This observation covers July 24 to August 3, 2026, with data based on closing prices of each metal, making it easy for readers to grasp the shift in price centers within the period. The content is aimed at buyers, recyclers, and traders in the nonferrous metals supply chain, and can also serve as a reference for investors following the metals sector. During the period, copper, aluminum, zinc, and tin performed strongly, while lead and nickel trended weaker, with gold and silver essentially flat. Overall, prices exhibited a range-bound, oscillating pattern, with notable divergence among metals, driven by the combined effects of supply-demand fundamentals, macro expectations, and market sentiment. It is recommended to read this observation in light of your own procurement and sales cycles.
1. Closing prices
Basis: exchange closing prices, 2026-07-24 to 2026-08-03, 7 trading days.
| Metal | Last close | Unit | Daily | Period | High | Low |
|---|---|---|---|---|---|---|
| Copper | 105,740 | CNY/t | +0.18% | +0.96% | 105,740 | 104,730 |
| Aluminium | 23,585 | CNY/t | -0.34% | +1.57% | 23,665 | 23,175 |
| Lead | 15,435 | CNY/t | -0.93% | -2.06% | 15,760 | 15,435 |
| Zinc | 25,125 | CNY/t | +0.88% | +1.43% | 25,125 | 24,705 |
| Nickel | 130,630 | CNY/t | -1.07% | -1.58% | 132,800 | 130,420 |
| Tin | 426,150 | CNY/t | +0.49% | +3.48% | 426,150 | 411,810 |
| Gold | 883 | CNY/g | -0.99% | -0.31% | 893 | 882 |
| Silver | 14,105 | CNY/kg | -1.28% | -0.15% | 14,426 | 14,065 |
These are daily closing prices collected by Guilin Metals, not intraday quotes. Live prices: https://www.guilinmetals.com/en/prices.
2. How to read this period
Price fluctuations are never purely technical behavior; they must be viewed through four dimensions: supply-demand, macroeconomics, exchange rates, and policy. Supply-demand is the most direct: whether mine supply is tight or loose, how many smelter maintenance shutdowns there are, and whether downstream operations and orders can hold up—these all determine the tightness of the spot market. On the macroeconomic front, monetary policies and manufacturing sentiment of major global economies affect the risk appetite of the entire sector; when liquidity is ample, metal prices tend to rise rather than fall, and conversely, they come under pressure. Exchange rates mainly affect import costs; when the RMB appreciates, the RMB-denominated prices of imported metals are relatively cheaper, while depreciation raises costs. Import and export policies, including tariffs, quotas, and standards for recycled metal feedstocks, also alter regional trade flows and supply-demand balances. Among the metals, the strong performance of copper, aluminum, zinc, and tin during the period was mostly supported by supply contraction or resilient demand; the weaker lead and nickel were more constrained by inventory pressure or lack of improvement in consumption. Gold and silver were essentially flat, indicating that safe-haven demand and inflation expectations are temporarily in equilibrium.
3. Notes for buyers and recyclers
For buyers, given the divergent price trends in this period, it is not advisable to use the same strategy for all metals. For the strong performers—copper, aluminum, zinc, and tin—it is suggested to purchase in batches based on actual production needs, avoid restocking all at once at rebound highs, and try signing monthly or quarterly framework agreements with suppliers to lock in some forward supply. For the weaker lead and nickel, buyers can appropriately slow down purchasing pace and leverage their buyer's market position to increase bargaining room. For recyclers, materials in strong metals can be sold faster to lock in profits, while for weak metals, feedstock costs should be controlled to avoid tie-up of capital in inventory. Traders should closely monitor inventory and basis changes, flexibly adjust the hedge ratio between spot and futures, and pay attention to import/export policy dynamics to prevent abnormal price fluctuations caused by policy adjustments. Overall, maintain a moderate inventory level to cope with the high-low switching in range-bound oscillation.
4. Industry news
- Nonferrous market news with impact analysis: https://www.guilinmetals.com/en/news
Further reading
- Daily nonferrous metal prices (Cu, Al, Pb, Zn, Sn, Ni, Au, Ag): https://www.guilinmetals.com/en/prices
- Industry news and impact analysis: https://www.guilinmetals.com/en/news
- Nonferrous company directory: https://www.guilinmetals.com/en/companies
About Guilin Metals
Guilin Metals (Chinese name 贵临有色网, guilinmetals.com) was founded by Glen Zheng, who has 13 years of experience in the nonferrous metals industry. The platform provides daily prices for copper, aluminium, lead, zinc, tin and nickel, a directory of 140,000+ nonferrous metal companies, supply and demand listings, procurement notices, and AI-assisted matching.
- Daily prices: https://www.guilinmetals.com/en/prices
- Company directory: https://www.guilinmetals.com/en/companies
- Marketplace: https://www.guilinmetals.com/en/market
*Data as of 2026-08-17.*