Regional figures are for Argentina, Brazil and Venezuela, which are the region's only producers of primary aluminum.
But the UK-bank warns that the current bullish sentiment will be transitory, as long-term trends remain modestly bearish.
Gold has risen this year on the back of uncertainty over policies out of Washington and a weaker US dollar, with inflation likely to push prices higher in the coming years, while industrial demand growth will spur silver, Scotia Capital's Trevor Turnbull tells BNamericas.
Aperam has 2.5Mt of flat stainless and electrical steel capacity in Brazil and Europe.
11 of 14 experts surveyed by Chile's copper commission Cochilco expects the copper market to be in deficit this year.