egic moves in other metals are shaking up markets too: nickel bounced after Indonesia announced possible big output cuts, aluminium spiked to its highest since May 2022 after South32 said it would close its Mozal smelter, tin soared to a two-year high, while zinc and lead moved only slightly.
Why should I care?
For markets: Metals rally faces new headwinds.
Copper’s rapid rise has set it apart in the commodities world, rewarding investors riding growing demand and constrained supply. But a strong US dollar and a fresh wave of mining activity could start to put a ceiling on those gains. Meanwhile, the market’s staying jumpy as nickel and aluminium prices react to shifting production plans, hinting at more volatility ahead for metals as a whole.
The bigger picture: Resource powerhouses hold sway over industry.
Copper’s record highs—and moves in tin and aluminium—are squeezing manufacturers worldwide, especially those in technology and clean energy. China is already scaling up aluminium production to safeguard its industries, while Indonesia’s influence on nickel supply is reshaping global pricing. These shifts show just how much the clean energy transition and supply chain shocks are rewriting the rules for critical resources.