The Weighbridge | No.005
weekly market intelligence data – 22 September 2026
Copper
Climbs Again!
After last week’s pullback, copper has bounced back strongly as supply concerns return to the market. Steel has also moved higher, lead continues to recover, and a weaker New Zealand dollar is adding further support for local sellers.
NZD/USD
0.5715
▼ −1.2%
Fourth weekly fall
US$400/t
▲+4.7%
Breaks through US$400
US$14,816/t
▲+4.1%
Back near
record high
US$3,278/t
● +0.1%
Holding Steady
US$16,267/t
▼−0.6%
Still under
pressure
US$1,934/t
▲+2.9%
Hits 12-week
high
The Big Picture
Copper has bounced back strongly after last week’s pullback, climbing for five consecutive sessions as supply concerns returned to the market. Disruption in Chile, restrictions on copper concentrate exports from Congo and stronger demand signals from China have all helped put copper back on the front foot.
Steel has also had a positive week, breaking through US$400/t following a fresh US-origin deal into Turkey. Lead continued its recovery, while aluminium was virtually unchanged and nickel remained under pressure after touching an eight-month low during the week.
The New Zealand dollar weakened again, falling for a fourth consecutive week. That adds another layer of support for local sellers because international metal prices convert into more New Zealand dollars when our currency falls.
Copper and steel rise as the NZ dollar weakens.
What this Means for Your Scrap
Copper and steel move higher, while the weaker NZ dollar adds further support.
Steel has moved higher this week, breaking through US$400/t. The weaker NZ dollar adds further support for steel and whiteware.
Copper has bounced back strongly after last week’s retreat. Supply concerns have returned to the market and the weaker NZ dollar is adding further support locally. Copper pipe, cable, wire and other copper scrap are all worth watching.
Brass is benefiting from copper’s renewed strength. After easing last week, the direction has turned positive, providing better support for clean brass and gunmetal.
Aluminium is holding steady after little movement this week. The weaker NZ dollar provides some support for extrusion, cast aluminium and cans.
Nickel remains the softer part of the market after touching an eight-month low during the week. It recovered some ground, but conditions remain fairly steady for 304 and 316 stainless.
Lead continues to move in the right direction, reaching its highest level in around 12 weeks. That recovery, together with the weaker NZ dollar, provides a more positive backdrop for battery scrap.
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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…
Copper’s rally is back on. Supply concerns have returned following disruption at Chile’s El Teniente mine, restrictions on copper concentrate exports from Congo and stronger demand signals from China. Copper is nearing its recent record, with further gains possible.
Steel has broken through US$400. A fresh US-origin scrap deal into Turkey lifted the market through the US$400/t mark for the first time this cycle. The next question is whether Turkish mills continue buying at these levels or whether this proves to be a short-term jump.
The NZD/USD rate has now fallen for four consecutive weeks as the US dollar strengthened following the Federal Reserve’s latest rate decision.
Oil has eased, but remains one to watch. Brent has fallen back after last week’s sharp rise as some concerns around Middle East shipping routes eased. With disruption still possible around the Strait of Hormuz, oil and freight costs remain firmly on the watchlist.
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