Aluminum Hits $3,000 for First Time since 2022

Aluminum climbed above $3,000 a ton for the first time in more than three years on a tightening supply outlook and long-term demand bets, joining other base metals in reaching recent milestones, Annie Lee reported for Bloomberg News.

Aluminum futures rallied 17% last year, their biggest gain since 2021.

A cap on Chinese smelting capacity and constraints on European production due to high electricity prices have eroded global inventories, while demand from the construction and renewable-energy sectors remains robust.

Aluminum futures rallied 17% last year, their biggest gain since 2021.

Copper also resumed gains after posting its largest annual increase since 2009 on tightening supply, while nickel jumped after PT Vale Indonesia halted mining following delays in regulatory approval of its work plan.

Copper hit a series of all-time highs during an end-of-year surge, making it the best performer among the six industrial metals on the London Metal Exchange.

As of 5:31 p.m. Singapore time, copper was up 0.5% at $12,487 a ton after falling 1.1% in the previous session.

Aluminum rose 0.4% to $3,008 a ton, on track for a third consecutive gain, while nickel climbed 1.2% to $16,845 a ton after recording its biggest monthly increase since April 2024.