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Aluminum steadied at the highest in more than three years, and copper wavered around a record as investors mulled what’s next for metals after a powerful start to the year.
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Industrial metals have enjoyed a bullish run into the new year, with copper hitting records above US$13,000 a ton on the London Metal Exchange, and aluminum notching its highest price since April 2022 on Tuesday. Still, there are concerns that underlying demand — especially in China — could soften, while geopolitical risks remain elevated.
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President Donald Trump’s announcement this week that he plans to charge tariffs on any country doing business with Iran risks complications with China, just months after the world’s two biggest economies agreed to a trade truce. While the impacts from possible levies remains unclear, a resurgence in tensions between the two nations could hurt risk assets, including metals.
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The LMEX Index, which tracks the main six base metals, closed at the highest since March 2022 on Tuesday, after a five-month gain. The advance has been underpinned by expectations that supplies will struggle to keep pace with demand, as the United States Federal Reserve keeps cutting interest rates.
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The artificial-intelligence boom has also spurred enthusiasm for metals, particularly copper, needed for data centres and electronics. Copper has also been aided by speculative buying in China.
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Among the half dozen metals on the exchange, tin has been the standout performer on the LMEX this year, nearing a record above US$51,000 a ton after surging almost 40 per cent in 2025. A crackdown on miners in major producer Indonesia crimped supply last year, and the industry is waiting to see how exports unfold.
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Aluminum was 0.4 per cent higher at US$3,197.50 a ton on the LME, while copper was 0.3 per cent lower at US$13,164 a ton. Tin rose 3.2 per cent, after rallying 5.3 per cent on Monday.
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—With assistance from Mark Burton and Yvonne Yue Li.
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English (US)