Analysis of Industrial and Metal Markets Ferrous and Non-Ferrous Metals In a world shaken by Middle East volatility By SO OK TRADING April 9, 2026
Global Commodity Metal Market 2026
As of April 9, 2026 By SO OK TRADING
2026 is a year of volatility and new opportunities in the global commodity metals market. Both precious and industrial metals are in the spotlight, especially those tied to clean energy and AI technologies.
Regional Market Trends
Asia-Pacific: Continues to be the hub of industrial metal production and consumption. China plays a key role in strategic metals such as antimony and zinc. The recovery of construction and the EV industry drives strong demand for copper and tin.
North America: Infrastructure investment and AI data centers are the main drivers, boosting demand for copper and aluminum in clean energy and EV technologies.
Europe: Focused on clean energy transition and reducing carbon emissions, leading to rising demand for metals used in solar panels and batteries, such as antimony and zinc.
Precious Metals: Stars of the Year
Gold: Hit a peak of $5,000/oz before correcting to $4,400, then rebounded to $4,723 in April. Still the safe-haven asset closely watched by global investors.
Silver: From a high of $120/oz early in the year, corrected to $68–72/oz. Remains hot, especially in 5G and advanced electronics.
Platinum: Prices remain strong, supported by industrial demand and tight supply since 2025.
Industrial Metals: Clean Energy Driving Prices
Copper: Currently at $12,709/ton, driven by AI data centers and EV demand. Forecast to reach $13,500/ton.
Aluminum: Up more than 25%, trading at $3,450–$3,478/ton due to supply chain disruptions and Middle East shipping route closures. Forecast at $3,500–$3,600/ton.
Tin: Surged past $51,000/ton, a record high, supported by semiconductor demand and Indonesia’s crackdown on illegal mining. Now fluctuating but expected at $45,000–$48,000/ton.
Lead: Stable at $1,900–$1,950/ton, the highest in four weeks. Forecast at $1,930–$1,975/ton.
Antimony: Prices remain above historical averages, supported by solar panel and defense industry demand. Currently $28,000–$29,000/ton, forecast at $30,000/ton.
Zinc: Volatile, trading between $2,700–$3,300/ton. Supported by construction and automotive demand, but affected by Middle East geopolitics and China’s trade policies.
Thailand Market Situation
Steel: Domestic producers raised prices by 10–15% in April 2026 due to energy and transport costs.
Aluminum: Retail prices also up 10–15%. Bars/angles at 90–150 THB/kg; grade 1100 sheets (1mm, 4x8 ft) at 1,221.99 THB/sheet.
Recycled Metals: Copper wire scrap at 348–355 THB/kg; aluminum cans at 61–84.5 THB/kg.
Key Factors to Watch
Middle East tensions, especially potential Hormuz Strait closures disrupting supply.
Clean energy transition and AI data center growth driving massive copper and tin demand.
China’s export policies remain a critical variable for strategic metals such as antimony.
2026 is a year of adjustment and transformation for the global metals market. Precious metals remain volatile but serve as safe-haven assets, while industrial metals linked to clean energy and AI are emerging as the “rising stars,” creating new opportunities for global markets and industries.
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