MOSCOW, August 11. /TASS/. The non-ferrous metals market exhibited mixed price trends in July 2026, driven by renewed geopolitical uncertainty in the Middle East and a shifting supply-demand balance, a market review by audit and consulting firm Kept shows.
While average monthly prices for nickel, aluminum, and lead declined compared to June, some metals staged a recovery toward the end of the month, according to the report obtained by TASS.
The average nickel price fell 5.7% month-on-month to $16,600 per tonne, according to London Metal Exchange (LME) data. However, prices began bouncing back in the second half of the month following reports that Chinese holding company Tsingshan had suspended shipments of nickel intermediates from its Indonesian facilities. Prices were also supported by geopolitical risks in the Strait of Hormuz, which threatened sulfuric acid supplies.
Meanwhile, the average aluminum price in July plummeted 8.7% from June to $3,150 per tonne on the LME. Analysts noted that quotes were initially pressured by expectations of a gradual production recovery in the Middle East amid a temporary ceasefire. However, prices began clawing back lost ground following the resumption of hostilities in the second half of the month.
