The Weighbridge | No.001
weekly market intelligence data – 25 August 2026
COPPER EASES OFF
RECORD HIGHS
Copper touched a fresh all-time high mid-week before a sudden jump in LME warehouse stocks eased the squeeze. Nickel reversed higher on Indonesian quota uncertainty, aluminium eased further, and the NZ dollar pushed to a fresh multi-week high against the US dollar.
NZD/USD
0.598
▲ +1.1%
Fresh multi-week high
US$376/t
● +US$1/t
Holding steady
US$14,291
▼ -1.8%
Eased as stock jumped
US$3,227
▼ -0.6%
Eased further off August highs
US$16,860
▲ +1.7%%
Bounced on Indonesia quota
US$1,857
+0.6%
Little changed on the week
The Big Picture
Steel has finally moved again. After sitting around US$376–378/t for three weeks, HMS reached US$382/t, its first lift in four weeks. Copper is holding close to its record at US$14,551/t, with LME stocks remaining tight. Aluminium has now risen for three weeks in a row and is back above US$3,400/t for the first time since early July. Nickel is also showing some improvement, firming for a second week, while lead has quietly put together eight consecutive weekly gains since its July low.
The NZ dollar has moved the other way, easing from 0.5959 to 0.5876 against the US dollar. For local sellers, that’s helpful. When the NZ dollar weakens, US-dollar metal prices convert into more New Zealand dollars. Overall, the picture remains positive for sellers, particularly across copper, brass and aluminium.
Copper cools off its record high, nickel bounces back, and the NZ dollar keeps climbing.
What this Means for Your Scrap
The ever-strengthening New Zealand dollar will have a direct impact.
Steel is holding its recent gains at the weighbridge, tracking a steady global benchmark. Remember, whiteware is scrap too – old fridges and washing machines are welcome alongside the rest.
Copper touched a fresh all-time high mid-week before easing back as LME stocks jumped. Copper, cable, wire and cylinders are still showing excellent value at the weighbridge.
Brass is continuing to track copper, with clean brass and gunmetal still returning strong values, albeit a touch softer than last week’s peak.reducing the NZD value of most commodities.
Aluminium has eased further this week, though it remains well up on where it started the year. Extrusion, cast aluminium and cans are still trading at solid values.
Nickel bounced back this week as Indonesia’s miners pushed for tighter 2026 quotas with only selective relief for individual smelters. 304 and 316 stainless remain active at the yard.
Lead is little changed this week, holding within a narrow band – a steady, if unspectacular, week for battery returns.
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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…
1. Copper: A 63,000-tonne increase in LME warehouse stocks eased the recent squeeze, but supply remains fragile amid changing trade flows.
2. Shipping: The Strait of Hormuz remains largely closed, with shipping severely restricted and war-risk insurance significantly higher.
3. NZ dollar & interest rates: The RBNZ held the OCR at 2.25%, while the NZD strengthened more than 1%, affecting the local value of USD-priced metals.
4. Nickel: Indonesian miners are pushing to keep 2026 quotas around 260–270 million tonnes, keeping supply policy and nickel prices volatile.
5. Energy: Brent crude climbed more than 5% for the second consecutive week to around US$94.40/barrel as Gulf tensions continue.
What's Happening at Endless...
Customer loyalty pie van visit
At Endless, we like to give back to the customers and organisations who support us, and sometimes that means turning up with a pie van full of good food and even better company. Recently, the Endless pie van made a stop at Abilities Group, giving us the chance to thank the team for their ongoing support, share a few laughs and, of course, shout everyone a well-deserved pie.
For us, being part of the community is about more than recycling metal. It’s about showing up, building relationships and supporting the people and organisations that help make our neighbourhoods stronger.
Loyal Customers = Tasty Rewards.
