The base metals sector posted a 10.47% Q4 gain. The composite of copper, aluminum, nickel, lead, zinc, and tin forwards traded on the London Metals Exchange posted across-the-board gains in Q4 and 2025, moving 19.12% higher in 2025.
In my Q3 Barchart report on base metals, I concluded with the following:
Base metals have remained in bullish trends since the 2020 pandemic-inspired lows. Elevated inflation increases production prices, which underpins prices as the sector heads into Q4 and 2026.
U.S. trade tariffs and the Chinese economy are the most critical factors for the path of least resistance of copper, aluminum, nickel, lead, zinc, and tin prices. Watch the LME inventory levels for fundamental clues.
Base metals moved into 2026 in bullish trends.
Copper on the London Metals Exchange outperformed copper on the CME’s COMEX division in Q4 with 20.98% and 17% respective gains.
The quarterly chart highlights LME three-month copper’s 41.69% 2025 gain, with the red metal settling at $12,423 per metric ton on December 31, 2025.
The quarterly chart highlights that the continuous COMEX copper future posted a 41.12% 2025 gain, with the futures settling at $5.6820 per pound on December 31, 2025.
LME and COMEX copper were the best-performing base metals in Q4 and 2025, with the futures and forwards rising to new record highs during the year.
As of January 20, 2026, LME and COMEX copper prices were higher than the 2025 closing levels and have reached new record highs in early 2026.
The London Metals Exchange (LME) is the world’s leading base or nonferrous metals trading platform with three-month contracts and daily settlements in copper, aluminum, nickel, lead, zinc, and tin. The LME has a network of warehouses and publishes inventories for the six metals. Tracking stockpiles can provide clues about price trends as they reflect supply and demand changes.
The chart shows substantial percentage decreases in copper, aluminum, and zinc stocks at the LME in 2025. While nickel and tin inventories rose, the potential for tariffs likely caused the metals to move out of LME warehouses.
