LME Week 2026 opened in London with focus on base metals demand, supply resilience and tariffs, as LME average daily turnover rose 16% year-on-year from January to September. Standard Chartered expects mixed results for base metals, with prices driven by macro factors, U.S. copper tariff uncertainty and supply disruptions. It raised its 2026 copper forecast to $13,674 per ton (from $13,472) and 2027 to $13,210 (from $12,875), as prices are up 16% this year after a series of record highs. Comex copper inventories hit a record 790.4kt, while Chile's August mine output fell 12.8% year-on-year to its lowest since February 2011. Stanchart cut its 2026 aluminium forecast to $3,249 per ton from $3,318, saying the Middle East supply risk premium has been erased as output rises in China and Indonesia and European smelters restart.
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Related tickers and likely impact
XAU/USD
• NeutralRelevance: low
| Market | Gold |
|---|---|
| Close on 10/21/2026 | 4,141.17 |
| Change that session | +0.39% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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