Aluminum prices on March 12, 2026, approached a four-year high, reaching $3,502.50 per ton.
Global aluminum prices rose across the board on March 12, 2026, due to concerns about supply disruptions in the Middle East. The LME recorded its highest price in nearly four years.
Aluminum prices on international markets continued their upward trend in the trading session on March 12, 2026. Concerns about tightening global supply, particularly geopolitical developments in the Middle East, became the main driver of investor sentiment.
Aluminum prices recorded a widespread increase across all exchanges.
In Asian markets, at the close of daytime trading, the most actively traded aluminum contract on the Shanghai Futures Exchange (SHFE) rose 0.38%, reaching 25,240 CNY/tonne (approximately $3,669.56/tonne).
Notably, on the London Metal Exchange (LME), the benchmark three-month aluminum price recorded a 1.32% increase, reaching $3,502.50 per ton. This price is close to the highest level in almost four years ($3,544 per ton) recorded earlier this week.
Supply chain and geopolitical risks
The aluminum market is under significant pressure from ongoing instability in the Middle East, a region that currently accounts for approximately 9% of the global aluminum supply. Reports indicate disruptions to shipping through the Strait of Hormuz – a vital global shipping lane – raising concerns about on-time delivery.
According to analysis from experts at ING, the current geopolitical situation remains very complex, making aluminum prices particularly sensitive to news developments and potentially leading to continued significant fluctuations in the short term.
Another noteworthy development is the move by Mercuria, a commodity trading group. This entity has canceled or marked nearly 100,000 tonnes of aluminum in its LME-approved warehouse system at Port Klang (Malaysia) in preparation for physical delivery, indicating increasing demand for physical holdings.
Forecast of aluminum price prospects in 2026
In light of recent developments, consulting firm Benchmark Mineral Intelligence has officially raised its forecast for the average aluminum price in 2026 to $3,100 per ton, a significant increase from the $2,900 per ton projected in its previous report. This reflects analysts' expectations that supply will continue to be constrained.
Trends in other metals on the market
In contrast to the upward trend of aluminum, other base metals recorded mixed performance:
| Metal | Shanghai Futures Exchange (SHFE) | London Metro (LME) |
|---|---|---|
| Copper | Decreased by 0.51% | Decreased by 0.23% |
| Nickel | An increase of 0.59% | A decrease of 0.27% |
| Tin | A decrease of 0.89% | An increase of 0.9% |
| Zinc | Decreased by 0.49% | An increase of 0.32% |
| Lead | Decreased by 0.21% | An increase of 0.08% |
Overall, while most other industrial metals are under downward pressure, aluminum maintains its growth potential thanks to unique factors related to supply and international transportation infrastructure.
