September 2026 | Latest Market Review of Copper & Aluminum

1. Market Overview

Entering the traditional peak season "Golden September", China’s non-ferrous metal market shows a clear divergence between copper and aluminum. Supported by tight global copper mine supply and strong demand from new energy & power infrastructure, copper prices fluctuate at high levels with minor pullbacks weighed by stronger US dollar. Aluminum prices remain range-bound with bottom support from continuous inventory reduction. Downstream buyers only purchase on an as-needed basis, and the recovery of peak-season demand is weaker than expected. As China’s core non-ferrous trading hub, Wuxi market’s quotations for copper bars, copper plates, aluminum alloy sheets and billets are linked closely to LME prices. Foreign trade inquiries stay active, yet overseas buyers are reluctant to accept high raw material prices, leading to intense price negotiation.

2. Spot Prices of Copper 

1. 1# Cathode Copper: CNY 108,600/ton
2. T2 Copper Busbar: CNY 109,800/ton
3. T2 Copper Plate (4–10mm): CNY 111,200/ton
4. C11000 Copper Strip: CNY 112,500/ton
5. H62 Brass Rod: CNY 69,500/ton; H62 Brass Plate: CNY 71,000/ton

Export reference: LME 3-month copper futures at USD 14,001/ton, FOB quotation for cathode copper around USD 14,250/ton. Market logic: Global copper mine supply remains tight due to mine output cuts and rising mining costs, forming a long-term supply deficit. Demand from new energy, energy storage and power grid construction keeps robust. In the short run, expectations of Fed rate hikes and stronger US dollar cap copper gains. End-users hesitate to place large orders at high prices and only buy materials for immediate consumption. Market forecast: Copper prices will maintain high-level wide fluctuations. The downside is limited. Prices may rebound sharply once positive macro signals emerge.

3. Spot Prices of Aluminum 

1. A00 Primary Aluminum Ingot: CNY 24,080/ton
2. 6061 Aluminum Alloy Plate (4–12mm): CNY 25,600/ton
3. 6061 Aluminum Billet Φ90: CNY 24,530/ton
4. 5052 Aluminum Thin Sheet: CNY 26,100/ton
5. 2024 Alclad Aircraft Aluminum Sheet: CNY 38,200/ton

Export reference: LME 3-month aluminum futures at USD 3,251.5/ton, FOB price of standard aluminum ingot around USD 3,320/ton. Market logic: Domestic electrolytic aluminum capacity is nearly at its ceiling. Continuous inventory reduction provides solid bottom support. However, restarted aluminum capacity overseas restricts upside room. Orders from new energy vehicles, PV and sheet metal sectors stay stable. End customers purchase materials only when required without large stock replenishment. Market forecast: Aluminum prices will fluctuate within the range of CNY 23,500–24,300/ton. Sharp rallies or slumps are unlikely.

4. Copper vs Aluminum: Sourcing & Foreign Trade Tips

1. Copper (Pure Copper / Brass): Excellent electrical & thermal conductivity, widely used in power equipment, busbars, heat exchangers and connectors. Current copper price stays at a relatively high historical level. Mass stockpiling is not recommended. Add price adjustment clauses for long-term foreign contracts to hedge risks caused by volatile LME copper prices.
2. Aluminum Alloy (6061/5052/2024): Lightweight material for mechanical structures, aerospace components, PV and auto parts. Its price volatility is lower than copper. Batch procurement is preferred. 2024 Alclad aerospace aluminum is premium specialty material with long lead time. Confirm production cycle and certification in advance for export orders.

5. Market Outlook

• Copper: Key drivers include global copper mine supply, Fed monetary policy and new-energy demand. Tight mine supply will support copper prices in the long run. Short-term macro sentiment triggers fluctuations while the overall trend remains strong.
• Aluminum: Falling domestic inventory underpins prices, but overseas capacity recovery limits upward potential. Aluminum prices may edge up slightly if manufacturing orders pick up in late Golden September; otherwise, it will keep range-bound.

Note: All spot prices vary with specifications, surface finish, thickness tolerance, purchase quantity and processing fees. When quoting for export, take LME fluctuation, ocean freight, tariff and insurance cost into consideration.