Issue 001 · 14 May 2026 · 5 min read
Copper at fresh highs, Brent above $105, Ringgit firm at 3.93
LME copper held above $14,000/MT on Chinese demand and supply concerns. Brent stayed bid near $106 on Middle East supply tightness. USD/MYR firmed to 3.93. The inaugural issue.
This week
Copper held above $14,000/MT on Chinese demand and supply concerns, posting fresh all-time highs. Brent stayed bid near $106 on the back of Middle East supply tightness. The Malaysian ringgit firmed to 3.93 against the dollar.
Price tape
Benchmark prints from public exchanges, end of session 13–14 May 2026. Specialised materials (TSR, latex, scrap grades, mill scale, carbon black) trade in broker-quoted physical markets. Latest indications available on request from our supplies desk.
| Benchmark | Unit | Last | Note |
|---|---|---|---|
| LME Copper 3M | USD/MT | ~14,090 | Fresh all-time highs |
| LME Aluminium 3M | USD/MT | ~3,650 | Range $3,550–$3,650 in May |
| Brent crude | USD/bbl | ~105.87 | Up roughly 11.5% MoM, ~64% YoY |
| USD/MYR | 3.93 | Ringgit firm against the dollar | |
| TSR-SMR 20 | USD/kg, FOB Klang | broker | Latest broker indications on request |
| HMS 1&2 (80:20) | USD/MT, CFR Turkey | broker | Latest broker indications on request |
| HA Latex (60% DRC) | USD/kg dry, FOB | broker | Latest broker indications on request |
| Carbon black N330 | USD/MT, Asia spot | broker | Latest broker indications on request |
What's moving
Copper at fresh highs. LME copper has been pushing into new territory on stronger Chinese demand and growing supply concerns. Anyone running multi-quarter copper procurement should already be in conversations with smelters. HMS premiums tend to follow base-metal strength with a lag.
Brent above $105. Oil has firmed roughly 11.5% over the past month and is up around 64% year on year. The macro driver is supply tightness around the Middle East. The implication for industrial buyers is bunker and inland freight surcharges showing up in revised quotes, plus cost-pass-through in petrochemical-derived materials (carbon black, synthetic rubbers, processing chemicals).
Ringgit firmer. USD/MYR at 3.93 versus mid-4s earlier in the year. For Malaysian-origin export pricing this trims dollar competitiveness on commodity grades. For Malaysian importers it eases input costs.
Ticker spotlight: Top Glove (KLSE: 7113)
Top Glove Corporation Berhad closed recently around MYR 0.76, with a market capitalisation of roughly RM 6.09 billion. The 52-week range is MYR 0.53 to 0.88, putting the stock mid-range after the post-2023 consolidation.
Top Glove sits at the centre of the Malaysian glove cluster (alongside Hartalega, Kossan, Supermax) and serves as a useful proxy for nitrile feedstock spreads and global glove ASP discipline. Industrial-gloves buyers locking 2027 programmes should watch Top Glove's trading updates as a leading indicator for regional pricing direction.
Week ahead
Things to keep on the radar over the coming sessions:
- LME copper price action: any sustained move above the recent peak would broaden through to HMS premiums.
- Brent direction following Middle East supply developments.
- USD/MYR: any reversal of recent ringgit strength changes Malaysian export pricing dynamics.
- Glove-cluster quarterly results (Top Glove, Hartalega, Kossan) for nitrile spread commentary.
For buyers
If you have any of the following on your desk this week, contact us for current physical-market indications: TSR-SMR 20, RSS, concentrated latex, HMS 1&2 and stainless scrap, mill scale, carbon black, hydraulic tools (Holmatro), railway components (Railteco) and construction machinery (AMT Group), or Barata-led industrial fabrication.
This is the inaugural issue of Manifest. Future issues land when there's something worth saying: market moves we think matter, partner and counterparty news as it surfaces. We will not pad the cadence to hit a calendar.
Prices indicative · drawn from public exchanges, broker indications, and Above Infinity counterparties. Always verify executable quotes with your broker or contact our supplies desk: aboveinfinity.com.my/get-in-touch.