Aluminium near record high and tin extends surge on supply angst

Aluminium traded near its highest level since early 2022, and tin extended a blistering rally, as expectations for tighter global supplies fuelled a bullish mood across metals markets.

Most metals, with the exception of copper, rose on Tuesday in London, following strong gains in the previous session. Aluminum came within 50 cents a ton of its high of $3 200 a ton reached on Monday, while tin advanced for a third day, and is now up almost 20% so far this year.

Base metals have made a powerful start to 2026 — building on a strong performance last year — mainly on expectations that supply will struggle to keep up with demand as the Federal Reserve keeps cutting interest rates. The artificial-intelligence boom is also spurring enthusiasm for metals needed for data centers, power grids, and electronics, particularly copper, while speculative buying in China has also aided the rally.

Tin has been the standout performer on the London Metal Exchange so far this year, nearing a record high above $51 000 a ton after it surged almost 40% in 2025. A military-led crackdown on miners in the second-biggest producer Indonesia crimped supply last year and the industry is waiting to see how exports unfold in coming months.

Aluminium rose 0.1% to $3 187.50 a ton on the LME as of 12:12 p.m. in Shanghai, while tin climbed 1.1% to $48,470. Iron ore futures dipped 0.1% to $109.10 a ton in Singapore after closing at the highest level since October 2024 on Monday.

© 2026 Bloomberg

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