The Weighbridge | No.004
weekly market intelligence data – 15 September 2026
Copper Retreats
from Record High
After weeks of gains, the metals market changed direction this week. Copper, aluminium, nickel and lead all moved lower, although a weaker New Zealand dollar helped soften some of that decline for local sellers. Meanwhile, oil moved sharply higher, putting freight costs firmly back on the watchlist.
NZD/USD
0.5874
▼ −1.6%
seven
week low
US$382/t
■ 0.0%
Holding steady
US$14,239/t
▼-2.1%
Record run cools
US$3,274/t
▼-3.8%
Gives back recent gains
US$16,358/t
▼-4.1%
Lowest since July
US$1,879/t
▼-2.9%
Recovery pauses
The Big Picture
Copper’s long winning streak finally came to an end this week. After reaching another record high, the market pulled back following reports that planned US tariffs on refined copper imports had stalled. Aluminium, nickel and lead moved lower as well, making it a softer week across the broader metals market.
The NZ dollar also weakened, which can help offset some of the impact when global prices fall. So while the international numbers are down, the effect for New Zealand sellers is less dramatic.
Steel is holding steady for now, while oil has become one to watch. Brent crude surged above US$100 following renewed disruption around the Strait of Hormuz. If oil stays at these levels, higher freight costs could become a bigger factor heading into Q4.
Metals pull back, but a weaker NZ dollar softens the blow.
What this Means for Your Scrap
Metal prices ease, but a weaker NZ dollar softens the impact.
Steel is holding steady this week. For anyone clearing out heavier steel or old whiteware, there hasn’t been a major shift in the overall picture.
Copper has come back from its record run, but the weaker NZ dollar has softened much of the impact locally. Copper pipe, cable, wire and other copper scrap remain well supported.
Brass has eased alongside copper after several strong weeks. Clean brass and gunmetal are still holding up well despite the change in direction.
Aluminium has given back some of its recent gains. Extrusion, cast aluminium and cans are a little softer this week, although the weaker NZ dollar is helping reduce the impact.
Nickel has moved lower again, putting some pressure on stainless. For 304 and 316 stainless, the market has softened after showing signs of improvement.
Lead has eased after its steady recovery from the July lows. It’s a small step back rather than a major change, with battery returns still supported compared with where the market was earlier in the quarter.
Check before you visit! Use our online calculator anytime to check prevailing prices
KEY DRIVERS & WHAT TO WATCH
The global metal market doesn’t move for just one reason, these are some of the key factors we’re watching…
Copper’s record run has taken a breather. Copper reached around US$14,875/t before falling back after reports that the planned US tariff on refined copper imports had stalled. After ten consecutive weekly gains, we’ll be watching whether copper settles at these levels or starts moving higher again.
Nickel is under pressure again. Prices have fallen to their lowest level since July as the market considers the possibility of more Indonesian ore reaching smelters. Indonesian supply remains the key factor to watch for stainless.
Oil has moved sharply higher. Brent crude broke through US$100 following renewed disruption around the Strait of Hormuz and other Middle East supply concerns. If oil stays above US$100, higher freight costs could start feeding through into Q4.
Steel is holding for now. HMS remains around US$382/t, although there hasn’t been a fresh confirmed reading since 5 September and reports on Turkish demand are mixed. The next market update should give us a clearer indication of where steel heads from here.