By Non-Ferrous Metals: Strength Returns as Market Eyes Fed Cuts
🔹 Global Prices Stay Firm
Non-ferrous metals showed resilience this week with copper, aluminium, and zinc holding firm as global markets anticipate potential US Fed interest-rate cuts.
Zinc hovered near USD 2,980/ton, holding steady despite recent dips.
Copper and aluminium stayed in tight ranges as supply concerns and inventory drawdowns supported sentiment.
🔹 Supply Deficits Push Momentum
Supply constraints—especially for copper and tin—kept bullish undertones intact. European and Asian inventories remain tight, giving metals a solid price floor.
🔹 GCC & India Scrap Trends
Mixed trends were seen in imported non-ferrous scrap/dross:
India markets reported price divergence in zinc scrap and aluminium grades.
GCC traders remain cautious but active, with selective sourcing providing margin opportunities.
⚙️ Ferrous Market Update: Scrap Exports Heat Up
🔹 Export Markets Active
Ferrous scrap export activity picked up strongly in Mediterranean and Baltic markets this week. This added slight upward pressure on global scrap pricing.
🔹 Domestic Market Sideways
In the US and parts of Asia, ferrous scrap stayed mostly sideways, reflecting cautious sentiment from steel mills and uncertain downstream demand.
🔹 GCC Implications
For GCC buyers and traders:
Expect stable to slightly rising ferrous scrap prices.
Export-driven markets may create arbitrage opportunities for Dubai-based recyclers and traders.
đź“Ś Quick Market Snapshot (This Week)
Zinc (LME): ~USD 2,980/ton, slightly down but stabilizing
Copper: Mild pullback, steady demand outlook
Aluminium: Flat to slightly lower, awaiting macro cues
Ferrous Scrap: Sideways with export-led strength
Steel Market: Cautious demand; mills running on controlled output
🔍 What Traders Should Watch coming Week
LME Zinc Premium Adjustments
With LME stabilizing and supply constraints in play, premiums into GCC may see slight upside movement.
Scrap Export Momentum
Mediterranean export activity is likely to influence pricing for UAE yards and re-rollers.
Macro Triggers
Any strong message from the Federal Reserve on rate cuts can drive further upside across base metals.
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Editor’s Outlook
The week was on a cautiously optimistic note. Non-ferrous metals remain well-supported by supply constraints and macro sentiment, while ferrous scrap gains strength from outbound demand.
For the GCC, the outlook remains stable, opportunity-driven, and logistics-sensitive.
