The Weighbridge | No.007
weekly market intelligence data – 6 October 2026
Metals Cool as
NZ Dollar Falls
Steel holds around US$410/t and copper remains
near record levels, while aluminium and nickel
move lower in a quieter week for global metals.
NZD/USD
0.5588
▼ −1.3%
Hits
11-month low
US$410/t
■ HOLDING
Holding above US$400
US$14,506/t
■ −0.1%
Holding near
record levels
US$3,120/t
▼ −3.6%
Moves lower
US$15,597/t
▼ −4.2%
Hits 10-month low
US$1,879/t
▼ −1.6%
Eases again
The Big Picture
It’s been a quieter week across the metals market, with steel and copper holding relatively steady while aluminium, nickel and lead moved lower.
Steel has paused around US$410/t after its recent climb, with softer demand keeping buyers cautious. Copper has also held its ground, staying close to recent record levels as concerns around supply from Chile help balance softer demand.
Aluminium and nickel have come under more pressure this week. Aluminium moved lower as supply increased, while nickel fell to a 10-month low as high stock levels and weaker stainless demand weighed on the market.
The NZ dollar has fallen again, reaching its lowest level since November 2025. That weakness is helping cushion some of the falls in international metal prices for New Zealand sellers.
With Chinese markets reopening after Golden Week, attention now turns to whether demand picks up again and what that could mean for metals in the week ahead.
Steel and copper hold firm while softer metals are cushioned by the weaker NZ dollar.
What this Means for Your Scrap
Steel and copper are providing some stability this week, while aluminium and stainless are feeling more of the downward pressure across international markets.
Steel is holding around US$410/t after its recent climb. The international market has paused rather than reversed, keeping the overall picture relatively steady.
Copper has barely moved this week and remains close to recent record levels. Supply concerns in Chile are helping support the market, keeping copper pipe, cable and wire in a strong position.
Brass remains well supported. Clean brass and gunmetal continue to benefit from the strength we’ve seen in copper over recent weeks.
Aluminium has moved lower as increased supply and rising Chinese exports put pressure on the market. Extrusion, cast aluminium and cans may feel some of that weakness.
Nickel has fallen to a 10-month low as high stock levels and softer stainless demand weigh on the market. This puts some downward pressure on 304 and 316 stainless.
Lead has eased again after its recent recovery, although the movement remains relatively modest once converted into NZ dollars. Battery values remain close to the levels we’ve seen over recent weeks.
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KEY DRIVERS & WHAT TO WATCH
From China’s return to Chilean supply concerns, there’s plenty happening behind this week’s metal movements. Here’s what we’re keeping an eye on.
China is about to return to the market. Chinese markets have been closed for Golden Week, reducing trading activity and contributing to a quieter week for metals. When markets reopen on 8 October, the big question will be whether buying picks up again, particularly for copper, aluminium and nickel.
Copper supply concerns are building in Chile. Workers at two major copper operations have rejected contract offers or backed strike action, while Chile’s copper output has fallen to a 15-year low. Mediation comes first, but any disruption could provide further support for copper.
Steel is holding above US$400/t. Turkish mills remain cautious as demand for finished steel stays soft. For now, steel is holding around US$410/t, with the next round of buying likely to give us a better indication of where the market heads next.
The NZ dollar has fallen again. At 0.5588 against the US dollar, it is now at its lowest level since November 2025. That continues to provide some protection for New Zealand metal values when international prices move lower.
Oil has come back toward US$100. Brent fell after emergency oil stocks were released and Saudi Arabia reduced prices for Asian buyers. Ongoing Middle East tensions mean oil and freight costs are still worth watching.
What's Happening at Endless...
You asked. We listened.
Our Onehunga Drive-thru is now open until 4pm every Saturday, giving you more time to get your metal in and get sorted over the weekend.
We know weekdays can be busy, particularly when you’re on the tools, working on site or trying to get a job finished. The extra Saturday hours give you a little more flexibility to visit when it works for you.
And that’s not the only thing happening at Endless…
We’ve been working on some pretty exciting things behind the scenes, and over the next few weeks you’ll start to see what we’ve been up to.
Big news is coming. Watch this space.
