Non-ferrous metal prices slide in July on Mideast volatility — Kept review

Non-ferrous metal prices slide in July on Mideast volatility — Kept review The average aluminum price in July plummeted 8.7% from June to $3,150 per tonne on London Metal ExchangeMOSCOW, August 11. /TASS/. The non-ferrous metals market exhibited mixed price trends in July 2026, driven by renewed geopolitical uncertainty in the Middle East and a shifting supply-demand balance, a market review by audit and consulting firm Kept shows. While average monthly prices for nickel, aluminum, and lead declined compared to June, some metals staged a recovery toward the end of the month, according to the report obtained by TASS. The average nickel price fell 5.7% month-on-month to $16,600 per tonne, according to London Metal Exchange (LME) data. However, prices began bouncing back in the second half of the month following reports that Chinese holding company Tsingshan had suspended shipments of nickel intermediates from its Indonesian facilities. Prices were also supported by geopolitical risks in the Strait of Hormuz, which threatened sulfuric acid supplies. Meanwhile, the average aluminum price in July plummeted 8.7% from June to $3,150 per tonne on the LME. Analysts noted that quotes were initially pressured by expectations of a gradual production recovery in the Middle East amid a temporary ceasefire. However, prices began clawing back lost ground following the resumption of hostilities in the second half of the month. Copper prices in July remained virtually flat month-on-month, slipping just 0.4% to $13,500 per tonne on the LME. The market drew support from declining inventories in China, risks of looming US copper import tariffs, and expectations of robust demand driven by artificial intelligence infrastructure. Zinc was the sole base non-ferrous metal to post an increase in its average price in July, climbing 1.6% from June to $3,600 per tonne (LME) amid supply constraints. The correction in the precious metals market dragged on. According to the London Bullion Market Association (LBMA), the average gold price in July shed 3.9% to $2,407 per ounce, while silver plummeted 12.3% to $59 per ounce, hitting its lowest level since December 2025. Meanwhile, palladium prices posted the mildest decline, dipping 0.77% to $1,270 per ounce. In the steelmaking raw materials segment, iron ore prices fell for the second consecutive month, with several benchmarks dropping below $100 per tonne, according to data from the Dalian Commodity Exchange (DCE). Metallurgical coal prices reversed their two-month upward trend, heading downward due to weakening demand and the resumption of operations at Chinese mines following the completion of safety inspections. 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