Aluminum prices rose on March 3, 2022 to new record highs as investors fear challenges during this time will block metal supply due to tough sanctions on Russia.
Three-month aluminum futures on the London Metal Exchange rose to a record $3,597 per tonne before closing the session at $3,573 per ton, up 2.7%.
Aluminum prices have surged 37% over the past 2-1/2 months and recently hit a record high in a row following Russia’s invasion of Ukraine.
Sanctions by Western nations have forced the world’s three largest container shipping lines to suspend shipments to and from Russia at a time when aluminum inventories are low.
Aluminum stocks in London warehouses have more than halved over the past 12 months to 809,750 tonnes from nearly 2 million tonnes in March 2021.
Russia produces about 6% of the world’s aluminum and accounts for about 7% of the global nickel mine supply. It is also a major producer of natural gas used to generate electricity.
Nickel prices traded on the London floor rose 3.3% to $25,925 a tonne, the highest level since May 2011. Zinc prices rose 3.4% to $3,871.50 a tonne, the highest since October 2021.

Copper prices traded on the London floor rose 0.9 percent to $10,147.50 a tonne, lead fell 0.1% to $2,406.50 a tonne and tin also fell 0.1% to $45,760 a tonne. Futures trading price list of some metals on the Shanghai Exchange (Unit: CNY/ton).