SO OK TRADING Insight: Bullish Momentum! Global Non-Ferrous Metals Outlook (Aug 24–28, 2026) — Zinc Breaks $3,800 as Copper, Aluminium & Tin Surge, While Lead & Nickel Remain Weak

Non-Ferrous Metals Boiling!
Zinc Breaks $3,800 – Copper, Aluminium, Tin Surge While Lead & Nickel Stay Weak

Bullish Momentum! Deep Dive into Copper, Aluminium, Tin & Zinc Outlook (Aug 24–28, 2026) : SO OK TRADING : Aug 22, 2026

 
Market Overview
The non-ferrous metals market for Aug 24–28, 2026 is in a “Divergent Market” phase. Metals tied to clean energy infrastructure and technology (Copper, Aluminium, Tin), along with Zinc facing acute supply shortages, are showing Strong Bullish momentum. Meanwhile, metals with oversupplied inventories (Lead, Nickel) are moving sideways.

 
Individual Metal Trends
Copper

Price holding above $14,000/ton, with potential to test $14,200–14,500 resistance
Support factors: LME stocks continue to decline, Cancelled Warrants surge over 35%
Demand: Strong from AI data centers and power transmission systems in the US & Europe
Aluminium

Price above $3,200/ton, signaling breakout towards $3,350
Background: European energy crisis forces smelters to cut production
Market structure: Spot prices higher than forward (Backwardation), reflecting tightness
Zinc

Price breaks $3,823/ton, multi-month high
Support factors:

LME stocks below 95,000 tons
Treatment charges (TC) turn negative for the first time in history
ILZSG revises 2026 forecast to a 29,000-ton deficit
Technical: Holding above $3,805 could accelerate towards $3,860–3,900
Tin

Price rallying to test $34,000–35,500/ton
Background: Supply shortages from Indonesia & Myanmar
Demand: Rising sharply from semiconductors and AI chips
Lead

Price around $1,901/ton, sideways movement
Inventory: LME stocks above 410,000 tons
Demand: Stable from conventional car batteries
Market structure: Contango (forward prices higher)
Nickel

Price around $16,000/ton
Background: Oversupply of Class 2 Nickel from Indonesia
Outlook: Sideways at low levels, limited recovery potential
 
Key Risks to Watch
LME warehouse tightness – If Cancelled Warrants keep surging, prices may be squeezed higher
European energy costs – Volatile gas & electricity prices could force smelter shutdowns
China’s policy – Export controls on strategic metals will be a critical variable
 
Strategic Positioning
Copper/Aluminium/Tin: Accumulate forward purchases 30–50%
Zinc: Lock in prices immediately, risk of short squeeze to $3,900–4,000
Lead: Gradual accumulation via Dollar-Cost Averaging
Nickel: Focus on spot purchases
 
OUTLOOK & PRICE SUMMARY – Non-Ferrous Metals (Aug 24–28, 2026)
Zinc: $3,823/ton → Strong Bullish, resistance $3,860–3,900
Copper: $14,000+/ton → Bullish Bias, resistance $14,200–14,500
Aluminium: $3,200+/ton → Breakout Potential, resistance $3,350
Tin: $33,000+/ton → Bullish, resistance $34,000–35,500
Lead: $1,901/ton → Sideways, resistance $1,920–1,950
Nickel: $16,000+/ton → Sideways Low, resistance $16,500
⚠️ Market Drivers

LME stock tightness – Zinc & Copper vulnerable to short squeeze
European energy costs – Aluminium/Zinc smelter shutdown risk
China’s policy – Strategic metal export controls
 
Summary
Global non-ferrous metals market is splitting — clean energy metals and zinc are surging, while lead and nickel remain stuck in narrow ranges.

 
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