November 9, 2025 — Copper and aluminum markets experienced a volatile week but ultimately held near recent high levels, underpinned by tight supply fundamentals. Prices faced intermittent selling pressure as weaker-than-expected Chinese demand data and global economic uncertainty weighed on investor sentiment.
Copper began the week near record highs following late October peaks around $11,200 per ton ($5.10 per pound). A four-to-five day selling streak saw prices pull back as investors trimmed overextended bullish positions. By week’s end, LME copper stabilized in the $10,800–$10,900 per ton range, although it recorded a modest weekly loss overall. The market continues to grapple with supply disruptions at major mines, including Freeport-McMoRan’s Grasberg in Indonesia and Teck’s Quebrada Blanca in Chile, which are expected to prolong the market deficit through 2026–2027. At the same time, copper imports into China, the world’s largest consumer, fell 9.7% month-on-month in October, dampening demand sentiment. Global risk-off sentiment, combined with uncertainty over US economic data and the Federal Reserve’s interest rate outlook, added further pressure. Later in the week, speculation that Beijing may cap copper refining capacity provided some support to prices.
Aluminum, in contrast, showed more resilience. LME aluminum prices remained largely on an upward trend, hovering between $2,850 and $2,875 per ton by the end of the week, marking gains for the month. Tight supply, driven by China’s primary aluminum capacity limit of 45 million tons per year, shifted the market from oversupply toward potential scarcity. Rising production costs, particularly for prebaked anodes, pushed producers to seek higher selling prices, while robust demand in sectors such as electric vehicles and construction offered additional support. Regional market conditions were further bolstered by existing and potential US tariffs on aluminum imports, sustaining higher prices in North America and Europe.
Overall, while both metals were affected by macroeconomic concerns and softer Chinese import data, strong underlying supply constraints provided meaningful support. Aluminum outperformed copper in terms of stability and gains, reflecting ongoing supply-demand tightness and investor focus on longer-term fundamentals in the metals market.
