An aqueous pigment paste free from binders and grinding resins, comprising based on its overall amount (A) from 15 to 40% by weight of at least one metal pigment, especially an aluminum pigment, (B) from 0.45 to 0.75% by weight of at least one non-associative thickener comprising at least one methacrylate copolymer based on C.sub.1-C.sub.6 alkyl(meth)acrylate and (meth)acrylic acid, (C) from 0.1 to 0.4% by weight of at least one organic amine, (D) from 0.5 to 8% by weight of at least one nonionic surfactant, and (E) at least 50% by weight of water; its use for preparing aqueous coating materials, and processes for the preparation.