Aluminum prices were on track to post their biggest quarterly gain since 1988 on Thursday (March 31), due to supply disruptions and rising production costs due to the conflict between Russia and Ukraine.

Meanwhile, nickel posted its biggest quarterly gain since 2009, as forced buying on the London Metal Exchange (LME) caused prices to spike this month.
Russia produces about 6% of the world’s aluminum and 10% of the world’s nickel, along with other metals, energy and grains.
Sanctions against Russia cause the price of energy used in smelters to soar. High electricity prices forced some aluminum and zinc smelters in Europe to reduce output.
On the London Exchange, aluminum prices fell 1.6 percent to $3,493 a tonne, up 24.4% in the quarter. Nickel prices fell 2% to $32,250/ton and increased 55% in the first quarter.
Both metals hit record highs in March 2022, although nickel was canceled by the LME after a spike on March 8.
The prices of metals could rise further as inflation, tight supply and the risk of sanctions continue to limit Russian supply.
Copper prices on the LME rose 0.1% to $10,374 per tonne and rose about 6% in the first quarter. Copper prices hit a record high in March 2022.
Zinc prices rose 0.5 percent to $4,169.50 a tonne and rose about 18 percent in the following quarter after also hitting a record high in March 2022.

Lead prices fell 0.3 percent to $2,410 a tonne and have risen about 5 percent in the first three months of 2022.
Tin prices rose 0.8 percent to $42,840 a tonne and rose 10 percent in the first quarter, hitting a record high in March 2022 to help tin aim for its eighth straight quarterly gain.

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