What Are the 7 Base Metals?

Base metals are non-precious metals that are abundant, widely used and generally cheaper per unit than precious metals. Common examples are iron, copper, zinc, nickel, lead, tin and aluminium. Lists of seven vary by source, so check which metals a particular list includes.

What separates base metals from precious metals

Precious metals are rare, hold high economic value and resist corrosion. Base metals are more plentiful and are used in large volumes in construction, transport, packaging and machinery. Many base metals oxidise or corrode over time, which is one reason they are less often held as stores of value.

Is aluminium a base metal?

Yes. Aluminium is a common base metal, widely used because it is light and corrosion resistant. Its price is set in a large industrial market, and it is not usually considered a precious metal.

What is the cheapest metal?

Prices change, but iron and steel are generally among the cheapest metals per tonne because they are produced in very large volumes. Zinc and aluminium are also low-cost by weight. Price per ounce is a different measure, and by that measure base metals are far cheaper than gold, silver and platinum.

Why some base metals are used as currency

Copper, nickel and zinc have all been used in coins at different times, because they are durable and easy to mint. Being used as money does not make a metal precious, since precious status also depends on rarity and value.

Checking the basics before you trade

If you are buying or selling base metals in quantity, the purity, grade and origin of the material matter. Ask for certificates and check the pricing benchmark used in the contract. For precious metals, our guide to identifying precious metals covers the basics.

Trading Base Metals

Base metals are usually priced on established exchanges, and contracts often reference a benchmark grade. If you buy or sell in volume, confirm the grade, the quantity tolerance, the delivery terms and the pricing reference in the contract. Quality certificates and origin documents are important for traceability.

Base metals can also carry transport and storage costs that are large relative to their value, so factor logistics into any comparison.

Key Points

• Base metals are abundant, widely used and cheaper per unit than precious metals.
• Lists of seven vary by source.
• Iron and steel are among the cheapest metals per tonne.
• Confirm grade and pricing reference in any base metal contract.

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