disruptions.

Oil prices edge higher as markets assess Iran-Israel truce outlook

Crude oil prices edged higher on 9 June as investors assessed the durability of the temporary halt in hostilities between Iran and Israel following renewed geopolitical tensions in the Middle East. Brent crude futures rose to $94/bbl, while WTI crude gained to $91/bbl in early trade.

Oil prices had surged as much as 5% in the previous session after renewed Israeli strikes on Iran and attacks in Lebanon heightened concerns over potential supply disruptions. However, gains moderated after Iran announced the end of military operations against Israel. Market sentiment remained cautious amid uncertainty over the stability of the ceasefire and continued concerns regarding potential disruptions to oil flows through the Strait of Hormuz.

Trafigura halts Cuban zinc shipments amid tightening US sanctions

Trafigura has suspended some zinc concentrate shipments from Cuba to Chinese smelters as tightening US sanctions and economic pressure on Cuba disrupt raw material flows. The trading house informed buyers that cargoes from the Castellanos zinc project in Cuba would be replaced with alternative feedstock sources.

Trafigura holds a 49% stake in the Castellanos project, which has annual production capacity of around 100,000 t of zinc concentrates and 50,000 t of lead concentrates. The disruption comes at a time when Chinese zinc smelters are already facing severe raw material shortages linked to supply disruptions from Iran and Russia. Zinc concentrate treatment charges reportedly fell to a record low of minus $50/t by end-May, reflecting tightening feedstock availability in the global zinc market.