Base Metals Tighten as Zinc Smelters Now Pay to Process Ore

The base metals outlook rests on supply, not demand, as negative zinc treatment charges, copper backwardation and thin aluminum stocks prop up prices. Natalie Scott-Gray, StoneX Senior Metals Analyst EMEA & Asia, walks through copper, zinc, tin, aluminum, lead and nickel against a souring macro backdrop. U.S. Section 232 tariff uncertainty pulled refined copper into the United States and drained stocks elsewhere, while global aluminum inventories sit at their lowest since before the financial crisis. China's stimulus aims to stabilize growth rather than revive metals demand. Download the StoneX 2026 Commodities Outlook: https://www.stonex.com/en/insights/commodities-outlook/?utm_source=youtube&utm_medium=qr_code&utm_campaign=mi_outlook_q4_26 Discover Actionable Metals Insights with StoneX Market Intelligence: https://shop.stonex.com/products/stonex-essential-bundle?utm_source=youtube&utm_medium=social&utm_campaign=mi_outlook_q4_26_sxtv_natalie_scott_gray 00:00 - Base Metals Meet Macro Gloom 01:08 - China Stimulus Sets a Floor 02:26 - Zinc Treatment Charges Flip 04:32 - Copper's Record Backwardation 06:30 - Indonesia Squeezes Tin Supply 07:29 - Aluminum Inventories Run Dry 08:50 - Lead Bucks the Supply Squeeze 09:26 - Nickel Hinges on Indonesia Like and subscribe for more financial market insights. #StoneX #NatalieScottGray #Zinc #Copper --------- Like this video? Subscribe and turn on notifications so you don't miss any videos from StoneX: https://www.youtube.com/@StoneX_Official Visit https://www.stonex.com/en/insights/thought-leadership/?utm_source=youtube&utm_medium=social for insights, perspectives and thought leadership from StoneX's global network of experts. Visit our website: https://www.stonex.com?utm_source=youtube&utm_medium=social