Aluminium climbed to its highest in 27 months on Thursday while copper hit a four-week peak as speculators resumed buying ahead of fresh economic data from top metals consumer China.
"The upturn was around the same time as the Shanghai (Futures Exchange) evening session got under way, so it could be some Chinese taking a view on the data coming out overnight," a trader said. "There could also be some people squaring books ahead of the month-end and quarter-end tomorrow." Investors were waiting for Chinese manufacturing and PMI data due on Friday and Saturday.
London Metal Exchange aluminium closed 0.6 percent higher at $1,972 after hitting $1,981, the highest since December 2014, amid a background of worries about shutdowns in China due to environmental issues. Three-month copper ended up 0.8 percent at $5,955 a tonne after touching $5,985, the highest since March 2, building on a 0.6 percent gain in the previous session. Copper output in world No. 1 producer Chile fell 16.7 percent in February, when a strike hit the huge Escondida mine. LME zinc price was bid up 0.4 percent at $2,870. Korea Zinc Inc, the world's third-largest zinc smelter, has agreed to take a 15 percent drop in annual processing fees for 2017 as smelters grapple with a dearth of mine supply, Metal Bulletin reported. LME nickel price finished up 1 percent at $10,135 after lower prices sparked some consumer buying, Munro at Marex Spectron said. Lead added 0.1 percent to close at $2,351.50 and tin fell 0.2 percent to $20,145.
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