Aluminum climbed

above US$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

notching recent milestones.

A cap on Chinese

smelting capacity

and constraints to European production due to higher electricity prices have chipped away at global inventories, while the demand outlook from the construction and renewable sectors remains robust. Futures rallied 17 per cent last year, the most since 2021.

Copper also resumed gains

Friday after capping the biggest annual gain since 2009 on tight supply, while nickel jumped after PT Vale Indonesia halted mining following a delayed approval to a work plan from authorities.

The company said the approval is expected soon and the delay is unlikely to impact overall operational sustainability. Delays are not unusual in the Southeast Asian nation, but traders are honing in on supply after Indonesia said it planned to cut output this year.

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

London Metal Exchange

.

Mines in

Indonesia to Chile and the Democratic Republic of the Congo suffered accidents in 2025, while tariff concerns led traders to

ramp up shipments

to the United States.

The main union at a Capstone Copper Corp.-operated mine in northern Chile began a strike Friday as members push for a bigger share of the windfall from the record prices.

The red metal was 0.4 per cent higher to close at US$12,469.50 a ton on the LME. Aluminum rose 0.7 per cent to US$3,015.50, a third consecutive gain. Nickel climbed one per cent after capping the biggest monthly increase in December since April 2024.

—With assistance from Yvonne Yue Li.

Bloomberg.com