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LONDON: Aluminium prices raced to their highest in more than 13 years on Thursday, driven by persistent worries about smelter closures and shrugging off a large inflow of inventories.

Copper and other base metals were also buoyant ahead of US data as investors scooped them up as a hedge against inflation.

Three-month aluminium on the London Metal Exchange had gained 1.2% to $3,304.50 a tonne by 1120 GMT, its loftiest since July 2008.

"Aluminium is the most energy-intensive metal and we're faced with these continued high gas prices and energy costs plus China's attempts to curb pollution," said Ole Hansen, head of commodity strategy at Saxo Bank in Copenhagen.

The market was waiting for US headline consumer price index data, which is expected to have increased more than 7% in January year-on-year.

Supply fears keep aluminium near 13-1/2-year highs

"That makes commodities a space that is attractive, not only due to the fundamentals, which are showing tightness, but also their ability to safeguard returns in an inflationary environment," Hansen added.

The most-traded March aluminium contract on the Shanghai Futures Exchange ended daytime trading 2.1% higher at 23,290 yuan ($3,664.66) a tonne. It rose to as high as 23,415 yuan, its highest since Oct. 21.

LME on-warrant aluminium inventories surged by 176,300 tonnes or 42% to 595,150 tonnes after arrivals into warehouses. The LME price briefly went into negative territory after the data, but later rebounded.

LME copper gained 1.9% to $10,252 a tonne after LME inventories fell to a two-month low of 76,325 tonnes.

"Copper held on major exchanges is now at alarming levels, representing just three days of global supply," ANZ strategists said in a note.

China's Tsingshan Holding Group has started to deliver nickel matte to Zhejiang Huayou Cobalt Co Ltd, the latter said.

LME zinc advanced 2.5% to $3,736.50 a tonne, nickel climbed 1.8% to $23,610, lead rose 1.9% to $2,287 while tin rose 1.8% to $43,900.

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