The Weighbridge | No.003
weekly market intelligence data – 9 September 2026
Metals firm as
NZ Dollar Eases
Another positive week across the metals market, with gains across steel, aluminium, nickel and lead. Copper remains close to record levels, while the softer NZ dollar adds some extra support. The other big mover this week is oil, with Brent crude climbing sharply and putting freight costs back on the watchlist.
NZD/USD
0.5876
▼−1.4%
NZ Dollar
eases
US$382/t
▲+1.1%
First lift in
four weeks
US$14,551/t
● +0.1%
Holding at
record levels
US$3,405/t
▲+0.7%
Third weekly gain
US$17,050/t
▲+0.9%
Second week
of gains
US$1,935/t
▲+0.8%
Eighth weekly gain
The Big Picture
The NZ dollar has eased. The Reserve Bank lifted the OCR to 2.75%, but signalled a more gradual approach to future increases. The NZ dollar responded by falling to 0.5876 against the US dollar, which is helpful for local scrap returns.
Oil is back on the watchlist. Brent crude jumped 8.5% to US$97.39 as concerns around the Strait of Hormuz returned and attacks on Russian energy infrastructure added pressure. If oil stays above US$95, higher freight costs could start feeding through into Q4.
Copper remains tight. LME warehouse stocks have fallen again to around 205,000 tonnes, their lowest level since March, while copper continues to hold around record levels.
Steel has started moving again. Turkish mills lifted their bids this week, pushing HMS to US$382/t after three weeks of little movement.
Aluminium has now gained for three weeks, nickel for two, and lead has climbed for eight consecutive weeks from its July low. The moves are gradual, but together they point to a firmer non-ferrous market.
Metals are moving higher, while the softer NZ dollar adds some support for local sellers.
What this Means for Your Scrap
Firmer metal prices and a softer NZ dollar are working together this week.
Steel has moved higher for the first time in four weeks, with HMS reaching US$382/t. And remember, whiteware is scrap too, so old fridges and washing machines are welcome alongside the rest.
Copper is holding close to record levels at US$14,551/t, marking its fifth straight week above US$14,000.
Brass with copper sitting around record levels and the NZ dollar softer this week, clean brass and gunmetal remain worth paying attention to.
Aluminium has climbed above US$3,400/t for the first time since early July, marking its third weekly gain in a row. That’s encouraging for extrusion, cast aluminium and cans.
Nickel has firmed for a second week, reaching US$17,050/t. It’s still well below its May levels, but the recent improvement is a more positive sign for 304 and 316 stainless.
Lead continues its slow and steady recovery, rising for an eighth consecutive week from its July low. It’s not a dramatic jump, but the direction remains positive for lead-based battery values.
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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…
The NZ dollar has eased. The Reserve Bank lifted the OCR to 2.75%, but signalled a more gradual approach to future increases. The NZ dollar responded by falling to 0.5876 against the US dollar, which is helpful for local scrap returns.
Oil is back on the watchlist. Brent crude jumped 8.5% to US$97.39 as concerns around the Strait of Hormuz returned and attacks on Russian energy infrastructure added pressure. If oil stays above US$95, higher freight costs could start feeding through into Q4.
Copper remains tight. LME warehouse stocks have fallen again to around 205,000 tonnes, their lowest level since March, while copper continues to hold around record levels.
Steel has started moving again. Turkish mills lifted their bids this week, pushing HMS to US$382/t after three weeks of little movement.
Aluminium has now gained for three weeks, nickel for two, and lead has climbed for eight consecutive weeks from its July low. The moves are gradual, but together they point to a firmer non-ferrous market.