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.
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Browse the latest market moving news on the global base metals industry.
US auto sales hover near 2026 high in May
US auto sales hover near 2026 high in May
Houston, 8 June (Argus) — US automotive sales ticked higher in May, reflecting a persistent resilience in consumer spending as the US/Israel-Iran war continued to keep fuel costs elevated and foster inflationary concerns. Sales of light vehicles — pickup trucks and cars — edged higher to a seasonally adjusted annual rate of 16.1mn units in May from an upwardly revised 16mn in April, the Bureau of Economic Analysis reported. Last month's total was above May 2025's annualized rate of 15.6mn, which reflected the end of pre-tariff buying after sweeping US import duties took effect and was the second-highest total for 2026 after March's 16.2mn. Automotive sales continued to recover in May from a slow start to the year following winter storms in January and February, with gains in equity markets during the month and consumers' stronger tax refunds providing further support. Still, new-vehicle affordability remains a concern, with high fuel costs and other inflationary pressures tied to the war in the Middle East weighing on consumer sentiment. Average US retail gasoline prices last were assessed at $4.305/USG for the week ended 1 June, the latest data from the US Energy Information Administration shows, which represented an increase of $1.178/USG on the year. Sales of pickup trucks rose by 0.8pc to a 13.4mn annual unit rate in May, while car sales fell by 1.4pc to a nearly 2.7mn unit rate in the same period. US vehicle production in April reached its highest level since August 2025, rising to a seasonally adjusted rate of 10.45mn units from an upwardly revised 10.04mn in March, the latest Federal Reserve data shows. Auto assemblies are reported with a one-month lag to sales. By Alex Nicoll Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Japan adds funding for Rapidus semiconductor project
Japan adds funding for Rapidus semiconductor project
Tokyo, 5 June (Argus) — The Japanese government has invested an additional ¥150bn ($960mn) in domestic semiconductor producer Rapidus through the Information-technology Promotion Agency (IPA), the economy, trade and industry ministry (Meti) said today. Additional support will help fund investment in equipment for the mass production of 2-nanometre semiconductors, as well as research and development of next-generation 1.4nm technology, the government said. The investment follows a ¥100bn injection in fiscal year 2025-26 (April 2025-March 2026), bringing total government investment in the company to ¥250bn. The government also plans to provide subsidies of ¥631.5bn in fiscal year 2026-27 and around ¥300bn in fiscal year 2027-28, Meti said. Rapidus aims to begin mass production of 2nm semiconductors in fiscal year 2027-28 and start advanced packaging production in fiscal year 2028-29. Despite continued government backing, the company is expected to require additional private-sector funding, targeting around ¥1tn in private equity and more than ¥2tn in private financing. Japan has expanded support for its semiconductor industry since designating semiconductors as a critical material in 2022, citing economic security concerns and the need to strengthen domestic chip production. The project is a key pillar of the government's growth investment programme, Japan's trade and industry minister Ryosei Akazawa, said at a press conference today. "This project is a national undertaking that must succeed for the benefit of Japan. We will continue to make every effort to ensure its success," Akazawa said. By Fumito Nagase Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
EU finance ministers eye agreement on CBAM changes
EU finance ministers eye agreement on CBAM changes
Brussels, 4 June (Argus) — EU finance ministers are seeking agreement on their position for legal changes to the bloc's carbon border adjustment mechanism (CBAM), extending the scope to more downstream products and adding anti-circumvention measures. Final tweaks and clarifications specify the European Commission's power to suspend CBAM for problematic sectors. The text drawn up for finance ministers, who meet on 12 June, takes account of a majority that has spoken out against giving the commission broad empowerment to temporarily remove specific goods from CBAM under a new article 27a. Diplomats noted the risks of "jeopardising" the effectiveness of CBAM and the "imprecise" scope of the powers. To bridge differences, Cyprus, chairing discussions between diplomats, has built on a previous draft to specify the conditions that the commission could use to trigger CBAM suspension. This includes average non-CBAM-related import price increases of more than 50pc compared with average prices for the same CBAM goods over the previous 10 years. Price increases would need to be sustained over a period of at least six months. If finance ministers agree on the text on 12 June, EU states would be ready for negotiations over a final legal draft with the European Parliament after summer. Cypriot diplomats suggested article 27a remains in the European Council's draft position as a "good basis" for the talks. During a first discussion, members of parliament's environment committee broadly supported deleting the new article 27a. But some members have called for partial or full CBAM suspension . The committee is expected to vote on the issue on 6 July, followed by the whole parliament in early September. Discussions on CBAM's suspension have continued following the commission's adoption last month of a fertilizer action plan, including measures such as financial relief for farmers, and assessing stockpiling options for key fertilizers and inputs. By Dafydd ab Iago Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Metal recyclers favour domestic, need export: BIR
Metal recyclers favour domestic, need export: BIR
London, 3 June (Argus) — Metal recyclers favour trading to local consumers but need export market access to remain profitable, delegates heard at the Bureau of International Recycling (BIR) convention in Gothenburg, Sweden, this week. The potential of protectionist policymaking for scrap metal has grown in recent years, such as the EU considering potential trade measures on aluminium scrap exports — with a decision expected soon. But trade restrictions are not needed as recyclers prefer local trade, and such measures would hamper metal recycling industries across Europe and the US, multiple speakers told delegates in Sweden this week. "Material that finds its place in Europe stays in Europe, because that's the most logical business there is… exporting is a greater effort but we need that because the demand is simply not there," Mattias Rapaport, managing director of Swedish scrap firm Stena, said. "Usually the most logical decision we're going to make is to sell to our neighbour because it's less risky, we are used to working with them, and many other factors," Emmanuel Katrakis, director of public and regulatory affairs at Belgian-headquartered recycler Galloo, said. "Very often there is a mismatch between what we are going to recycle and what our neighbour needs, and to bridge the gap we need access to local and global markets." Multiple speakers noted similar trends for ferrous and non-ferrous materials with surpluses in many economies or a shortfall in local demand for certain grades. Like Europe, the US produces a surplus of recycled materials across commodities so "global market access is critical" and attempts to manipulate that is "problematic and threatening" to the industry, Robin Wiener, president of US recycling industry group ReMA, said. Restrictions on export trade would impact recyclers' profitability through a loss of trade and hamper investment, which is needed to improve availability of scrap qualities consumers want, delegates also heard. "If we don't have the ability to invest in new equipment and processes, [consumers] will not be able to rely on supply because that supply will diminish," Wiener said. Metal recycling industry groups like BIR and ReMA, and counterparts like Recycling Europe and the British Metals Recycling Association, have long voiced opposition to scrap export restrictions. By Corey Aunger Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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