Uploaded August 2026 | Updated September 2026, 2 weeks ago
The LME base metals outlook looks flat on the surface, but backwardation has returned as copper and aluminum stocks drain from warehouses.
Natalie Scott-Gray, Senior Metals Analyst at StoneX, breaks down the stock drawdowns, the Russian origin warrant base and the Section 232 decision facing refined copper imports.
LME copper stocks have fallen below 100,000 metric tons, and aluminum on warrant material outside China is 95% Russian origin while refined production outside China is on track for a second quarterly decline. In China, weak PMI, trade and inflation readings point to soft domestic demand, with a contraction in new yuan loans for only the third time in 20 years. Copper and aluminum remain best placed to benefit from energy transition and grid investment, whereas property and construction weakness caps broader consumption.
Discover Actionable Metals Insights with StoneX Market Intelligence: shop.stonex.com/products/stonex-essential-bundle?utm_source=youtube&utm_medium=social&utm_campaign=sxtv_guest_natalie_scott_gray&utm_content=share
0:00 Base Metals Hide a Squeeze
0:42 Payrolls Soften the Dollar
1:14 China's Loan Demand Shrinks
2:35 Backwardation Returns to LME
2:57 Aluminum Stocks Run Russian
5:32 Copper Drains Toward Tariffs
Like and subscribe for more financial market insights.
#Copper #Aluminum #StoneX #NatalieScottGray
The LME base metals outlook looks flat on the surface, but backwardation has returned as copper and aluminum stocks drain from warehouses.
Natalie Scott-Gray, Senior Metals Analyst at StoneX, breaks down the stock drawdowns, the Russian origin warrant base and the Section 232 decision facing refined copper imports.
LME copper stocks have fallen below 100,000 metric tons, and aluminum on warrant material outside China is 95% Russian origin while refined production outside China is on track for a second quarterly decline. In China, weak PMI, trade and inflation readings point to soft domestic demand, with a contraction in new yuan loans for only the third time in 20 years. Copper and aluminum remain best placed to benefit from energy transition and grid investment, whereas property and construction weakness caps broader consumption.
Discover Actionable Metals Insights with StoneX Market Intelligence: shop.stonex.com/products/stonex-essential-bundle?utm_source=youtube&utm_medium=social&utm_campaign=sxtv_guest_natalie_scott_gray&utm_content=share
0:00 Base Metals Hide a Squeeze
0:42 Payrolls Soften the Dollar
1:14 China's Loan Demand Shrinks
2:35 Backwardation Returns to LME
2:57 Aluminum Stocks Run Russian
5:32 Copper Drains Toward Tariffs
Like and subscribe for more financial market insights.
#Copper #Aluminum #StoneX #NatalieScottGray
