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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.
Republicans target US energy rules for disapproval
Republicans target US energy rules for disapproval
Washington, 21 February (Argus) — Republican leaders in the US House of Representatives hope to disapprove at least seven energy-related measures issued under former president Joe Biden using a filibuster-proof process created under the Congressional Review Act. House majority leader Steve Scalise (R-Louisiana) on Thursday released a list of 10 rules that his party has prioritized as "potential targets" for disapproval votes, which require only a simple majority to pass in each chamber. Republicans previously used the law in 2017 to successfully unwind more than a dozen rules, and they hope to do so again to repeal Biden-era rules they say will unnecessarily raise costs on businesses and consumers. A US Environmental Protection Agency (EPA) regulation that implements a $900/t charge on oil and gas sector methane leaks is among the rules that Republicans want to disapprove. If those implementing rules are scrapped, it would provide a temporary reprieve from a 31 August deadline for operators having to pay billions of dollars in potential fees on methane emitted in 2024. Republicans hope to vote later this year to permanently end the methane charge, which was created by the Inflation Reduction Act. House Republicans also hope to disapprove an offshore oil and gas safety rule for drilling in deepwater "high pressure, high temperature" environments that Scalise's office says will increase "burdens on energy operations". Other rules that Republicans will target for disapproval are energy conservation for gas water heaters, energy efficiency labeling standards and air pollution restrictions on rubber tire manufactures. Two of the energy measures House Republicans say they plan to target might not qualify for disapproval under the Congressional Review Act, which can only be used on a "rule". The first is a waiver that would allow California to boost in-state sales of electric vehicles and plug-in hybrids, and that President Donald Trump's administration has tried to make eligible for repeal. The second is the US Commodity Futures Trading Commission's decision to release voluntary guidance for exchanges that allow trading of carbon offset futures. By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
EU CBAM to halve S African aluminium export value
EU CBAM to halve S African aluminium export value
Cape Town, 20 February (Argus) — South Africa's aluminium exports could lose more than half their value to levies under the EU's Carbon Border Adjustment Mechanism (CBAM), according to manufacturer Hulamin. South African products exported to the EU are assumed to have embedded greenhouse gas (GHG) emissions of around 18t CO2 equivalent (CO2e)/t on average, Hulamin environmental sustainability head Hendrik de Villiers said. Hulamin is Africa's largest aluminium manufacturer, with a capacity of 200,000 t/yr. The exact CBAM levy is not known yet, but a rate of €80/t CO2e would translate into €1,440/t for unprocessed South African aluminium, De Villiers noted. Assuming an LME aluminium price of €2,500/t, CBAM could absorb well over 50pc of the value of unprocessed South African product by 2034, he said, adding: "This is, of course, the worst-case scenario, where no mitigating actions are taken." De Villiers was speaking during a webinar hosted by the EU Chamber of Commerce and Industry in Southern Africa and the European Delegation to South Africa. CBAM's transition phase — during which EU importers must provide greenhouse gas (GHG) emissions data to the EU — ends on 31 December 2025. From 1 January 2026, EU importers will have to surrender CBAM certificates for emissions embedded in their products. By 2034, it is assumed CBAM will be levied on Scope 1 and Scope 2 emissions. Scope 1 emissions are direct GHG emissions from a company's operations, while Scope 2 are from the generation of a firm's purchased electricity. In 2023, South Africa's CBAM-affected exports to the EU had a total value of €1.1bn, or 5pc of the total value of the country's exports, according to the European Commission's directorate of taxation and customs. "CBAM will have an important impact on South Africa, because around 4pc of the country's global exports are iron and steel and around 1pc is aluminium," the directorate's CBAM unit head, Vicente Hurtado Roa, said. The EU also receives some 35pc of South Africa's aluminium exports, he said. The European Commission's own figures show South African exports of CBAM goods to the EU running at 1.09mn t/yr — with 900,000t of this iron and steel, and the rest aluminium. De Villiers outlined measures that could help mitigate CBAM costs. Manufacturers could cut their energy intensity through efficiency improvements, for example. Scope 2 emissions can be reduced by integrating renewables and other low-carbon generation sources into the aluminium supply chain. "However, this cannot be done independent from the national grid," De Villiers pointed out. De Villiers also suggested that the South African government should use the country's carbon tax to offset CBAM and retain tax revenues locally. Since CBAM takes into account carbon taxes paid in the country of origin, the government should tax emissions and use the revenue to support decarbonisation of domestic industry, especially energy-intensive users that benefit the economy but are at risk from the high grid emission factor. Around 80pc of South Africa's electricity is coal-fired and the country is the 15th largest GHG emitter, according to the World Resources Institute. This means the inclusion of Scope 2 emissions in CBAM is South African energy-intensive manufacturers' "biggest concern", De Villiers said. South Africa's carbon tax was phased in from June 2019 at 120 rand/t CO2e ($7/t CO2e), and had increased to R134/t CO2e by the end of 2022. The Treasury is targeting $30/t CO2e by 2030. By Elaine Mills Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Australia's Wesfarmers on track to achieve LiOH output
Australia's Wesfarmers on track to achieve LiOH output
Singapore, 20 February (Argus) — Australian conglomerate Wesfarmers is "cautiously optimistic" about successfully commissioning and running its upcoming 50,000 t/yr Kwinana lithium hydroxide refinery in collaboration with Chilean lithium firm SQM as it dismissed concerns raised by analysts. The commissioning of the Kwinana facility is 64pc complete as of this week, said Wesfarmers. First lithium hydroxide output is expected in the middle of 2025. The target for Wesfarmers' chemicals, energy and fertilisers arm WesCEF's share of spodumene concentrate production for the July 2025-June 2026 financial year has been set at 190,000t. "We feel that we have adequate experience [and] capability together with our team in SQM to commission and run [the facility] successfully," said Wesfarmers' managing director Rob Scott during its latest half-yearly results briefing on 20 February. "Ultimately time will tell in the next 6-12 months," he said. Scott was responding to a question posed by an analyst that brought up concerns over the difficulty of building and operating a lithium hydroxide plant in Western Australia because of a lack of technical and processing capability in the state, after the analyst said a similar comment was recently made by US lithium firm Albemarle's chief executive officer Kent Masters during a conference. "When you look at that vertically integrated operation once we hit full production run rates and get to fractionalise that cost, we still think it's a viable and beneficial project for Wesfarmers," said WesCEF's managing director Aaron Hood. Wesfarmers owns Covalent Lithium, which runs the Mount Holland project in Australia that produces its spodumene concentrate, in a 50:50 joint venture with SQM. WesCEF's share of spodumene concentrate output totalled 70,000t during July-December 2024, in line with its guidance , with higher production throughput. Sales of spodumene concentrate came in at 80,000t for the same period. Sales of spodumene concentrate into the market will continue going into July 2025-June 2026 as the refinery goes through its ramp-up, added Hood, with the group seeing it "challenging" to generate profit through lithium hydroxide sales in the same period. WesCEF's lithium business continued to be loss-making and made a loss of A$24mn ($15.3mn) in July-December 2024 because of lower lithium market prices and higher unit costs of production during its ramp-up. Argus -assessed prices for 6pc grade lithium concentrate (spodumene) inched down to $850-910/t cif China on 18 February from $850-920/t cif China a week earlier. By Joseph Ho Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Hudbay Cu output up, Zn down in 2024
Hudbay Cu output up, Zn down in 2024
Houston, 19 February (Argus) — Canadian mining firm Hudbay Minerals produced more copper but less zinc and molybdenum in full-year 2024 than the prior year. The firm produced 137,943 metric tonnes (t) of copper in 2024, a 4.7pc increase from 2023. Hudbay also produced 33,339t of zinc and 1,323t of molybdenum in 2024, marking 3.8pc and 15pc drops from 2023 totals, respectively. Hudbay forecast copper production could slide by as much as 15pc to 117,000-149,000t in 2025. Zinc production is expected to contract by as much as 37pc to 21,000-27,000t of zinc production, while molybdenum is seen relatively unchanged at 1,300-1,500t in 2025. Sales followed a similar trend, with Hudbay selling 125,094t of copper in 2024, a 0.8pc increase from the prior year. The company also sold 25,120t of zinc, a 13pc decrease, and 1,287t of molybdenum — a 12pc decrease year on year. Copper concentrate inventories totaled 30,000t at the end of the fourth quarter, about double the normal level. Hudbay expects to sell down to normal inventory levels in the first quarter of 2025. The miner continues moving forward on its Copper World project which it estimates will produce 85,000t/yr of copper over a 20-year mine life for the purpose of producing copper cathodes exclusively for domestic US consumers. Hudbay has obtained all necessary permits and plans to complete feasibility studies in the first half of 2026. The Papacancha facility should reach depletion sometime in December 2025, Hudbay reported a record annual revenue of $2.02bn in 2024, a $331mn jump from 2023. Profit shrank to $67.8mn, a $1.7mn drop from 2023. By Cole Sullivan Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
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