Base metal prices are rising: aluminum has surpassed $3,000, copper and nickel are becoming more expensive

Aluminum prices have topped $3,000 a tonne for the first time in more than three years, as supply outlooks and long-term demand bets tighten. The lightweight metal joins other base metals that have recently hit price highs. About this reports Bloomberg.

China's smelting capacity cuts and Europe's production cuts due to high electricity prices have led to a decline in global inventories. At the same time, demand from the construction industry and renewable energy sectors remains stable. Against this background, futures rose 17% last year – the highest increase since 2021.

Copper also rebounded after its biggest annual gain since 2009 was capped by supply shortages. Meanwhile, nickel prices jumped sharply after PT Vale Indonesia halted mining due to delays in approving its work plan by authorities.

Copper set a series of all-time highs at the end of the year and became the best-performing industrial metal among the six traded on the London Metal Exchange. The market was further complicated by mining accidents in 2025, from Indonesia and Chile to the Democratic Republic of Congo, as well as tariff risks that forced traders to increase shipments of the metal to the United States.

Copper rose 0.5% to $12,487 a tonne, after falling 1.1% in the previous session. Aluminum rose 0.4% to $3,008 a tonne, marking its third straight gain.

Nickel rose 1.2% to $16,845 a tonne after posting its biggest monthly gain since April 2024 in December.

• The US is demanding that the European Union change its rules in the digital sphere in order to reach an agreement on reduction of tariffs on steel and aluminum. This was stated by US Commerce Secretary Howard Lutnick on November 24.