The Weighbridge | No.008
weekly market intelligence data – 13 October 2026
Copper Climbs as
Aluminium Slides
Copper rebounds toward record levels, aluminium
falls to an eight-month low, and steel holds steady
as global supply concerns return.
NZD/USD
0.5600
■ +0.2%
Holding
steady
US$410/t
■ HOLDING
Holding above US$400
US$14,831/t
▲ +2.2%
Climbing again
US$3,063/t
▼ −1.8%
Eight-month low
US$15,700/t
▲ +0.7%
Edges higher
US$1,890/t
▲ +0.6%
Small recovery
The Big Picture
Copper is back in the spotlight this week, climbing 2.2% as supply concerns in Chile push prices closer to recent record levels. Strike action and production disruptions have raised concerns about future supply, while Chinese buyers return after Golden Week.
Aluminium is moving in the opposite direction, falling to its lowest level since February as increased production and a stronger US dollar weigh on prices.
Nickel and lead have made modest gains, while steel continues to hold around US$410/t after its recent climb.
The NZ dollar has steadied at 0.5600 against the US dollar, meaning currency movements have had little impact on local metal values this week. Meanwhile, oil prices have jumped as renewed tensions in the Middle East raise concerns about global supply.
Copper rebounds on supply concerns while aluminium falls and steel holds steady.
What this Means for Your Scrap
Copper is showing renewed strength this week, while aluminium continues to face downward pressure. Steel remains steady, with nickel and lead showing small signs of recovery.
Steel continues to hold around US$410/t following its recent climb. With little movement in the international market, the overall picture remains relatively steady for steel and whiteware.
Copper has climbed 2.2%, moving closer to recent record levels as supply concerns in Chile support prices. This is encouraging for copper pipe, cable and wire.
The rise in copper is also positive for brass. Clean brass, fittings and gunmetal are benefiting from the stronger copper market.
Aluminium has fallen to its lowest level since February as increased production puts pressure on prices. Extrusion, cast aluminium and cans may feel some of that weakness.
Nickel has edged higher after reaching a 10-month low last week. It’s a welcome improvement, although high stock levels continue to limit any significant recovery for 304 and 316 stainless.
Lead has made a modest recovery after recent declines. The improvement provides a little more stability for lead-acid battery values, although the overall movement remains small.
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KEY DRIVERS & WHAT TO WATCH
From Chilean copper mines to renewed tensions in the Middle East, global events are influencing metal markets this week. Here’s what we’re watching.
Copper supply concerns are growing in Chile. Strike action at Centinela and other production disruptions have pushed prices higher. With Chinese buyers returning after Golden Week, attention turns to whether supply can keep up with demand.
Aluminium is facing increased pressure. Rising Indonesian production, easing supply concerns and a stronger US dollar have pushed prices to their lowest since February. Improving demand could help stabilise the market.
Steel continues to hold its ground. Prices remain around US$410/t, although fresh market data is limited. Turkish mills’ next round of buying should provide a clearer indication of where prices head next.
The NZ dollar has steadied. Holding around 0.5600 against the US dollar, it remains close to recent lows. The Reserve Bank’s interest rate decision on 28 October could influence its next move.
Oil prices have jumped again. Renewed tensions affecting Middle Eastern transport routes have pushed Brent above US$106 a barrel. Further disruptions could increase freight and transport costs.