“All Green Across the Board! Global Non-Ferrous Metals Surge — Weak Baht Amplifies Thailand’s Cost Burden: Industry Warning — SO OK TRADING Analyzes the Global Metal Cycle to Transform Thai Business” : August 4, 2026
Non-Ferrous Supercycle : SO OK TRADING : August 4, 2026
“All Green Across the Board! Global Metals Surge — Weak Baht + Metal Rally = A New Cost Crisis for Thai Businesses”
✨ Macroeconomic Drivers Behind Rising Metal Prices
U.S. Monetary Policy & Weak Dollar Inflation and slowing employment are pressuring the Fed to ease its stance → weaker dollar → metals priced in USD become cheaper for other currencies → capital flows into the LME.
Supply Tightness & Geopolitical Risks China’s restricted aluminium output, Middle East tensions, Europe’s high energy costs, and LME inventories at multi-year lows.
Clean Energy Demand (Supercycle) EVs, data centers, and green metals continue to drive demand for copper, aluminium, and nickel.
Product Movements
Copper: Strong above $13,900/ton; breaking $14,000 would signal a long-term uptrend.
Aluminium: Surging due to short covering and production limits.
Nickel: Rebounded +1.63% on positive EV battery sentiment.
Tin & Silver: Strongest gains, supported by electronics and solar cell demand.
Impact on Thailand
Weak Baht (33.397 THB/USD): Importers face double cost pressure — high global prices plus weaker currency.
Tin surpasses 1.8M THB/ton: Severe impact on soldering and electronics industries.
Strategy: Importers should hedge or lock in prices to reduce risk.
Short-Term Outlook
Baht: Expected to remain weak within 33.20–33.60 per USD.
Copper: Base range $13,200–$13,900; breaking $14,000 opens further upside.
Aluminium: Trading $3,150–$3,350; profit-taking possible.
Tin: Strong above $50,000/ton, supported by semiconductor demand.
