4 February 2026 – Key base metals continued to gain ground today on the Asian commodity exchange SHFE, with nickel prices rising by 3.8%. A critical question: where does the stagnation of the EU Single Market and the decline in intra-EU trade come from?
Asian Base Metals Continue to Gain Momentum
Key base metals extended their upward momentum on Wednesday on the Shanghai Futures Exchange (SHFE). Copper prices rose by around 3.5%, nickel gained nearly 3.8%, and aluminium improved by approximately 1.9%, while tin prices surged by more than 5%.
LME Base Metals also on the Rise
On Tuesday, base metals on the London Metal Exchange (LME) also showed positive momentum, with nickel up 3.7%, copper rising 2.5%, and aluminium gaining 1.5%. Should the positive sentiment from Asia spill over into today’s LME trading, nickel prices could theoretically move back above the USD 18,000 per tonne mark.
A Critical Look: Stagnation of the EU Single Market and Declining Intra-EU Trade
In a recently published written question, Member of the European Parliament Jeannette Baljeu (Renew) challenges the European Commission’s Annual Single Market and Competitiveness Report 2026, released at the end of January, regarding the stagnation of the Single Market and the decline in trade within the EU – and, crucially, the underlying causes.
We explicitly welcome such critical scrutiny of the European Commission.
MEP Baljeu is seeking clarification, among other things, on how the Commission assesses the main drivers behind the decline in intra-EU trade. While we await the Commission’s response in the coming weeks, we have already taken a preliminary look at the latest EUROSTAT data.
Prices in the EU Internal Import Market Up 25%
One key factor behind the decline in trade between EU Member States is the sharp increase in costs. Since 2021, prices per tonne on the EU internal market have risen by a dramatic 25%, while traded volumes over the same period have fallen by more than 6.7%.
Commission Pursues Excessive Market Protection
At the same time, the European Commission has introduced a large number of new trade defence measures since 2021 (measures in force: 150 in 2021 vs. 199 in 2024), along with the CO2 border tax CBAM. Imports into the EU have become 25% more expensive since 2021, while total imported tonnage from non-EU countries has declined by 7.4%.
EU Exports Have Become Significantly More Expensive
Exports from the European Union also became substantially more expensive between 2021 and 2024, with prices rising by nearly 35%. Over the same period, European companies exported 13% less tonnage.
Europe’s Silent Pressure: Prices Rise, Incomes Do Not
Incomes across the EU have, unsurprisingly, failed to keep pace with these drastic price increases, rising by only around 18% over the same period. Even this figure must be treated with caution, as wage levels vary widely between Member States, and price increases are far more difficult to absorb in Eastern EU countries than, for example, in Luxembourg or France.
EU Trade Defence Policy is Pure Poison for Competitiveness
When viewed in relation to each other, all of these factors clearly show that the excessive European trade defence policy of recent years has been pure poison for the competitiveness of our companies. It also proves that higher import prices, triggered by protective tariffs and other measures such as CBAM, are ultimately passed on to consumers one-to-one, who end up footing the bill for the Commission’s measures while being able to afford less and less on their own internal market.
Perhaps, as we wrote yesterday, we should urgently listen a little less to political ideas from France…
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