LME main commodity international prices (2025.3.17.~3.21.)

From March 17 to 21, 2025, the prices of non-ferrous metals traded on the London Metal Exchange (LME) fluctuated due to various factors. The reasons for these changes by metal are analyzed as follows.

Copper

On March 17, copper futures prices reached their highest level since October last year, driven by a weaker U.S. dollar and improved economic indicators from China. According to China’s National Bureau of Statistics, retail sales increased by 4% year-on-year in January and February, while industrial production rose by 5.9%, exceeding market expectations. This economic recovery in China has supported the rise in copper prices. 

Aluminum

As of March 17, LME aluminum inventory decreased by 4,525 tons to 497,275 tons, marking the lowest level since May last year. However, China’s aluminum production for January and February increased by 2.6% compared to the same period last year. The contrasting factors of declining inventory and rising production may have led to mixed trends in aluminum prices. 

Nickel

The nickel market faced downward pressure due to oversupply and a delayed recovery in real demand. Concerns over potential U.S. tariffs led to fears of weakened stainless steel demand. Additionally, India’s Jindal Steel revised its sales growth forecast downward, while Vale’s nickel production in Q4 2024 increased by 1.3% year-on-year. These supply-side factors contributed to the decline in nickel prices.

Overall Market Factors

The U.S. Department of Commerce reported that February retail sales increased by 0.2% from the previous month, reaching $727.7 billion, indicating a slight recovery after a sharp decline in the previous month. Meanwhile, U.S. Treasury Secretary Scott Bessent addressed recent stock market weakness, stating that it was a "healthy and normal correction" and assuring that "there is no crisis." This statement helped ease market anxiety.

These combined factors influenced the fluctuations in LME non-ferrous metal prices from March 17 to 21, 2025.