Uploaded August 2026 | Updated September 2026, 2 weeks ago
China base metals demand is splitting in two, with 16 of 18 July indicators weakening while robot, vehicle and chip output surges.
Natalie Scott-Gray, StoneX Senior Metals Analyst EMEA & Asia, walks through what the latest Chinese data means for copper, aluminum, zinc, lead and nickel in this monthly base metal market update.
Chinese manufacturing, non-manufacturing, construction and new orders readings all sit under 50, and the weakness now reaches services, consumer spending, hiring and business procurement rather than property alone. Against that, industrial robot production rose 30.2% year on year, new energy vehicles 29.9% and integrated circuits 20.7%, supporting copper use in grids, data centers and power infrastructure, aluminum in transport and renewables, and tin in semiconductors. The physical picture is now differentiated metal by metal, with Chinese copper social inventories and bonded stocks rising, aluminum ingot stocks drawing down, zinc treatment charges deeply negative, Shanghai Futures Exchange lead stocks falling and nickel weighed down by sluggish stainless steel restocking.
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
00:00 - China Runs at Two Speeds
00:52 - Robots and EVs Defy the Slump
02:01 - Tariffs Tighten the Screws
03:05 - Copper Stocks Build Again
04:05 - Aluminum Draws, Zinc Binds
05:20 - Nickel Left Holding Metal
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#Copper #BaseMetals #StoneX #NatalieScottGray
China base metals demand is splitting in two, with 16 of 18 July indicators weakening while robot, vehicle and chip output surges.
Natalie Scott-Gray, StoneX Senior Metals Analyst EMEA & Asia, walks through what the latest Chinese data means for copper, aluminum, zinc, lead and nickel in this monthly base metal market update.
Chinese manufacturing, non-manufacturing, construction and new orders readings all sit under 50, and the weakness now reaches services, consumer spending, hiring and business procurement rather than property alone. Against that, industrial robot production rose 30.2% year on year, new energy vehicles 29.9% and integrated circuits 20.7%, supporting copper use in grids, data centers and power infrastructure, aluminum in transport and renewables, and tin in semiconductors. The physical picture is now differentiated metal by metal, with Chinese copper social inventories and bonded stocks rising, aluminum ingot stocks drawing down, zinc treatment charges deeply negative, Shanghai Futures Exchange lead stocks falling and nickel weighed down by sluggish stainless steel restocking.
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
00:00 - China Runs at Two Speeds
00:52 - Robots and EVs Defy the Slump
02:01 - Tariffs Tighten the Screws
03:05 - Copper Stocks Build Again
04:05 - Aluminum Draws, Zinc Binds
05:20 - Nickel Left Holding Metal
Like and subscribe for more financial market insights.
#Copper #BaseMetals #StoneX #NatalieScottGray
