Base metals
Overview
From vehicle lightweighting to increased demand for copper to wire our connected world, base metals are used widely in manufacturing industrial and consumer products, and demand is only going to increase. Base metals are the most connected to the futures market already so what does even more demand mean for commodity investments?
Argus provides base metals premiums in the most active trading regions around the world, in addition to data from the world’s metals exchanges on a real-time (additional fees apply) or 30-minute delay basis.
Base metals coverage
Argus delivers price data on over 300 base metals through the LME, CME and COMEX, as well as proprietary assessments. Our market news and analysis spans copper, aluminium, nickel, lead, tin, zinc and other base metals crucial to commercial and industrial enterprises.
Track premiums in the most active trade regions and use our daily analysis to better understand the link between the physical and paper markets to better navigate futures, options and exchange-traded funds (ETFs).
Investors that do take positions on the financial markets can use Argus tools to highlight arbitrage opportunities and receive alerts when prices reach upper and lower threshold limits on their contracts of interest.
Highlights of Argus global base metals coverage
- Value-added exchange data tools offer a deeper level of insight to the standard exchange feed windows (calculated derived cash, global view of all exchanges on a single screen, threshold alerts).
- Full suite of non-ferrous scrap prices can be analysed to detect correlations or leading indicators for base metals prices.
- Currency and unit of measure conversions allow easy comparison of exchange data in different regions of the world to identify arbitrage opportunities.
- Base metals workspaces facilitate an holistic view of each individual market’s performance.
Latest base metals news
Browse the latest market moving news on the global base metals industry.
HEVs drive Brazil's 1Q EV sales up as BEVs fall
HEVs drive Brazil's 1Q EV sales up as BEVs fall
Sao Paulo, 16 April (Argus) — Total Brazilian electric vehicle (EVs) sales were up in the first quarter, driven by increasing demand for hybrid vehicles (HEVs) as sales of battery electric vehicles (BEVs) tumbled. Overall EV sales in Brazil grew by almost 40pc in the first three months of the year to 50,074 units, led by HEVs — including plug-ins (PHEVs), non-plug-ins, and mild hybrids (MHEVs) — which saw a 70.5pc surge compared to the same period in 2024, according to Fenabrave, a private body that represents car dealerships in Brazil. EVs made up 12.5pc of the total Brazilian car market, a three percentage point increase year-on-year. PHEVs were the most popular choice for consumers seeking an EV, with 19,530 units sold on the first quarter, up 83.6pc from last year, according to data from the Brazilian electric vehicles' association (ABVE). BEVs accounted for 12,993 units sold, while MHEVs — vehicles with regular engines aided by small batteries that increase fuel efficiency but do not power the wheels — accounted for 10,724 units sold. A total of 7,402 non-plug-in HEVs were sold in the quarter. Although HEV sales rose, BEVs tumbled 8.3pc due to general consumer skepticism about the Brazilian charging infrastructure and increasing popularity of PHEVs because of its above-average fuel efficiency and the possibility of driving on regular fuels, such as gasoline and ethanol. BYD increases market dominance BYD, a Chinese carmaker, further increased its EV market share in Brazil in the first quarter on aggressive discounts for its HEVs. The Chinese brand, which only sells plug-ins and BEVs, offered discounts of over R20,000 ($3,400) per car plus other benefits in excess of R10,000 ($1,700) for their PHEVs. BYD sold around 11,710 PHEV units, more than double from the same period in 2024, and accounted for 31.4pc of the total HEV market in the first quarter, according to Fenabrave. Fiat, which debuted in the EV segment in November and only markets MHEVs, sold 7,400 units, taking second place with a 19.8pc market share in January-March. Great Wall Motors (GWM), another Chinese automaker, closed out the top three with 5,880 units in the period, holding 15.8pc market share. PHEVs are becoming increasingly popular in Brazil even in regions with a solid charging infrastructure, according to ABVE. Major cities such as Sao Paulo and Brasilia — the country's capital — were among the top plug-in buyers due to the possibility of daily driving in electric mode and travelling long ranges on hybrid. BYD's plug-ins can drive for 745 miles on a single tank of gas, on a fully charged battery and loaded tank. All types of EVs in Brazil are eligible for a yearly tax exemption of up to 4pc of the car's value in most states. Although BEV sales were down, BYD still managed to increase its dominant place in the market. The Chinese automaker sold 9,680 EVs in the first three months of the year, more than 75pc of the nearly 12,880 units sold in the period. According to the company, 7 out of 10 BEVs sold in Brazil are from BYD. Volvo followed with almost 1,200 sold EVs and GWM had the third-highest sales figures at just 814. Overall, BYD owns 42.7pc of the total Brazilian EV market, followed by Fiat at 14.8pc and GWM, with a 13.4pc market share. The two Chinese brands both plan to start manufacturing cars in Brazil by year's end. BYD also acquired mining rights for two separate lithium sites in the country in an effort to streamline its whole operation in the country, as it figures as its largest market outside of China. By Pedro Consoli Brazil EV sales units Brand 1Q 2025 1Q 2024 ±% Market share (%) Total EVs (BEVs, HEVs) BYD 21,384 14,920 43.3 42.7 Fiat 7,400 n/a n/a 14.8 GWM 6,693 5,735 16.7 13.4 Toyota 4,277 5,049 -16.2 8.5 Volvo 2,097 1,606 30.5 4.2 Mercedes Benz 1,765 1,166 51.3 3.5 Honda 1,207 567 112.8 2.4 Caoa Chery 1,203 2,105 -42.8 2.4 BMW 911 825 10.4 1.8 Porsche 687 41 1,575.6 1.4 Total (hybrid vehicles, EVs) 50,074 35,872 39.6 100 Electric vehicles (BEVs) BYD 9,678 10,052 -4 75.1 Volvo 1,196 596 101 9.2 GWM 814 1,892 -57 6.3 BMW 219 238 -8 1.7 Renault 176 187 -6 1.3 Porsche 155 41 278.0 1.2 Zeekr 141 n/a n/a 1.0 Mini 124 34 265 1.0 JAC 107 457 77 0.8 Mercedes Benz 38 39 -3 0.3 Total (EVs) 12,877 14,053 -8 100 Hybrid vehicles (HEVs, PHEVs, MHEVs) BYD 11,706 4,868 140.4 31.4 Fiat 7,400 n/a n/a 19.9 GWM 5,879 3,843 52.9 15.8 Toyota 4,277 5,049 -15.2 11.5 Mercedes Benz 1,727 1,127 53.2 4.6 Honda 1,207 567 112.8 3.2 Caoa Chery 1,203 2,105 -42.8 3.2 Volvo 901 1,010 -10.7 2.4 BMW 692 587 17.8 1.9 Jaguar Land Rover 627 816 -23.1 1.7 Total (hybrid vehicles) 37,197 21,819 70.5 100 Does not include all brands sold Source: Fenabrave 1Q Brazil electrified vehicles sales units Brazil EV year-on-year comparison per type units Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Vale’s Ni output rises 11pc after furnace rebuild
Vale’s Ni output rises 11pc after furnace rebuild
Sao Paulo, 16 April (Argus) — Brazil-based mining group Vale's nickel production rose in the first quarter by 11pc from the same period last year, when the company's Onça Puma mine's furnace was being rebuilt. Total nickel production rose to 43,900 metric tonnes (t) in the first quarter, up from 39,500t a year earlier, Vale said Tuesday. Brazilian operations produced 5,400t of finished nickel in the quarter, compared to none a year earlier. Canadian nickel production rose by 18pc to 20,000t, as Voisey's Bay's output climbed on the year by 47pc to 6,500t and Thompson mines output surged by 51pc to 3,600t. Higher production was intended to build inventories ahead of scheduled maintenance at its Canadian refineries during the upcoming quarters, Vale said. Vale plans as much as five weeks of maintenance at its Creighton mine in the third quarter, with shorter outages scheduled for Thompson and Long Harbour stretching into the fourth quarter. Nickel sales volumes stood 5pc below production at 38,900t but marked an 18pc increase from a year earlier. Vale's nickel prices averaged at $16,100/t in the quarter, down by 4.4pc year-on-year, reflecting lower London Metal exchange (LME) prices. Isabel Filgueiras Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Goldman Sachs lowers Al price forecast
Goldman Sachs lowers Al price forecast
London, 16 April (Argus) — US bank Goldman Sachs has lowered its aluminium price forecast for this year and 2026 on the basis of a weaker global growth outlook caused by US trade tariff policy. The US' 25pc tariff on aluminium imports and additional tariffs on imports from Canada, Mexico and China have slowed global growth. Further tariffs announced on 2 April on almost all countries, delayed now for 90 days, and forthcoming announced tariffs on electronic and pharmaceutical goods are likely to further sap global economic activity. Goldman Sachs expects London Metal Exchange (LME) aluminium prices to average $2,000/t in the third quarter before climbing to $2,300/t by the end of this year, down from its previous forecast of $2,650/t at the end of 2025. Prices are then expected to rebound in 2026 but by less than previously forecast, reaching $2,720/t in December next year from previous forecasts of $3,100/t. "At $2,000/t — equivalent to the 75th percentile of our aluminium smelter cost curve — we believe that the highest-cost producers will temporarily come under margin pressure, but we do not need closures and expect a demand-driven price recovery thereafter," Goldman Sachs said. Price expectations have fallen owing to the bank downgrading its aluminium demand growth forecast to 1.1-2.3pc over 2025-26 from 2.4-2.6pc previously, which would lead to an expected global aluminium market surplus of 580,000t in 2025, up from the bank's previous forecast of a 76,000t deficit. The bank added that risks to this forecast are weighted to the downside, as demand could fall further should the trade war escalate. Prices below $2,000/t would probably lead to substantial output curtailments to rebalance the market, it added, although prices could remain lower for longer than expected. By Jethro Wookey Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Antofagasta’s 1Q copper output rises
Antofagasta’s 1Q copper output rises
London, 16 April (Argus) — London-listed mining firm Antofagasta's copper production increased by 20pc on the year in the first quarter of 2025, primarily because of higher output at its two Chilean concentrators Los Pelambres and Centinela. The company produced 154,700t in the first quarter, up by 19.6pc from the same period a year earlier. Copper sales increased by 47.1pc on the year to 170,200t in the first quarter. First-quarter copper output at Los Pelambres increased by 26.4pc on the year to 69,900t, after pipeline maintenance work was undertaken in February last year. First-quarter copper production at Centinela rose by 23.6pc on the year to 55,600t, with concentrate production rising by 56.1pc on the year to 35,900t, reflecting higher copper grades and ore processing rates, and cathode output decreasing by 10pc on the year to 19,800t. First-quarter copper output at Antucoya rose by 3.1pc on the year to 20,200t, while production at Zaldivar decreased by 5.3pc on the year to 9,000t. Group copper production for 2025 is expected to be in the range of 660,000-700,000t. "The medium-term outlook for copper remains strong given its fundamental role in energy security and electrification, positioning it as a metal of the future. We remain well-positioned to meet the rising demand through our pipeline of projects currently under construction," the company's chief executive Ivan Arriagada said. Antofagasta's molybdenum production increased by 14.8pc on the year to 3,100t in the first quarter, following higher molybdenum grades processed at Centinela. Molybdenum output increased by 60pc on the year to 800t at Centinela and by 4.5pc on the year to 2,300t at Los Pelambres. Antofagasta operates four mines across Chile, the world's largest copper-producing country. By Roxana Lazar Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Spotlight content
Browse the latest thought leadership produced by our global team of experts.
Battery and base metals face mixed outlook
Examine the battery material and base metals markets with this joint paper, with insight from the Argus and LSEG teams.
Insight papers - 04/02/24INI: A new suite of Indonesian nickel benchmarks
Learn about the new suite of nickel prices launched by Argus in partnership with PT Indeks Komoditas Indonesia (PT IKI) in our latest white paper.
Insight papers - 24/06/22The return of aerospace
How has the supply/demand for aerospace metals changed and how can OEMs and T1-3 suppliers overcome these new supply chain challenges.
Explore our base metals and related products
