Base Metals Prices

Base metal prices increased 8.0% month on month in January, following December’s 5.0% rise.

Base metal prices roared higher in January, rising at the fastest pace since April 2022. Both tin and copper rallied to record highs, bolstered by speculative demand amid heightened geopolitical tensions and a weaker U.S. dollar, which made purchases cheaper. Aluminum and nickel prices also posted solid performances: Aluminum was buttressed by strong demand from the AI sector and tight supply, while nickel was propped up by Indonesia’s plan to curb the metal’s production by a third in 2026. Moreover, the EU’s introduction of the Cross-Border Carbon Adjustment Mechanism from 1 January aided European steel prices. The only base metal to decline in January compared to the prior month was alumina, weighed down by oversupply.