“SO OK TRADING INSIGHT: Non-Ferrous Metals Outlook – November 2026 | Global Metal Market Bifurcation”
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Non-Ferrous Metals Market Overview – November 2026
“Bifurcation” Signal – Clear Market Divergence
In November 2026, the LME non-ferrous metals market showed a distinct bifurcation. Energy transition and infrastructure-related metals such as copper and aluminium continued to rise strongly, driven by tight supply and clean energy demand. Meanwhile, zinc and nickel weakened, moving within narrow ranges, reflecting imbalances in supply and demand across individual markets.
Key Metal Trends
Copper – The King of Energy Transition
Average Price: 13,800 – 14,500 USD/ton
Trend: Strong Bullish
Details: Copper remains the most structurally supported metal this year. Demand for power cables and clean energy infrastructure continues to grow, while mines in Chile and Peru face disruptions, creating a concentrate deficit. Stocks in China and the LME have fallen to multi-year lows.
⚪ Aluminium – The Metal of the New Energy Era
Average Price: 2,950 – 3,100 USD/ton
Trend: Moderately Bullish
Details: Aluminium benefits from EV and solar panel demand. High energy costs in Europe (30–40% of smelting costs) hinder recovery of Western smelters, while China maintains its production cap at 45 million tons per year, limiting global supply growth.
Zinc – Entering a Correction Phase
Average Price: 3,750 – 3,900 USD/ton
Trend: Bearish Correction
Details: Despite prices holding at high levels, China’s slowing real estate and construction sectors have reduced demand for galvanized steel below the 5-year average, pushing futures prices into correction.
⚫ Nickel – A Market Still Saturated
Average Price: 15,000 – 15,800 USD/ton
Trend: Neutral / Range-bound
Details: Although Indonesia announced production cuts, the market still faces surplus supply from previous capacity expansions, keeping prices near yearly lows.
Other Metals to Watch
Tin – Rising Star of the AI Era
LME Price: 50,000 – 52,000 USD/ton
KLTM Price: 29,000 – 30,500 USD/ton
Trend: Bullish
Details: Tin demand surges from solder in circuit boards and AI chips. Data centers and semiconductor industries drive consumption, while Myanmar and Indonesia restrict exports, tightening global supply.
Antimony – A Strategic Metal
Price: 24,000 – 26,000 USD/ton
Trend: Strong Bullish
Details: China, the largest producer, continues to restrict exports, pushing prices to record highs. Demand from defense, flame retardants, and solar industries is a key driver.
Silicon Metal – Balanced Market
Price: 1,950 – 2,150 USD/ton
Trend: Neutral
Details: Demand from polysilicon and aluminium alloys remains strong, but production in China and Brazil is sufficient, keeping the market balanced and prices stable.
⚪ Lead – A Metal Being Replaced
Price: 1,950 – 2,050 USD/ton
Trend: Bearish
Details: Lead-acid battery demand continues to decline due to the EV transition. Replacement demand from energy storage systems and old vehicle batteries exists but is insufficient to support prices.
Macro Factors Driving the Market
US Monetary Policy (Fed Policy)
Hawkish signals strengthen the dollar, pressuring USD-denominated commodities.
Mine Supply Constraints
Severe shortages in copper and tin force Chinese smelters to cut output.
Aluminium capped by China’s production limits.
Mega Trends – Energy Transition & AI Demand
Copper: demand for power cables and infrastructure.
Tin: solder for AI chips and data centers.
Strategic Summary
Copper – Tin – Aluminium → Strong upward momentum from tight supply and energy transition demand.
Zinc – Nickel – Lead → Pressured by weak demand and surplus supply.
Antimony – Silicon → Driven by specific market structures; antimony surges on China’s export restrictions, while silicon remains balanced.
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