What Base Metals Tightness Means for Copper Smelter Margins

The base metals outlook hinges on supply, as negative copper treatment charges and thin stocks offset a firmer U.S. dollar and soft China demand. Natalie Scott-Gray, StoneX Senior Metals Analyst EMEA & Asia, explains why supply risks across copper, zinc, aluminum and nickel are outweighing macro headwinds. Copper smelters are squeezed by negative treatment charges and falling Chinese sulfuric acid prices, while wage talks at BHP's Escondida mine add upstream risk. Trafigura's review of its Budel zinc smelter tightens supply outside China, and London Metal Exchange aluminum stocks sit at their lowest since early 2025. In Indonesia, drought has cut nickel pig iron output even as global nickel inventories hold at record highs. Discover Actionable Metals Insights with StoneX Market Intelligence: https://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 - Base Metals Macro Tug of War 01:28 - Dollar Climbs, Copper Holds 02:35 - Copper TCs Sink Below Zero 04:20 -Trafigura Reviews Zinc Smelter 05:03 - LME Aluminum Stocks Run Thin 05:53 - Indonesia Drought Hits Nickel Like and subscribe for more financial market insights. #Copper #StoneX #NatalieScottGray #Nickel --------- 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